October 10, 2024

[ad_1]

GM workers with the UAW Local 2250 union strike outside the General Motors Wentzville Assembly Plant in Wentzville, Missouri, Sept. 15, 2023.

Michael B. Thomas | Getty Images

Check out the companies making headlines in midday trading.

General Motors, Ford, Stellantis — Shares of Ford was near flat, while General Motors gained 0.9% and Stellantis was up 2.2% as a targeted strike by the United Auto Workers began. Workers walked off the job at several assembly plants belonging to the three automakers Thursday night after a key deadline to settle a new labor contract passed.

Planet Fitness — Shares slid 15.9% after the gym chain’s board pushed out CEO Chris Rondeau. The move was shocking to employees close to Rondeau, a person familiar with the matter told CNBC. Board member Craig Benson, known for his role as the former governor of New Hampshire, is the interim CEO.

Nucor — The steelmaker fell 6.1% after offering worse-than-expected guidance for third-quarter earnings, with the company pointing to pricing and volume challenges. Nucor said to expect earnings between $4.10 and $4.20 per share, while analysts polled by LSEG, formerly known as Refinitiv, forecast $4.57.

PTC Therapeutics — The therapeutics stock plummeted 29.8% after the European Medicines Agency’s Committee for Medicinal Products for Human Use issued a negative opinion on a conversion of conditional to full marketing authorization for a PTC drug to treat nonsense mutation Duchenne muscular dystrophy. Raymond James downgraded the stock to underperform from outperform following the news.

Core & Main — The infrastructure stock retreated 4.1% a day after it announced a secondary stock offering. The offering of 18 million Class A shares by selling shareholders will be held concurrently with the repurchase of 3.1 million Class A shares. Partnership interests in a company unit also will be bought back.

Arm Holdings — Shares slipped 4.5% during its second session as a public company. Investment banking firm Needham initiated coverage of the stock at hold without a price target following Arm’s debut that valued the company at about $60 billion. Needham analyst Charles Shi cautioned, however, that the stock’s value already “looks full.”

Insulet, Dexcom — Shares of the diabetes-focused health-care companies fell Friday after Bloomberg News reported Thursday afternoon that Apple has selected a new leader for its team working to develop a noninvasive blood sugar monitoring device. Shares of Insulet shed 2.9%, while Dexcom sank 5.1%.

Chipmakers — Chip equipment stocks ASML Holding, KLA, Lam Research and Applied Materials all dropped following a report that Taiwan Semiconductor is telling vendors to delay deliveries due to demand concerns. U.S.-listed shares of Taiwan Semiconductor lost 2.4%.

Adobe — Shares of the Photoshop maker dropped 4.2% following Adobe’s fiscal third-quarter earnings Thursday. The company reported an earnings and revenue beat and forward guidance that matched Street projections. While Goldman Sachs and Bank of America reiterated buy ratings, JPMorgan remained neutral, citing macroeconomic headwinds and a high premium for Adobe’s pending acquisition of Figma for $20 billion.

Apellis Pharmaceuticals — The biopharmaceutical company advanced 2.6% following a Wells Fargo upgrade to overweight from equal weight. The bank said Apellis has a favorable risk/reward ahead of third-quarter earnings.

DoorDash — Shares of the food delivery company fell 2.5% after MoffettNathanson downgraded the stock to market perform from outperform. The Wall Street firm said the resumption of loan repayments introduce bookings risk to food delivery. The stock is still up more than 60% this year.

Axis Capital — The insurance stock rose 3.1% following an upgrade to buy from underperform by Bank of America. The Wall Street firm said its pessimistic outlook was changing despite recent underperformance in the reinsurance space.

Estée Lauder — The cosmetics stock advanced nearly 1% after Redburn Atlantic Equities turned less bearish. The firm upgrades shares to neutral from sell, saying the company was feeling technical benefits as customer ordering patterns normalize.

Casella Waste Systems — The waste stock traded about 1.6% higher after getting initiated by Goldman Sachs at buy. Goldman called the company a “compounder with pricing.”

— CNBC’s Yun Li, Jesse Pound, Samantha Subin, Pia Singh, Brian Evans and Lisa Kailai Han contributed reporting.

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Batman138 Bro138 Dolar138 Gas138 Gudang138 Hoki99 Ligaciputra Panen77 Zeus138 Kilat77 Planet88 Gaspol168 Sikat88 Rupiah138 Garuda138 Gacor77 Roma77 Sensa138 Panen138 Slot138 Gaco88 Elanggame Candy99 Cair77 Max7 Best188 Space77 Sky77 Luxury777 Maxwin138 Bosswin168 Cocol88 Slot5000 Babe138 Luxury138 Jet77 Bonanza138 Bos88 Aquaslot Taktik88 Lord88 Indobet Slot69 Paus138 Tiktok88 Panengg Bingo4d Stars77 77dragon Warung168 Receh88 Online138 Tambang88 Asia77 Klik4d Bdslot88 Gajah138 Bigwin138 Markas138 Yuk69 Emas168 Key4d Harta138  Gopek178 Imbaslot Imbajp Deluna4d Luxury333 Pentaslot Luxury111 Cair77 Gboslot Pandora188 Olxtoto Slotvip Eslot Kuy138 Imbagacor Bimabet