A Biogen facility in Cambridge, Massachusetts.
Brian Snyder | Reuters
Check out the companies making the biggest moves at midday:
Apple – Apple shares fell 2% following a report that iPhone production could be hit hard due to unrest at a Foxconn factory in China, amid protests in China over national policy zero-Covid. Analysts have also expressed concern over recent manufacturing disruptions ahead of the holiday season.
taboula – Shares of the advertising company jumped 45% after Taboola announced that Yahoo had taken a 25% stake in the company as part of a 30-year deal, in which Taboola will power native advertising on all Yahoo platforms.
Wynn Resorts, Melco Hotels – Shares of casino operators Wynn Resorts and Melco Resorts gained 4.1% and 9.5%, respectively, after the Chinese government granted them provisional licenses to continue operating in Macau. Las Vegas Sands and MGM Resorts also secured the licenses, with the former up 1.3% and the latter down 2.4%.
DraftKings – Shares fell more than 5% after JPMorgan downgraded DraftKings to underweight from neutral, saying in a note that the company’s competitors are more likely to achieve profitability in online sports betting.
biogenic – Biogen shares fell nearly 4% after a Science.org report that a woman participating in an experimental Alzheimer’s disease treatment trial, sponsored by Biogen and a Japanese pharmaceutical company, recently died of a cerebral hemorrhage.
Tyson Foods, Beyond meat – Shares of Tyson Foods fell 3.3% and Beyond Meat 3.1%, after Barclays downgraded both companies to underweight, noting that the worst is yet to come for protein companies.
Anheuser-Busch InBev — Shares of the beer giant soared 2.9% after securing a double upgrade from JPMorgan. Analyst Jared Dinges said Anheuser-Busch InBev will benefit from a resurgence in demand for domestic light beer and declining demand for hard seltzer in the United States.
First Solar — The solar stock lost 2% following a downgrade to neutral from JPMorgan. The bank said shares were set to pause after rallying more than 150% following the passage of the Cut Inflation Act.
Twilio – Twilio slid 2.6% after the stock was downgraded by Jeffries to hold on to its buy. The company said it saw “sustained headwinds” in the communications tool and messaging company.
Aptiva – Shares fell more than 3% after Morgan Stanley downgraded Aptiv to equal weight because of overweight, saying in a note that the automotive technology provider could be hurt by a slower rollout of electric vehicles.
Williams Sonoma – Shares fell 4.7% after Morgan Stanley downgraded the home furnishings stock to underweight, saying stocks could fall further as demand weakens amid a tough macro environment.
National Live Entertainment – Live Nation stock rose 1.1% after it was upgraded to buy from neutral by Citi, which said the risk/reward outlook looked more reasonable.
Pinduo-duo – Shares of Pinduoduo jumped 13.6% after the e-commerce platform reported third-quarter results that beat analysts’ expectations. “We continued to deepen our value creation in the third quarter,” CEO Lei Chen said. “We will increase our R&D investments to further improve supply chain efficiency and agricultural digital inclusion.”
Energy stocks – Energy stocks fell after oil prices fell near year lows on concerns about Chinese demand. Shares of Exxon Mobil lost 1.9% and Conocophillips fell 1.8%, while Chevron fell 1.5% with Occidental Petroleum.
– CNBC’s Carmen Reinicke, Samantha Subin, Tanaya Macheel and Sarah Min contributed reporting.