Stocks making the biggest moves midday: Meta, Maxar Technologies, Ford, Goldman Sachs, and more
The Meta Platforms logo is seen in Davos, Switzerland, May 22, 2022.
Arend Wegmann Reuters
Check out which companies are making headlines in the midday trading.
Meta platforms Shares of Meta Platforms rose 2.8% after JPMorgan upgraded the social media company to buy and raised its price target, saying headwinds will fall next year.
Maxar Technologies Shares of the satellite owner and operator rose 124.8% on news that private equity firm Advent International will acquire the company and take it privately in a deal worth $6.4 billion, or $53 a share. The stock closed at $23.10 a share on Thursday.
Goldman Sachs Shares of Goldman Sachs fell 1% on news that the Wall Street firm will cut up to 8% of its workforce. CNBC, citing people familiar with the matter, reported that the layoffs are scheduled to come in January and will hit all areas of the Wall Street firm.
stronghold Shares of Ford fell 7% after the automaker said it was increasing the base price of its F-150 Lightning minivan again due to higher raw material costs.
Adobe Shares of the software design company rose 3% after the company reported fiscal fourth-quarter earnings and guidance that beat analysts’ expectations. Adobe maintained its outlook for the new fiscal year, while announcing a plan to buy startup Figma in the quarter.
Darden Restaurants – Darden Restaurants fell 2.1% despite reporting earnings and profits in the second quarter of fiscal 2023. However, it also reported profit margins of 18.6% for Olive Garden, its largest holding, down from 21.6% in the second quarter of fiscal year 2023. 2022.
The New York Times – The paper’s stock fell 3.1 percent after Morgan Stanley downgraded the name to an equal weight of overweight. The Wall Street firm cited a recent weak performance in net additions as well as a growing overall headwind to ad revenue.
Accenture Shares fell 5.9% after the consultancy issued a lower forecast for revenue and noted that the effects of a stronger dollar would affect fiscal 2023 results. Accenture beat bottom line and top line estimates.
Scholastic Publishing stocks rose 5.7% after a strong quarterly earnings report. Scholastic said its profit margins expanded during this period.
Lincoln National Shares fell more than 5% after Lincoln National was downgraded to underperforming from suspension at Jefferies, according to StreetAccount. The investment firm said it expects Lincoln National’s free cash flow to remain under pressure in 2023 and 2024.
US Steel Steel producers added more than 5.7% after sharing better-than-expected guidance for the current quarter.
Energy Stocks – One of the biggest losers in the S&P 500 was the energy sector, dropping 2% on the back of lower oil prices. shares Coterra EnergyAnd the APA Corp.And the Halliburton Shed over 2% each. Marathon oil decreased 1.9%.
US-Listed Chinese Stocks Some US-listed Chinese stocks rose on Friday. JD.com And the Ali Baba Stocks rose, but ended the session largely unchanged. stock of electric cars Xpeng added 1.7%. This came as concerns about de-listing receded as the US gained access to necessary vetting documents.
Guardian Health Guardant Health stock fell more than 27% after it revealed that blood tests for colorectal cancers were less effective than a competitor’s stool-based test. Exact sciences. Shares of Exact Sciences jumped more than 16%.
— CNBC’s Sarah Min, Yoon Lee, Carmen Renick, and Michelle Fox contributed to reporting.
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