US Markets
Friday, August 11th, 2023 1:37 pm EDT
Check out the companies making headlines in midday trading.
News Corp — The media company’s shares jumped nearly 7% after reporting an earnings beat in the fiscal fourth quarter. News Corp posted adjusted earnings of 14 cents per share, while analysts polled by Refinitiv had estimated 8 cents per share. Meanwhile, the company’s revenue of $2.43 billion missed analysts’ forecast of $2.49 billion.
UBS — Shares rose 5% on news that UBS ended a roughly $10 billion loss protection agreement and a public liquidity backstop with Credit Suisse. The company also confirmed that Credit Suisse fully repaid a 50 billion Swiss franc emergency liquidity loan to the Swiss National Bank.
Chip stocks — Semiconductor shares dropped more than 2% Friday, putting the sector on pace for a weekly decline of 4.5%. The VanEck Semiconductor ETF (SMH) fell 2.3%. NXP Semiconductors, Applied Materials, Nvidia and On Semiconductor each tumbled more than 3% Friday. Lam Research declined 4.5%.
Maxeon Solar Technologies — Shares plummeted 31.9% after the company reported a revenue miss in the second quarter amid weakening demand. The company posted $348.4 million in revenue last quarter, short of the $374.3 million anticipated by analysts polled by FactSet. Maxeon forecasts revenue to range between $280 million and $320 million in the third quarter, while analysts called for $394.8 million.
China-based companies — The U.S.-traded shares of Chinese companies tumbled after Chinese property giant Country Garden issued a profit warning amid a decline in real estate sales, adding to negative sentiment surrounding China’s economy. JD.com and Alibaba lost 5.2% and 3.5%, respectively. Nio declined 2.6%.
Wynn Resorts — The casino operator’s shares retreated 3.5%. The decline comes after shares rose nearly 3% in the previous session on the back of the company’s earnings announcement. Casino and hospitality peer Caesars Entertainment lost nearly 3% in sympathy.
Krispy Kreme — The doughnut maker popped 4.1% after JPMorgan reiterated its overweight rating, noting that shares are cheap.
Coinbase — The crypto exchange’s stock dipped 2.8% after Mizuho reiterated its underperform rating on the stock. The Wall Street firm said retail crypto traders are flocking to Robinhood to trade cryptocurrencies and away from Coinbase.
Tapestry — Shares gained 1.3% Friday, partly recouping losses of 16% from Thursday’s trading session. Tapestry announced Thursday morning it would acquire Capri Holdings in an $8.5 billion deal.
Kura Oncology — The biotech company’s shares rose 7.4% after Bank of America initiated coverage of Kura with a buy rating in a Friday note.
DigitalOcean Holdings — Shares added 2.2% following an upgrade from Morgan Stanley to equal weight from underweight. The firm said its underweight thesis on DigitalOcean has largely played out.
— CNBC’s Alex Harring and Yun Li contributed reporting.
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