by A Biogen facility in Cambridge, Massachusetts.
Brian Snyder | Reuters
Check out the companies making the biggest moves at noon:
Apple – Apple shares fell 2% after a report that iPhone production could suffer a major slump due to unrest at a Foxconn factory in China amid protests in China over the country’s zero-Covid policy. Analysts have also expressed concern over recent production disruptions ahead of the holiday season.
related investment news
tabula – The advertising company’s shares soared 45% after Taboola announced that Yahoo had acquired a 25% stake in the company as part of a 30-year agreement in which Taboola will run native advertising across all Yahoo platforms.
Wynn Resorts, Melco resorts — Shares in casino operators Wynn Resorts and Melco Resorts rose 4.1% and 9.5%, respectively, after the Chinese government gave them preliminary licenses to continue operations in Macau. Las Vegas sand and MGM Resorts also received the licenses, with the former up 1.3% and the latter down 2.4%.
DraftKings — Shares fell more than 5% after JPMorgan downgraded DraftKings from neutral to underweight, saying in a note that the company’s peers were more likely to make profits in online sports betting.
biogenic – Biogen’s stock fell nearly 4% after a report from Science.org reported that a woman taking part in an experimental Alzheimer’s treatment study sponsored by Biogen and a Japanese pharmaceutical company recently died of a brain hemorrhage.
Tyson Foods, Beyond meat – Tyson Foods shares fell 3.3% and Beyond Meat 3.1% after Barclays downgraded both companies to underweight, noting the worst is yet to come for protein companies.
Anheuser-Busch InBev — The beer giant’s shares rose 2.9% after receiving a double upgrade from JPMorgan. Analyst Jared Dinges said Anheuser-Busch InBev will benefit from a resurgence in demand for domestic light beer and the decline in demand for hard seltzer in the US
first sun — Solar stocks fell 2% after a downgrade to neutral by JPMorgan. The bank said shares needed a breather after surging more than 150% following the passage of the Inflation Reduction Act.
Twilio — Twilio slipped 2.6% after Jeffries’ stock was downgraded from “buy” to “hold.” The company said it sees “continued headwinds” for the communications tool and messaging company.
aptive – Shares fell more than 3% after Morgan Stanley downgraded Aptiv to equal weight from overweight, saying in a note the auto parts maker could be hurt by slower electric vehicle adoption.
Williams Sonoma – Shares plunged 4.7% after Morgan Stanley downgraded the home furnishing stock to underweight and said shares could fall further as demand slacks in a difficult macro environment.
Live Nation Entertainment – Live Nation stock rose 1.1% after being upgraded from neutral to buy by Citi, saying its risk-reward outlook looks more reasonable.
Pinduo — Shares of Pinduoduo rose 13.6% after the e-commerce platform released third-quarter results that beat analysts’ expectations. “We continued to deepen our value creation in the third quarter,” said CEO Lei Chen. “We will increase our R&D investments to further improve supply chain efficiency and digital inclusion in agriculture.”
Energy stocks – Energy stocks fell after oil prices fell near year-lows on concerns over Chinese demand. shares of Exxon Mobile lost 1.9% and Conocophillips fell 1.8% while rafters fell 1.5% along with Occidental Petroleum.
– CNBC’s Carmen Reinicke, Samantha Subin, Tanaya Macheel and Sarah Min contributed coverage.
