Twitter’s stock took a nosedive after Morgan Stanley cut its rating on the company. The firm downgraded Twitter to underweight from equal weight citing growing competition for ad revenue. Twitter’s shares have been on a roller-coaster ride since December. The stock was at its highest levels less than a month ago after the rollout of its targeted ad program. Today, the stock fell nearly four percent to $66.29.
Shares of the mattress company Select Comfort took a big hit today after it warned investors that it expects holiday quarter sales to come in below estimates. The maker of Sleep Number specialty beds blamed a sales slowdown from Cyber Monday through December for the outlook. That didn’t just weigh of Select Comfort’s stock, rival Tempur Sealy fell almost six percent to $51.14 and Mattress Firm’s shares were off nearly three percent to $43.30. Select Comfort ended the day at $17.28 down 19 percent.
It was a different story at Walgreens, sales at the retailer rose more than seven percent in December compared to last year. The drugstore chain said customers bought more non-pharmacy items and it saw prescription sales increase. That news sent shares up slightly to $57.14.
AutoNation also had good news to report. The nation’s biggest automotive dealer said new vehicle sales rose six percent in December, led by premium luxury car sales. Shares, however, were off more than 1.5% today to $48.91.
Thermo Fisher Scientific & General Electric
General Electric is buying healthcare units from Thermo Fisher Scientific in a deal valued at around $1 billion. In an effort to expand its life sciences unit by selling new medicines, vaccines and diagnostics, GE will purchase a gene modulation and cell culture business from Thermo Fisher. Shares of GE fell a fraction to $27.26, while shares of Thermo Fisher were up slightly to $110.06.
T-Mobile & Verizon Wireless
T-Mobile reached a deal with Verizon Wireless to buy some of its spectrum licenses for $2.37 billion plus $950 million worth of its own spectrum. The licenses will help T-Mobile to improve certain kinds of cell service across the U.S. In order to compete with its bigger rivals, T-Mobile, the country’s number four mobile provider, needs more airwaves. Shares of T-Mobile climbed almost four percent to $33.48, shares of Verizon were also up a fraction to $48.69.