Business

Apple, DraftKings, Biogen, Williams-Sonoma and others

Biogen facility in Cambridge, Massachusetts.

Brian Snyder | Reuters

See which companies make the biggest moves at noon:

Apple — Apple shares fell 2% after reports that iPhone production could be hit hard by unrest at a Foxconn factory in China amid protests in China against a national coronavirus policy. Analysts also raised concerns about recent production shutdowns ahead of the holiday season.

Tabula The advertising company’s shares rose 45% after Taboola announced that Yahoo acquired a 25% stake in the company as part of a 30-year deal that would see Taboola provide native advertising across all of Yahoo’s platforms.

Wynn Resorts, Melko Resorts — Shares of casino operators Wynn Resorts and Melco Resorts rose 4.1% and 9.5%, respectively, after the Chinese government granted them temporary licenses to continue operating in Macau. Las Vegas Sands as well as MGM Resorts also received licenses, with the former up 1.3% and the latter down 2.4%.

DraftKings — Shares fell more than 5% after JPMorgan downgraded DraftKings from neutral to negative, saying in a note that the company’s competitors are more likely to make online sports betting profitable.

Biogen Biogen shares fell nearly 4% after Science.org reported that a woman participating in an experimental Alzheimer’s treatment trial sponsored by Biogen and a Japanese pharmaceutical company recently died of a brain hemorrhage.

Tyson Foods, Beyond Meat — Shares of Tyson Foods fell 3.3% and Beyond Meat 3.1% after Barclays downgraded both companies to ‘lower’, noting the worst for protein companies is yet to come.

Anheuser-Busch InBev — Shares of the beer giant rose 2.9% after receiving a double rating upgrade from JPMorgan. Analyst Jared Dinges said Anheuser-Busch InBev would benefit from a resurgence in demand for domestic lager beers and a decline in demand for hard seltzer in the US.

First solar — Solar energy stocks fell 2% after JPMorgan downgraded to neutral. The bank said shares should take a breather after gaining more than 150% following the passage of the Inflation Reduction Act.

Twilight — Twilio fell 2.6% after Jeffreys downgraded the stock to refrain from buying. The firm said it sees “persistent hurdles” for the communications and messaging company.

Aptive — Shares tumbled more than 3% after Morgan Stanley downgraded Aptiv to equal-and-overweight, saying in a note that the automotive technology provider could be hurt by slower rollout of electric vehicles.

Williams-Sonoma — Shares fell 4.7% after Morgan Stanley downgraded home goods stocks to negative, saying stocks could fall further as demand weakens amid difficult macro conditions.

Live entertainment of the nation — Live Nation stock climbed 1.1% after Citi upgraded its rating to Buy from neutral, saying the risk-reward ratio looks more reasonable.

Pingduoduo — Pinduoduo’s shares jumped 13.6% after the e-commerce platform released third-quarter results that beat analysts’ expectations. “In the third quarter, we continued to deepen value creation,” said CEO Lei Chen. “We will increase our investment in research and development to further improve supply chain efficiency and digitalization in agriculture.”

Shares of energy companies. Energy stocks tumbled after oil prices plunged to near-annual lows on concerns about demand in China. Stock ExxonMobil lost 1.9% and Conocophyllips fell 1.8% while Chevron fell by 1.5% with Occidental Petroleum.

– CNBC’s Carmen Reinicke, Samantha Subin, Tana Machil and Sarah Min contributed reporting.


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