This photograph taken on October 20, 2022 shows the signage of the Wynn Casino complex with Grand Lisboa and Casino Lisboa in the backdrop in Macau.
Edouard Leal | AFP | Getty Images
Find out which companies are making headlines in the midday business.
Wynn Resorts – The casino operator’s shares jumped 10% after a filing showed a billionaire investor and restaurant owner Tilman Fertitta has a passive 6.1% stake in the company. The title is still down more than 20% this year.
Newell Brands – Shares of Newell Brands, a maker of consumer goods, fell 7.3%. The company was recently downgraded by a host of analysts, including those from Raymond James, Deutsche Bank, Jefferies and Wells Fargo, following their earnings report last week.
TuSimple – Shares of self-driving startup TuSimple fell 46% after its CEO, Xiaodi Hou, was fired. An internal investigation revealed improper dealings and a possible transfer of technology to a Chinese company by Hou. The FBI and the Securities and Exchange Commission are both investigating, The Wall Street Journal reported.
First Solar – Solar stock jumped more than 9% during midday trading. On Friday, Bank of America raised its price target on First Solar, saying the company’s growth prospects remain intact even after its rally of more than 60% this year, according to the analyst.
World Paramount – Paramount Global shares fell 3.6% after being downgraded by Wells Fargo Securities to underweight from an equal weight. Analyst Steven Cahall, who just downgraded the equal weight media company earlier this month, expects negative reviews and a possible sports rights review or a change in strategy from Paramount.
HanesBrands Inc – HanesBrands shares fell more than 4% after the retailer received a double downgrade from Wells Fargo. The company cut the stock to an underweight from an overweight, citing increasing macroeconomic and balance sheet issues over the next year.
Metaplatforms – Shares of Meta Platforms fell 5.5%, dragging down megacap tech stocks after disappointing results last week. Alphabet, Apple and Microsoft all also slipped about 1%.
Global Payments — The stock fell 6.7% after the company reported earnings in line with earnings-per-share expectations and above expected revenue. Meanwhile, the company said it was taking steps to fund multi-billion dollar deals involving debt. The stock is still up around 7% this month.
Alignment technology – Align Technology stock jumped 4% on Monday after the company announced a new $200 million accelerated share buyback deal under its billion-dollar buyback program.
Howmet Aerospace – Shares of Howmet Aerospace, an aerospace maker, fell more than 3% on Monday after the company reported quarterly results that beat Wall Street revenue expectations. The company reported revenue of $1.43 billion in the quarter, while analysts had expected $1.44 billion, according to StreetAccount.
NOV inc. – Shares of oil and gas maker NOV rose more than 5% after Morgan Stanley raised its price target for the company. The company has an equal weight rating on the stock.
Oil and energy stocks – Shares of oil and energy companies rose on Monday after the Organization of the Petroleum Exporting Countries said it expected demand for oil to grow over the next decades and called for trillions of dollars of investments in the sector. Shares of Coterra Energy added 2%. Diamondback and western oil increased by almost 1%.
ON Semiconductor – ON Semiconductor shares fell more than 8% even after the company beat estimates on the top and bottom results. The company’s guidance for the fourth quarter was mostly in line, according to StreetAccount, although it called for a sequential decline in revenue. Other chip stocks were also under pressure on Monday, with Advanced Micro Devices down 3.1%.
Amgen – The biopharmaceutical stock fell 1.5% after Barclays downgraded Amgen to underweight from equal weight, saying investor enthusiasm ahead of an update on obesity drugs la next week might be overkill. Amgen shares are up nearly 20% this month, creating a “tough setup” for the stock to outperform after the update, according to the company.
– CNBC’s Yun Li, Alex Harring, Michelle Fox, Sarah Min and Jesse Pound contributed reporting.
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