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Espace Astra, Amazon, Revlon, Prologis and more

Amazon is “definitely a stock to own,” according to Sid Choraria, a senior portfolio manager who previously caught the eye of Warren Buffett.

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Check out the companies making headlines in midday trading on Monday.

Coinbase, Microstrategy – Shares of cryptocurrency-related companies sold off as the price of bitcoin and other digital tokens fell sharply. Crypto exchange Coinbase fell more than 10%, while software name and major bitcoin holder Microstrategy fell 23%. Bitcoin fell below $23,000 on Monday, hitting its lowest level since December 2020, as investors dump the crypto amid a broader sell-off in risky assets.

Astra Space – Shares in the rocket maker fell 24% after a weekend launch carrying NASA satellites failed to reach orbit. Astra’s LV0010 rocket lifted off Sunday from Launch Complex 46 in Cape Canaveral, Florida, carrying two satellites as part of NASA’s TROPICS-1 mission. The mission represents the company’s second mission failure in three launches this year.

Revlon – Shares cratered 44% following reports on Friday that the cosmetics company is preparing to file for bankruptcy as early as this week. A Wall Street Journal report citing unnamed sources said Revlon was struggling with high debt, growing competition and increased supply chain pressures.

DocuSign – Shares of the software company fell again on Monday, losing more than 10%. That follows Friday’s 24% drop on the heels of the company missing first-quarter earnings and slashing forecasts for billing growth. The stock also suffered another Wall Street downgrade, with Wolfe Research moving the stock to underperform its peers.

Prologis – Shares of the warehouse giant fell more than 8% after the company announced it would acquire smaller rival Duke Realty in an all-stock deal valued at around $26 billion , including debt, in a vote of confidence for the burning industrial real. real estate sector.

Amazon, Tesla – Beaten tech stocks took a hit during Monday’s heavy selloff. Amazon fell almost 6%, while Tesla was down around 5%. Netflix fell 5.8%, while meta platforms fell 4.6%. The tech-heavy Nasdaq Composite fell nearly 4%, hitting a new 52-week low.

Zendesk – The software stock fell more than 9% after Morgan Stanley downgraded the name to equal weight to overweight. Morgan Stanley sees few near-term catalysts after Zendesk’s management decision to remain independent. The Wall Street firm also noted that Zendesk’s customer base is more sensitive to the cycle.

– CNBC’s Jesse Pound and Sarah Min contributed reporting.

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