Amgen, Uber, Lyft, Zscaler and others
A sign marks the meeting point for Lyft and Uber users at San Diego State University in San Diego, California on May 13, 2020.
Mike Blake | Reuters
Check out the companies that make headlines in the afternoon trade.
Amgen — Biopharma stocks jumped 5.7% after Morgan Stanley upgraded Amgen’s rating to overweight from equal weight, saying Amgen has “significantly reduced risk” and provides investor protection.
Alliance Walgreens Boots — Shares of the pharmacy chain jumped 2.4%, lifting the Dow Jones Industrial Average. Walgreens’ rally came after the company announced it was acquiring healthcare firm CareCentrix. Shares are still down about 36% from a year ago. Walgreens will report quarterly earnings on Thursday.
uber, backlash — Shares in ridesharing companies fell 10.4% and 12%, respectively, after the Labor Department proposed a new rule that could pave the way for gig workers to be reclassified as employees rather than independent contractors. The proposal could increase costs for companies that rely on employees who commute on their own schedule.
Wynn Resorts, Las Vegas Sands — Casino stocks lagged the broader market on Tuesday, with Wynn Resorts shares down 7% and Las Vegas Sands shares down 7.5%.
Leggett and Platt — Shares fell 7.2% after the industrial products maker cut its full-year sales and earnings forecast, citing rising inflation and difficult economic conditions.
Bilibili — Shares of a Chinese video streaming company fell about 7.3% after Bernstein downgraded the stock to underperform market performance, citing balance sheet risk.
Zscaler Cloud security shares fell 5.4% after Zscaler announced the resignation of company president Amit Singh. Sinha will remain on the company’s board of directors.
Netflix — Shares fell about 6.8% after Bank of America affirmed Netflix’s low ratings ahead of its earnings next week, saying the streaming company’s advertising levels continue to “look a bit rushed.”
Software Semiconductor, Qualcomm — Semiconductor stocks continued to decline on Tuesday after the Biden administration on Monday announced new restrictions on exports to China. Shares of ON Semiconductor fell nearly 4%, Qualcomm fell 4% and Marvell fell 4.1%.
Roblox — The tech company’s shares fell 2.4% after Barclays initiated a study of the stock as undervalued with a target price that would suggest a loss of about 44% of its value. The firm attributed the shortcoming to disappointing growth opportunities for its user base.
Meta Shares of parent company Facebook fell 3.9% after Atlantic Equities downgraded its rating from overweight to neutral. The investment firm said a weakening economy and increased competition in the digital advertising space could hurt Meta’s revenue as the company invests heavily in development.
— CNBC’s Michelle Fox, Alex Harring, Yoon Lee, and Jesse Pound contributed to this report.