Business

Apple, Manchester United, Activision Blizzard and others

The Microsoft logo is visible on a smartphone placed on top of the displayed Activision Blizzard logo in this illustration taken January 18, 2022.

Dado Ruvic | Reuters

Check out the companies that made the headlines on Friday afternoon.

Apple Apple shares fell 2% on Friday after protests at iPhone maker Foxconn’s main supplier in China earlier this week. Analysts and investors also fear that the country’s recent production shutdowns following the resurgence of Covid-19 could result in supply cuts this holiday season.

Activision Blizzard – Shares of the video game company fell more than 4% after Politico reported that the Federal Trade Commission is likely to take legal action to block Microsoft’s $69 billion acquisition of Activision Blizzard.

Manchester United — Manchester United shares are up more than 16%, building on earlier gains this week after news that the football team’s owners are weighing a potential sale.

Kupa Software – Shares of the software company jumped 7 points after rising 28.9% on Wednesday after Bloomberg reported that Vista Equity Partners is exploring the possibility of acquiring Coupa.

Kanu – The share price of the electric vehicle company rose by 6.5%. after the Securities and Exchange Commission the filing showed that CEO Tony Aquila bought the shares. On November 21, he purchased over 9 million shares at $1.11 each, worth about $10 million. Half of these shares were bought outright, while the other half was bought by L’Aquila’s firm AFV Partners.

Grindr – The LGBTQ dating app fell 6%, continuing a week of losses following a rally seen on Nov. 18, which was its first day under the new ticker post-SPAC. This is now over 40% from where he debuted and over 85% of the high seen in the initial rally.

Lufax Holding — U.S.-listed shares of a Chinese fintech company fell 20% on Friday. Lufax reported disappointing financial results earlier in the week, accompanied by rating downgrades and lower price targets at some Wall Street companies. On Friday, JPMorgan downgraded the stock from overweight to undermarket and lowered its price target for the stock.

Generac — Shares of the generator maker fell 1% on Friday after Argus Research downgraded the stock to Buy. The Argus note said that supply chain issues will weigh on Generac’s performance “over the next few quarters” and that the stock deserves to trade at the worst multiple of its peers.

– CNBC’s Alex Harring, Jesse Pound, Yun Lee and Darla Mercado contributed reporting.


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