Apple, DraftKings, Biogen, Williams-Sonoma and more

A Biogen facility in Cambridge, Massachusetts.

Brian Snyder | Reuters

Check out the companies making the biggest moves at midday:

Apple – Apple shares fell 2% following a report that iPhone production could be hit hard due to unrest at a Foxconn factory in China, amid protests in China over national policy zero-Covid. Analysts have also expressed concern over recent manufacturing disruptions ahead of the holiday season.

investment related news

JPMorgan downgrades First Solar, cites stock’s recent outperformance after climate bill passed

taboula – Shares of the advertising company jumped 45% after Taboola announced that Yahoo had taken a 25% stake in the company as part of a 30-year deal, in which Taboola will power native advertising on all Yahoo platforms.

Wynn Resorts, Melco Hotels – Shares of casino operators Wynn Resorts and Melco Resorts gained 4.1% and 9.5%, respectively, after the Chinese government granted them provisional licenses to continue operating in Macau. Las Vegas Sands and MGM Resorts also secured the licenses, with the former up 1.3% and the latter down 2.4%.

DraftKings – Shares fell more than 5% after JPMorgan downgraded DraftKings to underweight from neutral, saying in a note that the company’s competitors are more likely to achieve profitability in online sports betting.

biogenic – Biogen shares fell nearly 4% after a report that a woman participating in an experimental Alzheimer’s disease treatment trial, sponsored by Biogen and a Japanese pharmaceutical company, recently died of a cerebral hemorrhage.

Tyson Foods, Beyond meat – Shares of Tyson Foods fell 3.3% and Beyond Meat 3.1%, after Barclays downgraded both companies to underweight, noting that the worst is yet to come for protein companies.

Anheuser-Busch InBev — Shares of the beer giant soared 2.9% after securing a double upgrade from JPMorgan. Analyst Jared Dinges said Anheuser-Busch InBev will benefit from a resurgence in demand for domestic light beer and declining demand for hard seltzer in the United States.

First Solar — The solar stock lost 2% following a downgrade to neutral from JPMorgan. The bank said shares were set to pause after rallying more than 150% following the passage of the Cut Inflation Act.

Twilio – Twilio slid 2.6% after the stock was downgraded by Jeffries to hold on to its buy. The company said it saw “sustained headwinds” in the communications tool and messaging company.

Aptiva – Shares fell more than 3% after Morgan Stanley downgraded Aptiv to equal weight because of overweight, saying in a note that the automotive technology provider could be hurt by a slower rollout of electric vehicles.

Williams Sonoma – Shares fell 4.7% after Morgan Stanley downgraded the home furnishings stock to underweight, saying stocks could fall further as demand weakens amid a tough macro environment.

National Live Entertainment – Live Nation stock rose 1.1% after it was upgraded to buy from neutral by Citi, which said the risk/reward outlook looked more reasonable.

Pinduo-duo – Shares of Pinduoduo jumped 13.6% after the e-commerce platform reported third-quarter results that beat analysts’ expectations. “We continued to deepen our value creation in the third quarter,” CEO Lei Chen said. “We will increase our R&D investments to further improve supply chain efficiency and agricultural digital inclusion.”

Energy stocks – Energy stocks fell after oil prices fell near year lows on concerns about Chinese demand. Shares of Exxon Mobil lost 1.9% and Conocophillips fell 1.8%, while Chevron fell 1.5% with Occidental Petroleum.

– CNBC’s Carmen Reinicke, Samantha Subin, Tanaya Macheel and Sarah Min contributed reporting.

cnbc Business

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button