An indication marks a rendezvous location for Lyft and Uber customers at San Diego State College in San Diego, California, Could 13, 2020.
Mike Blake | Reuters
Take a look at the businesses making headlines in noon buying and selling.
Amgen — The biopharma inventory jumped 5.7% after Morgan Stanley upgraded Amgen to chubby from equal weight, saying Amgen is “largely derisked” and gives defensiveness for traders.
Walgreens Boots Alliance — Shares of the pharmacy chain jumped 2.4%, giving the Dow Jones Industrial Common a lift. Walgreens’ rally got here after the corporate introduced an acquisition of healthcare agency CareCentrix. The inventory continues to be down about 36% on the yr. Walgreens is about to report its quarterly earnings on Thursday.
Uber, Lyft — Shares of the rideshare corporations dropped 10.4% and 12%, respectively, after the Labor Division proposed a brand new rule that would pave the way in which for gig staff to be reclassified as staff moderately than impartial contractors. The proposal may elevate prices for the businesses, who depend on contract staff to drive on their very own schedules.
Wynn Resorts, Las Vegas Sands — The on line casino shares underperformed the broader market on Tuesday, with shares of Wynn Resorts tumbling 7% and Las Vegas Sands dropping 7.5%.
Leggett & Platt — Shares dropped 7.2% after the economic producer lower its full-year gross sales and earnings steerage, citing rising inflation and difficult financial situations.
Bilibili — Shares of the Chinese language video streaming firm dropped about 7.3% after Bernstein downgraded the inventory to underperform from market carry out, citing steadiness sheet threat.
Zscaler — The cloud safety inventory dropped 5.4% after Zscaler introduced the resignation of firm president Amit Sinha. Sinha will stay on the corporate’s board.
Netflix — Shares dropped about 6.8% after Financial institution of America reiterated an underperform ranking on Netflix forward of its earnings subsequent week, saying that the streaming firm’s promoting tier continues to “come throughout as a bit rushed.”
ON Semiconductor, Qualcomm — Semiconductor shares continued their decline on Tuesday after the Biden administration on Monday introduced new restrictions on exports to China. ON Semiconductor was down almost 4%, Qualcomm was 4% decrease and Marvell declined 4.1%.
Roblox — Shares of the expertise firm had been down 2.4% after Barclays initiated analysis of the inventory as underweight with a value goal that might indicate it shedding about 44% of its worth. The agency attributed the draw back to underwhelming development alternative in its person base.
Meta — Shares of the Fb mother or father fell 3.9% after Atlantic Equities downgraded the inventory to impartial from chubby. The funding agency stated {that a} weakening economic system plus extra competitors within the digital promoting house may squeeze Meta’s income as the corporate is spending closely on growth.
— CNBC’s Michelle Fox, Alex Harring, Yun Li and Jesse Pound contributed to this report
