Join us in exploring the top gainers and losers within the S&P500 index in the middle of the day on Tuesday as we examine the latest happenings in today's session.
Shares of beauty products company Coty (NYSE:COTY)
fell 9.3% in the afternoon session after Bank of America analysts issued a rare double downgrade on the company, shifting their rating from Buy to Sell, signaling a significant deterioration in their outlook. Alongside the downgrade, the firm slashed its price target from $9 to $4.50. The analysts pointed to declining market share, an indication the company was losing ground to competitors, and persistent softness in consumer spending, which could pressure both top-line growth and profitability.
The trial, which began Monday, has already highlighted internal Meta communications showing that Zuckerberg once floated the idea of wiping users’ Facebook friends to boost the platform’s relevance.
Wall Street gained ground by midday trading on Tuesday, as investor concerns over the economic impact of trade tensions continued to ease following recent signs that the Trump administration was taking a more conciliatory approach.
The Federal Deposit Insurance Corp. initially sought approximately $1 billion in unpaid assessments and another $1 billion in alleged profits from underreporting risk in its lawsuit against the Bank of America.
Total revenues rose 3% year-over-year to $21.59 billion compared to a Wall Street estimate of $21.29 billion, driven by growth in each of Citi’s five interconnected businesses.
Bank of America reported strong Q1 earnings, with net income of $7.4B and EPS of $0.90, beating analyst estimates. Revenue and net interest income also increased. Stock has declined 17% this year, but may see relief due to US-China tariff pause.
