This photograph taken on October 20, 2022 shows the signage of Wynn Casino resort with the Grand Lisboa and Casino Lisboa within the backdrop in Macau.
Eduardo Leal | AFP | Getty Images
Take a look at the businesses making headlines in midday trading.
Wynn Resorts — Shares of the casino operator jumped 10% after a filing showed billionaire investor and restaurant owner Tilman Fertitta has built a passive 6.1% stake in the corporate. The stock continues to be down greater than 20% this yr.
Newell Brands – Shares of Newell Brands, a consumer goods manufacturer, slipped 7.3%. The corporate was recently downgraded by a slew of analysts including those at Raymond James, Deutsche Bank, Jefferies and Wells Fargo following their earnings report last week.
TuSimple – Shares of self-driving startup TuSimple slumped 46% after it fired its CEO, Xiaodi Hou. An internal investigation showed improper dealings and a possible tech transfer to a Chinese firm by Hou. The FBI and Securities and Exchange Commission are each investigating, the Wall Street Journal reported.
First Solar — The solar stock jumped greater than 9% during midday trading. On Friday, Bank of America raised its price objective on First Solar, saying the corporate’s growth prospects remain intact even after its greater than 60% rally this yr, in accordance with the analyst.
Paramount Global — Shares of Paramount Global shed 3.6% after being downgraded by Wells Fargo Securities to underweight from equal weight. Analyst Steven Cahall, who had just downgraded the media company to equal weight earlier this month, expects negative revisions and a possible reconsideration of sports rights or a shift in strategy from Paramount.
HanesBrands Inc — Shares of HanesBrands fell greater than 4% after the retailer received a double downgrade from Wells Fargo. The firm cut the stock to underweight from obese, citing increasing macroeconomic and balance sheet issues in the following yr.
Meta Platforms — Shares of Meta Platforms fell 5.5%, leading declines in megacap technology stocks following disappointing earnings results last week. Alphabet, Apple and Microsoft all slipped about 1% as well.
Global Payments — The stock slid 6.7% after the corporate reported earnings that were in step with expectations on per-share earnings and beat anticipated revenue. Meanwhile, the corporate said it was taking steps to finance multibillion-dollar transactions that involved debt. The stock continues to be up about 7% this month.
Align Technology — Align Technology stock jumped 4% Monday after the corporate announced a recent $200 million accelerated share buyback agreement under its $1 billion repurchase program.
Howmet Aerospace — Shares of Howmet Aerospace, an aerospace manufacturer, fell greater than 3% Monday after the corporate reported quarterly results that missed Wall Street expectations for revenue. The corporate reported revenue of $1.43 billion within the quarter, where analysts expected $1.44 billion, in accordance with StreetAccount.
NOV Inc. — Shares of oil and gas manufacturer NOV rose greater than 5% after Morgan Stanley boosted its price goal for the corporate. The firm has an equal weight rating on the stock.
Oil and energy stocks — Oil and energy company stocks got a lift Monday after the Organization of Petroleum Exporting Countries said it sees oil demand growing for the following few a long time and called for trillions of dollars of investment into the sector. Shares of Coterra Energy added 2%. Diamondback and Occidental Petroleum rose nearly 1%.
ON Semiconductor — Shares of ON Semiconductor fell greater than 8% even after the corporate beat estimates on the highest and bottom lines. The corporate’s fourth-quarter guidance was mostly in line, in accordance with StreetAccount, though it did call for a sequential decline in revenue. Other chip stocks were also under pressure on Monday, with Advanced Micro Devices dipping 3.1%.
Amgen — The biopharma stock dipped 1.5% after Barclays downgraded Amgen to underweight from equal weight, saying investor enthusiasm ahead of an obesity drug update next week could also be overdone. Shares of Amgen rallied nearly 20% this month, making a “difficult setup” for the stock to outperform following the update, in accordance with the firm.
— CNBC’s Yun Li, Alex Harring, Michelle Fox, Sarah Min and Jesse Pound contributed reporting.
