Home Business CVS, Credit Suisse, AMD, Lyft and more

CVS, Credit Suisse, AMD, Lyft and more

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Check out the companies making headlines during midday trading on Friday.

Ambac Financial Group – Shares of the municipal bond insurer rose 13.2% on news of settlements with Bank of America this will bring Ambac $1.84 billion. The settlements stem from lawsuits related to bond insurance policies Ambac used for Bank of America before the 2008 financial crisis. Bank of America was down about 2.4%.

Levi Strauss – Levi’s fell 9.3% after it cut its full-year sales and profit forecast on Thursday as the apparel maker cited supply chain issues and a stronger U.S. dollar.

DraftKings – Shares of DraftKings rose 1% after a Bloomberg report that the online sports betting company is close to a partnership deal with ESPN.

Elevator – The ride-sharing company fell 7.9% after RBC downgraded the stock to sector outperform. RBC notes that rival Uber, which is down about 4.5%, has “structural advantages.”

CVS Health – Shares of CVS fell 11.3% after reports the healthcare giant is in “exclusive talks” to buy Cano Health. The company was already in a slump after the Centers for Medicare and Medicaid Services downgraded one of its Aetna Medicare Advantage plans in its annual ratings. Cano shares rose 9%.

Tesla, Twitter – The two companies continued to move after a week of news about Elon Musk renewing his high-profile plans to buy Twitter. Tesla fell 6.1%, while Twitter lost 0.2%. On Thursday, the judge said Musk must complete his purchase by Oct. 28 to avoid a lawsuit.

Credit Suisse – The European Bank rose by 10.8% after the offer buy back $3 billion in debt securities on Friday and sell a prominent hotel it owns. It marks another day of excitement for shares, which hit record lows earlier in the week as market watchers questioned the bank’s health.

DexCom – Shares of the maker of glucose monitoring devices jumped 9% after the Centers for Medicare and Medicaid Services updated the definition of local coverage for such devices. The move could boost earnings for DexCom, a key player in continuous glucose monitoring.

an apple – The tech giant fell 3.5% despite Morgan Stanley again saying the stock is overweight, citing longer iPhone delivery times. People who follow the company have expressed concern about the performance of the new line of iPhones compared to previous Apple releases tore off plans to increase production.

Meta – The owner of Facebook also fell 3%, despite Citi confirming its buy, which noted an attractive risk/reward outlook as Reels revenue grows and new ad formats emerge.

Companies engaged in the production of cannabis. Cannabis stocks fell after initially rising on news that President Joe Biden wants to overhaul how marijuana is classified under federal law. Biden also announced he pardons thousands of people convicted of marijuana possession. Tilray brandswhich reported a bigger-than-expected quarterly loss on Friday, fell 16%. Canopy Height decreased by more than 22%, Aurora cannabis fell by 11% and Cronos group lost 10%.

Advanced Micro Devices – Shares of Advanced Micro Devices plunged 11.2% after the semiconductor company issued disappointing preliminary results for the third quarter and said he was waiting revenue will miss the previous forecast of $6.7 billion. AMD blamed the shortage on weaker demand for PCs and supply chain constraints. Shares of other chip companies including Intel and Nvidia hit the news.

Unity software – Shares of Unity, known for its 3D design software, fell 8.3%. That contrasts with Needham’s 39% upside potential buy on the stock earlier Friday.

Provocation – Shares of the biopharmaceutical company jumped 11.8%, continuing a rally following news Thursday of plans to release a drug candidate for type 1 diabetes.

— CNBC’s Samantha Subin, Michelle Fox, Carmen Reinicke, Tanaya Machil and Yun Li contributed reporting.

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