A Biogen facility in Cambridge, Massachusetts.
Brian Snyder | Reuters
Take a look at the companies making the biggest moves at noon:
Apple — Apple shares fell 2% after a report that iPhone production could take a big hit due to riots at a Foxconn factory in China, amid protests in China against the company’s zero-covid policy. nation. Analysts have also raised concerns about recent manufacturing disruptions ahead of the holiday season.
Taboola — Shares of the advertising company rose 45% after Taboola announced that Yahoo had acquired a 25% stake in the company as part of a 30-year deal, in which Taboola will drive native advertising across all platforms from Yahoo.
wyn resorts, Melco Resorts — Shares of casino operators Wynn Resorts and Melco Resorts gained 4.1% and 9.5% respectively, after the Chinese government granted them provisional licenses to continue operating in Macau. las vegas sands Y MGM Resorts they also obtained licenses, the former rose 1.3% and the latter fell 2.4%.
DraftReyes — Shares fell more than 5% after JPMorgan downgrades DraftKings to underweight from neutral, saying in a note that the company’s competitors are more likely to achieve profitability from online sports betting.
Biogen — Biogen shares fell nearly 4% after Science.org reported that a woman participating in an experimental Alzheimer’s treatment trial sponsored by Biogen and a Japanese pharmaceutical company recently died of a brain hemorrhage.
Tyson Foods, beyond the meat — Tyson Foods shares fell 3.3% and Beyond Meat slumped 3.1%, after Barclays downgraded both companies to underweight, signaling the worst is yet to come for protein companies .
Anheuser-Busch InBev — Shares of the brewing giant rose 2.9% after earning a double update from JPMorgan. Analyst Jared Dinges said Anheuser-Busch InBev will benefit from a resurgence in demand for domestic light beer and declining demand for sparkling mineral water in the US.
first lot — The solar stock plummeted 2% after a downgrade to neutral from JPMorgan. The bank said shares need to take a breather after rising more than 150% following the passage of the Inflation Reduction Act.
Twilio — Twilio fell 2.6% after the stock was demoted by jeffries to avoid buying. The firm said it sees “sustained headwinds” at the communication tool and delivery company.
suitable — Stocks fell more than 3% after Morgan Stanley aptiv gradient to even out the weight of the overweight, saying in a note that the auto-tech provider could be hurt by a slower rollout of electric vehicles.
Williams-Sonoma — Shares fell 4.7% later morgan stanley downgraded home furnishings shares to underweight, saying shares could fall further as demand weakens in a difficult macroeconomic environment.
Live Nation Entertainment — Shares of Live Nation rose 1.1% after Citi upgraded them to buy from neutral, saying the risk/reward outlook seems more reasonable.
pinduoduo — Shares of Pinduoduo rose 13.6% after the e-commerce platform posted third-quarter results that beat analysts’ expectations. “We continue to deepen our value creation in the third quarter,” said chief executive Lei Chen. “We will increase our investment in R&D to further improve supply chain efficiency and agricultural digital inclusion.”
Energy stocks: Energy stocks fell after oil prices fell near the lows of the year on concerns about demand from China. Actions of exxonmobil lost 1.9% and conocophillips fell 1.8%, while Chevron fell 1.5% together with Occidental Petroleum.
— CNBC’s Carmen Reinicke, Samantha Subin, Tanaya Macheel and Sarah Min contributed reporting.
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