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Check out the companies making headlines in Friday’s midday trading.
Ambac Financial Group – Shares of the municipal bond insurer soared 13.2% on news of liquidations with bank of america this would bring Ambac $1.84 billion. The settlements stem from lawsuits related to bond insurance policies Ambac used for Bank of America before the financial crisis in 2008. Bank of America fell 2.4%.
Levi Strauss – Levi’s fell 9.3% after it cut its full-year sales and profit outlook on Thursday, as the clothing maker cited supply chain issues and the strength of the northern dollar – American
DraftKings – Shares of DraftKings rose 1% on a Bloomberg report that the online sports betting company is close to a partnership deal with ESPN.
Lyft – The ride-sharing company fell 7.9% after RBC downgraded the stock to sector perform from outperform. RBC said competitor Uber, which fell 4.5 percent, had “structural advantages.”
CVS Health – CVS shares fell 11.3% after a report that the health giant is in “exclusive talks” to buy Cano Salut. The company had already fallen after the Centers for Medicare and Medicaid Services downgraded one of its Aetna Medicare Advantage plans in its annual ratings. Cano’s shares gained 9%.
Tesla, Twitter – Both companies continued to move after a week of news about Elon Musk reviving his high-profile plans to buy Twitter. Tesla fell 6.1%, while Twitter lost 0.2%. On Thursday, a judge said Musk must complete his purchase by Oct. 28 to avoid a trial.
Swiss credit – The European bank rose 10.8% after offering on Friday to buy back $3 billion in debt securities and sell a famous hotel it owns. It marks another tumultuous day for shares in the stock, which hit an all-time low earlier in the week as market watchers questioned the health of the bank.
DexCom – Shares of the maker of glucose monitoring devices rose 9% after the Centers for Medicare and Medicaid Services updated a local coverage determination related to the devices. The move could boost results for DexCom, a key player in the continuous glucose monitoring space.
apple – The tech giant fell 3.5% even as Morgan Stanley reiterated the stock as overweight, noting long delivery times for the iPhone. People who follow the company have expressed concern about the performance of the new line of iPhones compared to previous releases, as Apple pulled out plans to increase production.
Goal – The Facebook owner also fell 3% despite a buy reiterated by Citi, which pointed to an attractive risk/reward outlook as Reels revenue rises and new ad formats come into play.
Cannabis companies: Shares of cannabis companies fell, after initially soaring on news that President Joe Biden wants an overhaul of how marijuana is classified under federal law. Biden also announced that he will pardon thousands of people convicted of marijuana possession. Brands Tilraywhich reported a bigger-than-expected quarterly loss on Friday, fell 16%. Canopy growth down more than 22%, Dawn Cannabis fell 11% and Cronos Group lost 10%.
Advanced microdevices – Shares of Advanced Micro Devices plunged 11.2% after the semiconductor company posted disappointing preliminary results for the third quarter and said it expects revenue to fall short of its previous forecast of $6.7 billion dollars AMD blamed the shortfall on weak PC demand and supply chain constraints. Shares of other chip companies included Intel i Nvidia fell into the news.
Unity software – Shares of Unity, known for its three-dimensional design software, fell 8.3%. Contrast that with Needham on Friday who initiated the stock as a buy with a 39% increase.
provenance – Shares of the biopharmaceutical company rose 11.8%, continuing to rally Thursday on news of plans to launch a drug candidate for type 1 diabetes.
– CNBC’s Samantha Subin, Michelle Fox, Carmen Reinicke, Tanaya Macheel and Yun Li contributed to this report.
