Stocks making the biggest moves midday: Astra Space, Amazon, Revlon, Prologis & more
Check out the companies making headlines in midday trading Monday.
Coinbase, Microstrategy — Shares of cryptocurrency-related companies sold off as the price of bitcoin and other digital tokens pulled back sharply. Crypto exchange Coinbase dropped more than 11%, while software name and big bitcoin holder Microstrategy slumped 25%. Bitcoin tumbled below $23,000 on Monday, hitting its lowest level since December 2020, as investors dump crypto amid a broader sell-off in risk assets.
Astra Space — Shares of the rocket builder plunged 23% after a weekend launch carrying NASA satellites failed to reach orbit. Astra's rocket LV0010 took off on Sunday from launch complex 46 at Cape Canaveral in Florida, carrying two satellites on NASA's TROPICS-1 mission. The mission represents the company's second mission failure in three launches this year.
Revlon — Shares cratered over 42% following reports Friday that said the cosmetics company is preparing to file for bankruptcy as early as this week. A Wall Street Journal report citing unnamed sources said Revlon has been struggling with a high debt load, rising competition and greater supply chain pressures.
DocuSign — Shares of the software company fell again Monday, shedding more than 10%. This follows Friday's 24% decline on the heels of the company missing first-quarter earnings and cutting billings growth guidance. The stock also got another downgrade from Wall Street, with Wolfe Research moving the stock to underperform from peer perform.
Prologis — The warehouse giant's shares dropped more than 7% after the company said that it will acquire its smaller rival Duke Realty in an all-stock deal valued at about $26 billion, including debt, in a vote of confidence for the red hot industrial real estate sector.
Amazon, Tesla — Beaten-up tech shares took a hit during Monday's intense sell-off. Amazon slid 5.5%, while Tesla was down about 7.1%. Netflix fell 7.2%, while Meta Platforms dropped 6.4%. The tech-heavy Nasdaq Composite slipped 4.7%, reaching a fresh 52-week low.
Zendesk — The software stock fell more than 7% after Morgan Stanley downgraded the name to equal weight from overweight. Morgan Stanley sees few near-term catalysts after Zendesk management's decision to remain independent. The Wall Street firm also noted that Zendesk's customer base is more cyclically sensitive.
— CNBC's Jesse Pound and Sarah Min contributed reporting.
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