Stocks That Make The Biggest Moves By Midday: ViacomCBS, BioNTech, Wells Fargo, and More
The ViacomCBS logo will be displayed on the Nasdaq MarketSite to celebrate the company’s merger on December 5, 2019 in New York.
Brendan McDermid | Reuters
Check out the companies that are making headlines in mid-day trading.
ViacomCBS, Discovery – Media stocks, embroiled in Archegos Capital Management’s margin call last week, rebounded Tuesday, abandoning their recent losses. ViacomCBS Class B shares increased 3.6% while Discovery Class A shares increased 5.4%.
Nomura, Credit Suisse – Nomura and Credit Suisse stocks fell again in midday trading after news of an expected loss due to the impact of Archegos Capital’s share sales. Nomura was down 2.3% and Credit Suisse was down 3.5%.
Wells Fargo – The bank’s stock fell 2.5% after it was announced it had no more exposure to Archegos. “We did not have any losses related to the completion of our engagement,” the bank said in a statement.
Roku – Video streaming stock rose 3.7% after Truist Financial upgraded the company to buy it off the hold. The Wall Street company said it sees more upside and that the company’s valuation is “tough.”
BioNTech – The biotech company’s shares rose 8.9% after BioNTech increased its manufacturing target for its Covid-19 vaccine. The company is targeting 2.5 billion cans by the end of 2021, compared to previously forecast production of 2.3 to 2.4 billion cans.
McCormick – The spice company’s shares rose more than 2% but closed lower after McCormick beat estimates for sales and earnings in the first quarter of fiscal. The company made 72 cents per share excluding items and had sales of $ 1.48 billion. Analysts polled by Refinitiv expected earnings per share of 59 percent and sales of US $ 1.38 billion. The company also raised its outlook for the full year as the pandemic continues to drive home cooking.
FactSet – The financial information provider’s shares fell 3.9% after missing analysts’ estimates for quarterly EPS. FactSet reported adjusted quarterly earnings of $ 2.72 per share, 2 cents below consensus estimate, while revenue was in line with Wall Street projections.
Howl – – The review site operator’s shares fell 3.7% after Citi upgraded the stock to buy from neutral. The bank said Yelp was a major beneficiary as the economy reopens and consumers go out to eat again.
DraftKings – The sports betting company’s shares fell 4.8% after it announced it would acquire sports betting and content company VSiN for an undisclosed amount.
Tegna – Broadcasting shares rose 5.7% after Tegna announced a dividend increase. The company’s new payout will be 10 cents per share higher annually, a 36% increase over the previous dividend.
– with reports from Pippa Stevens, Yun Li, Jesse Pound and Rich Mendez from CNBC.