Biogen’s facility in Cambridge, Massachusetts.
Brian Snyder | Reuters
Check out the companies making the biggest moves in the middle of the day:
apple – Apple shares fell 2% after a report that iPhone production could suffer a major blow due to unrest at the Foxconn factory in China, amid protests in China against the country’s no-Covid policy. Analysts have expressed concern about recent outages in manufacturing ahead of the holiday season as well.
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Drum Shares of the ad company rose 45% after Taboola announced that Yahoo had acquired a 25% stake in the company as part of a 30-year agreement whereby Taboola would run native ads on all of Yahoo’s platforms.
Wynn Resorts, Melco Resorts Shares of casino operators Wynn Resorts and Melco Resorts rose 4.1% and 9.5%, respectively, after the Chinese government granted them temporary licenses to continue operating in Macau. Las Vegas Sands And the MGM Resorts Licenses were also obtained, as the first rose by 1.3% while the second fell by 2.4%.
Kings Shares fell more than 5% after JPMorgan downgraded DraftKings to below neutral weight, saying in a note that the company’s competitors are likely to make money in online sports betting.
Biogen — Biogen stock fell nearly 4% after Science.org reported that a woman who participated in an experimental Alzheimer’s treatment trial, sponsored by Biogen and a Japanese pharmaceutical company, had recently died of a brain hemorrhage.
Tyson FoodsAnd the beyond the meat – Shares of Tyson Foods fell 3.3%, and Beyond Meat shares fell 3.1%, after Barclays downgraded both companies to underweight, indicating that the worst is yet to come for protein companies.
Anheuser-Busch InBev Shares of the beer giant rose 2.9% after getting a double upgrade from JPMorgan. Analyst Jared Dinges said Anheuser-Busch InBev will benefit from a return in demand for domestic light beer and lower demand for hard soda in the United States.
First Solar Solar stock fell 2% after being cut to neutral by JPMorgan. The bank said stocks deserve a rest after surging more than 150% after the inflation curb law was passed.
twilio Twilio fell 2.6% after Jefferies downgraded the stock to save it from buying. The company said it sees “continued headwinds” from the communications tool and messaging company.
Aptiv Shares fell more than 3% after Morgan Stanley downgraded Aptiv to an equal weight of overweight, saying in a note that the auto technology supplier could be hurt by a slow rollout of electric vehicles.
Williams Sonoma Shares fell 4.7% after Morgan Stanley downgraded home furnishings stocks to underweight, saying shares could fall further as demand weakens in a challenging macro environment.
Live Nation Entertainment Live Nation stock rose 1.1% after being upgraded to buy from neutral Citi, which said its risk/reward outlook looked more reasonable.
binduodu Pinduoduo shares jumped 13.6% after the e-commerce platform published third-quarter results that beat analyst expectations. “We continued to deepen our value creation in the third quarter,” said CEO Lei Chen. “We will increase our investment in research and development to further enhance supply chain efficiency and agricultural digital integration.”
Energy Inventories – Energy stocks fell after oil prices fell near a year’s low on concerns about Chinese demand. shares Exxon Mobil lost 1.9% and ConocoPhillips by 1.8%, while chevron decreased 1.5% Together with Occidental Petroleum.
— CNBC’s Carmen Renick, Samantha Sobin, Tanaya Machell and Sarah Min contributed to reporting.
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