A Biogen facility in Cambridge, Massachusetts.
Brian Snyder | Reuters
Check out the companies making the biggest moves midday:
Apple — Apple shares fell 2% following a report that iPhone production could take a big hit due to unrest at a Foxconn factory in China, amid protests in China against the nation’s zero-Covid policy. Analysts have expressed concern about recent manufacturing interruptions ahead of the holiday season too.
Taboola — Shares of the advertising company surged 45% after Taboola announced Yahoo had taken a 25% stake in the company as part of a 30-year agreement, in which Taboola will power native advertising on all Yahoo platforms.
Wynn Resorts, Melco Resorts — 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 got the licenses, with the former up 1.3% and the latter down 2.4%.
DraftKings — Shares dropped 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 online sports betting profitability.
Biogen — Biogen’s stock fell nearly 4% after a Science.org report that a woman participating in an experimental Alzheimer’s treatment trial, sponsored by Biogen and a Japanese pharma company, recently died from a brain hemorrhage.
Tyson Foods, Beyond Meat — Shares of Tyson Foods fell 3.3%, and Beyond Meat slumped 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 climbed 2.9% after getting a double upgrade from JPMorgan. Analyst Jared Dinges said Anheuser-Busch InBev will benefit from a resurgence in demand for domestic light beer and the decline in hard seltzer demand in the U.S.
First Solar — The solar stock shed 2% following a downgrade to neutral from JPMorgan. The bank said shares are due for a breather after rallying more than 150% following the passage of the Inflation Reduction Act.
Twilio — Twilio slid 2.6% after the stock was downgraded by Jeffries to hold from buy. The firm said it sees “sustained headwinds” the communications tool and messaging company.
Aptiv — Shares fell more than 3% after Morgan Stanley downgraded Aptiv to equal weight from overweight, saying in a note that the automotive technology supplier could get hurt from a slower rollout of electric vehicles.
Williams-Sonoma — Shares tumbled 4.7% after Morgan Stanley downgraded the home furnishings stock to underweight, saying shares could fall further as demand weakens in a difficult macro environment.
Live Nation Entertainment — Live Nation’s stock moved 1.1% higher after it was upgraded to buy from neutral by Citi, which said the risk/reward outlook looks more reasonable.
Pinduoduo — Shares of Pinduoduo jumped 13.6% after the e-commerce platform posted third-quarter results that beat analyst expectations. “We continued to deepen our value creation in the third quarter,” CEO Lei Chen said. “We will increase our R&D investment to further enhance the supply chain efficiency and agricultural digital inclusion.”
Energy stocks — Energy stocks dropped after oil prices fell near the year’s lows on worry over China demand. Shares of Exxon Mobil lost 1.9% and Conocophillips dropped 1.8%, while Chevron fell 1.5% along with Occidental Petroleum.
— CNBC’s Carmen Reinicke, Samantha Subin, Tanaya Macheel and Sarah Min contributed reporting.
Gutfeld: Should I go to Super Bowl LVII? | Fox News Video
Inside Newcastle’s wild dressing room celebrations as Howe takes Toon to Wembley
Bitcoin Prices and Ethereum Prediction; The US FOMC and Fed Rate Today
Fly Emirates to Dubai and enjoy a free night’s stay at Fairmont The Palm
Connecticut may exonerate people accused of witchcraft
Dorchester prepares to bid farewell to Ashmont Grill
Silver, Copper Prices On The Rise Amid Supply Shortages
Gordon Ramsey to Produce New Tubi Series ‘Kitchen Commando’ (TV News Roundup)
Sprinter RV Conversion Packs Bunk Beds And Bathroom In Standard-Length Van
Cops re-open probe after woman ‘assaulted’ on Conor McGregor’s yacht
Charlie Watts Made a Joke During Ronnie Wood’s Rolling Stones Tryout
Body of 96-year-old woman found in Chicago garage freezer
‘Gunsmoke’ Actor Buck Taylor Had to Quit Gymnastics After a Stunt Work Injury
Two years on from Myanmar coup: What’s the plan?
Tom Brady rumor roundup: Where will former Patriots quarterback play in 2023?
Auto22 hours ago
2024 Peugeot 2008 Facelift Spied For The First Time
Auto22 hours ago
Doug DeMuro’s Quirky Car Empire Gets $37M Investment, New CEO From Cannabis Industry
Finance18 hours ago
Adani’s $70 Billion Disaster Is Badly Timed For India’s Economy
Tech21 hours ago
Man Who Drove Tesla Off Cliff Charged With Attempted Murder
Travel22 hours ago
THE PEAK OF PRESTIGE MOMENTS FROM THE HEART OF ROME
Travel24 hours ago
Tourism Fiji revamps brand platform as tourism rebounds
Auto24 hours ago
Audi To Invert Design Process By Developing The Interior First
News24 hours ago
Arab Health 2023: DHA highlights Wayakom health initiative for senior citizens