Check out the companies making the biggest moves midday:
Apple — Apple shares fell 3.89% 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 43.48% 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 4.36% and 9.86% 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 1.11% and the latter down 2.27%.
DraftKings — Shares dropped 4.23% 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 4.34% 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 2.67%, and Beyond Meat slumped 2.44%, 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 2.79% 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 3.39% 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 3.69% 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 3.63% 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 4.84% 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 0.34% 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 12.62% 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 3% and Conocophillips dropped 2.34%, while Chevron fell 2.91% and Occidental Petroleum shed 2.92%
— CNBC’s Carmen Reinicke, Samantha Subin, Tanaya Macheel and Sarah Min contributed reporting.
Source: Finance - cnbc.com
