Stocks making the biggest moves midday: Wynn Resorts, TuSimple, Newell Brands, First Solar and more
Check out the companies making headlines in midday trading.
Wynn Resorts — Shares of the casino operator jumped 9.6% after a filing showed billionaire investor and restaurant owner Tilman Fertitta has built a passive 6.1% stake in the company. The stock is still down more than 20% this year.
Newell Brands – Shares of Newell Brands, a consumer goods manufacturer, slipped 8.24%. The company was recently downgraded by a slew of analysts including those at Raymond James, Deutsche Bank, Jefferies and Wells Fargo following their earnings report last week.
TuSimple – Shares of self-driving startup TuSimple slumped 45.64% after it fired its CEO, Xiaodi Hou. An internal investigation showed improper dealings and a possible tech transfer to a Chinese firm by Hou. The FBI and Securities and Exchange Commission are both investigating, the Wall Street Journal reported.
First Solar — The solar stock jumped 9.72% during midday trading. On Friday, Bank of America raised its price objective on First Solar, saying the company’s growth prospects remain intact even after its more than 60% rally this year, according to the analyst.
Paramount Global — Shares of Paramount Global shed 3.7% after being downgraded by Wells Fargo Securities to underweight from equal weight. Analyst Steven Cahall, who had just downgraded the media company to equal weight earlier this month, expects negative revisions and a possible reconsideration of sports rights or a shift in strategy from Paramount.
HanesBrands Inc — Shares of HanesBrands fell 5.28% after the retailer received a double downgrade from Wells Fargo. The firm cut the stock to underweight from overweight, citing increasing macroeconomic and balance sheet issues in the next year.
Meta Platforms — Shares of Meta Platforms fell 6%, leading declines in megacap technology stocks following disappointing earnings results last week. Alphabet, Apple and Microsoft all slipped as well.
Global Payments — The stock slid 8.8% after the company reported earnings that were in line with expectations on per-share earnings and beat anticipated revenue. Meanwhile, the company said it was taking steps to finance multibillion-dollar transactions that involved debt. The stock is still up about 7% this month.
Align Technology — Align Technology stock jumped 3% Monday after the company announced a new $200 million accelerated share buyback agreement under its $1 billion repurchase program.
Howmet Aerospace — Shares of Howmet Aerospace, an aerospace manufacturer, fell 1.71% Monday after the company reported quarterly results that missed Wall Street expectations for revenue. The company reported revenue of $1.43 billion in the quarter, where analysts expected $1.44 billion, according to StreetAccount.
NOV Inc. — Shares of oil and gas manufacturer NOV rose 3.8% after Morgan Stanley boosted its price target for the company. The firm has an equal weight rating on the stock.
Oil and energy stocks — Oil and energy company stocks got a boost Monday after the Organization of Petroleum Exporting Countries said it sees oil demand growing for the next few decades and called for trillions of dollars of investment into the sector. Shares of Coterra Energy added 3.4%. Diamondback gained 2% and Occidental Petroleum rose nearly 1%.
ON Semiconductor — Shares of ON Semiconductor fell 8.97% even after the company beat estimates on the top and bottom lines. The company’s fourth-quarter guidance was mostly in line, according to StreetAccount, though it did call for a sequential decline in revenue. Other chip stocks were also under pressure on Monday, with Advanced Micro Devices dipping 3.1%.
Amgen — The biopharma stock dipped 1.3% after Barclays downgraded Amgen to underweight from equal weight, saying investor enthusiasm ahead of an obesity drug update next week may be overdone. Shares of Amgen rallied nearly 20% this month, creating a “challenging setup” for the stock to outperform following the update, according to the firm.
— CNBC’s Yun Li, Alex Harring, Michelle Fox, Sarah Min and Jesse Pound contributed reporting.
