Home Business Wynn Resorts, TuSimple, Newell Brands, First Solar and more

Wynn Resorts, TuSimple, Newell Brands, First Solar and more

159
0

This photo taken on Oct. 20, 2022 shows the signs of the Wynn Casino resort with Grand Lisboa and Casino Lisboa in the background of Macau.

Eduardo Leal | AFP | Getty Images

Check out the companies making headlines during midday trading.

Wynn Resorts – Shares of the casino operator jumped 10% after the document revealed the billionaire investor and restaurant owner Tilman Fertitta 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 producer of consumer goods, fell 7.3%. Recently, a number of analysts, including Raymond James, Deutsche Bank, Jefferies and Wells Fargo, downgraded the company following their earnings report last week.

TuSimple – Shares of autonomous startup TuSimple fell 46% after it fired its CEO Xiaoji Hou. An internal investigation showed improper deals and a possible transfer of technology to the Chinese firm Hou. The FBI and the Securities and Exchange Commission are investigating, according to the Wall Street Journal reported.

First Solar — Solar shares jumped more than 9% in midday trading. Bank of America on Friday raised its price target on First Solarsaying the company’s growth outlook remains unchanged even after a more than 60% rally this year, according to the analyst.

Paramount Global – Shares of Paramount Global subsequently fell 3.6%. Wells Fargo Securities downgraded to underweight from equal weight. Analyst Stephen Cahall, who just downgraded the media company to equal weight earlier this month, expects negative revisions and a possible renegotiation of sports rights or a change in strategy from Paramount.

HanesBrands Inc – Shares of HanesBrands fell more than 4% after the retailer was downgraded twice by Wells Fargo. The firm cut the stock to underweight from overweight, citing an improving macroeconomic balance sheet of sheet numbers next year.

Metaplatforms – Shares of Meta Platforms fell 5.5%, leading the mega-cap technology stocks lower after last week’s disappointing earnings results. Alphabet, an apple and Microsoft all are also down about 1%.

Global payments – Shares fell 6.7% after the company reported earnings that met EPS expectations and topped revenue expectations. Meanwhile, the company said it is taking steps to finance multibillion-dollar debt transactions. The stock is still up about 7% this month.

Align technology – Shares of Align Technology jumped 4% on Monday after the new announcement $200 million accelerated share repurchase agreement in a $1 billion repurchase program.

Howmet Aerospace – Shares of aerospace maker Howmet Aerospace fell more than 3% on Monday after the company reported quarterly results that missed Wall Street’s revenue expectations. The company reported revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.44 billion, StreetAccount reports.

NOV Inc. – Shares of oil and gas producer NOV rose more than 5% after Morgan Stanley raised its price target for the company. The firm has an equal stock rating.

Oil and energy stocks – Shares in oil and energy companies got a boost on Monday after the Organization of the Petroleum Exporting Countries said it saw demand for oil is increasing over the next few decades and called for trillions of dollars to be invested in the sector. Actions Coterra Energy added 2%. Diamond and Occidental Petroleum grew by almost 1%.

ON Semiconductor – Shares of ON Semiconductor fell more than 8% even after the company beat estimates on the top and bottom lines. According to StreetAccount, the company’s forecasts for the fourth quarter were mostly in line, although they called for a sequential decline in revenue. Other chip stocks were also under pressure on Monday, with Advanced Micro Devices down 3.1%.

Amgen — Biopharma shares fell 1.5% after Barclays downgraded Amgen to underweight from equal weight, saying investor enthusiasm ahead of next week’s obesity drug update may be overblown. Amgen shares are up nearly 20% this month, creating a “complex setup” for the stock to outperform after the update, according to the firm.

— CNBC’s Yun Li, Alex Haring, Michelle Fox, Sarah Ming and Jesse Pound contributed reporting

This article is first published on Source link