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Meta Platforms logo seen in Davos, Switzerland, May 22, 2022.
Arnd Wiegmann | Reuters
Check out the companies making headlines in midday trading.
Meta Platforms – Meta Platform shares rose 3.5% after JPMorgan upgraded the social media company to buy and raised its price target, saying headwinds will ease next year.
Maxar Technologies – Shares of the satellite owner and operator surged 122% following news that private equity firm Advent International would take the company private and take it private in a deal valued at $6.4 billion, or $53 per share. The stock closed at $23.10 per share on Thursday.
Goldman Sachs — Goldman Sachs shares fell 1% amid news the Wall Street firm will cut up to 8% of its workforce. The layoffs are set to come in January and will hit all of the firm’s Wall Street locations, CNBC reported, citing people familiar with the matter.
Ford — Ford shares fell 6.2% after the auto company said it will raise the base price for its F-150 Lightning pickup truck again due to increased raw material costs.
Adobe — Shares of the design software maker rose more than 3% after the company reported fiscal fourth-quarter earnings and guidance that beat analysts’ expectations. Adobe maintained its forecast for the new fiscal year, while announcing a plan to buy hot startup Figma in the quarter.
Darden Restaurants — Darden Restaurants fell 4% despite delivering revenue and earnings for its fiscal 2023 second quarter. However, it also reported profit margins of 18.6% for Olive Garden, its largest holding, up from 21.6% in the fiscal year 2022 second quarter.
New York Times — The newspaper’s stock fell 3.7% after Morgan Stanley downgraded the name to equal weight from overweight. The Wall Street firm cited recent underperformance in net adds as well as growing macro headwinds in advertising revenues.
Accenture — Shares fell 5.1% after the consulting firm issued a light earnings outlook and noted that the effects of a strong dollar will weigh on fiscal 2023 results. Accenture beat above estimates and bottom line.
Scholastic — Shares of the publishing stock rose 9.7% following a strong quarterly earnings report. Scholastic said its profit margins expanded during the period.
National Lincoln — Shares fell more than 4% after Lincoln National was downgraded to underperform from holding by Jefferies, according to StreetAccount. The investment firm said it expects free cash flow at Lincoln National to remain pressured in 2023 and 2024.
US Steel — The steel producer’s stock added more than 4.5% after sharing better-than-expected guidance for the current quarter.
Energy stocks — The energy sector was one of the biggest decliners in the S&P 500, falling 2% on the back of falling oil prices. Shares of Coterra Energy and APA Corp. each fell by more than 4%. Halliburton is down almost 3%. Marathon Oil down more than 2%.
US-listed China stocks— Some China-based stocks listed on US exchanges rose on Friday. JD.com and Alibaba shares rose more than 1% . Electric vehicle stock Xpeng added more than 4%. It comes as delisting concerns eased as the US gained access to the necessary audit documents.
Guardian Health — Guardant Health stock plunged 30% after it revealed that its blood tests for detecting colorectal cancers are less effective than a stool-based test made by a competitor Exact Science. Shares of Exact Sciences jumped more than 17%.
— CNBC’s Sarah Min, Yun Li, Carmen Reinicke, Michelle Fox contributed reporting
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