Simone Baribeau | Bloomberg | beautiful pictures
Check out the companies that hit the headlines in Wednesday’s midday trading:
Medtronic – Shares of the medical technology company fell 6.7% after Medtronic revealed its diabetes business received a warning letter from the Food and Drug Administration on December 9 about a nonconformity. of medical device quality system requirements at one of the California facilities. On Monday, Medtronic lowered its revenue expectations for the third quarter and fiscal year 2022.
Eli Lilly – Shares of the pharmaceutical company jumped more than 9% after Eli Lilly released updated guidance. According to FactSet, the company has raised its earnings outlook for 2021 and predicts earnings to jump more than expected in 2022.
Nucor The steel products maker saw shares fall more than 11% after issuing fourth-quarter guidance with an earnings target of $7.65 per share to $7.75 per share. According to FactSet, analysts were expecting a price around $8.18 per share. Nucor said it expects steel products to boost earnings as demand in non-residential construction markets remains strong, but raw materials earnings will decline as profit margins at manufacturing facilities remain strong. iron output decreased directly.
Progressive The insurer’s shares jumped 5.9% after the company reported monthly figures that included $3.29 billion in net premiums written, compared with $2.9 billion during the same period. point a year ago. Progressive also reported $3.59 billion in net premiums earned, compared with $3.1 billion a year ago.
Roku The streaming brand saw its stock drop 13.6% after it was hit by a patent infringement ruling from the International Trade Commission that likely banned the import of some of these products. However, Roku told CNBC it does not anticipate any disruption in its ability to import products.
Bloomin’ Brands – Shares of the restaurant company reversed pre-market gains and headed lower, sliding more than 4.1% despite a call to price increases from Jefferies. The company has named the stock to its franchise picks list, which includes shares with the highest buy-in ratings, saying it is “ready to benefit from positive changes.” structural poles in the US casual dining category.”
Viral biotechnology – The drugmaker’s stock jumped 14% after the company announced that further data showed its Covid-19 antibody therapy was effective against the omicron variant. Vir biotech is on track to post its fifth consecutive day of gains.
Material CMC, Entegris – Materials suppliers’ shares moved after CMC agreed to be acquired by rival Entegris in a cash and stock trade of $197.53 per CMC share, based on closing prices on Tuesday. CMC stock gained more than 28.6%, while Entegris stock lost nearly 6.2%.
RR Donnelley The printing company saw its stock drop 2.8% after agreeing to a buyback by top shareholder Chatham Asset Management for about $897 million. RR Donnelley has terminated an agreement previously reached with private equity firm Atlas Holdings for an acquisition after determining Chatham’s bid was “higher”.
Regeneron Pharmaceuticals – Shares of Regeneron fell 2.1% after Bernstein downgrade stock to market performance ratings from better. The company said its key drugs face increased competition, which could affect sales of Regeneron.
—Hannah Miao, Pippa Stevens, Jesse Pound and Yun Li of CNBC contributed reporting.
