An indication marks a rendezvous location for Lyft and Uber users at San Diego State University in San Diego, California, May 13, 2020.
Mike Blake | Reuters
Try the businesses making headlines in midday trading.
Amgen — The biopharma stock jumped 5.7% after Morgan Stanley upgraded Amgen to obese from equal weight, saying Amgen is “largely derisked” and provides defensiveness for investors.
Walgreens Boots Alliance — Shares of the pharmacy chain jumped 2.4%, giving the Dow Jones Industrial Average a lift. Walgreens’ rally got here after the corporate announced an acquisition of healthcare firm CareCentrix. The stock remains to be down about 36% on the 12 months. Walgreens is ready to report its quarterly earnings on Thursday.
Uber, Lyft — Shares of the rideshare firms dropped 10.4% and 12%, respectively, after the Labor Department proposed a latest rule that might pave the way in which for gig staff to be reclassified as employees somewhat than independent contractors. The proposal could raise costs for the businesses, who depend on contract staff to drive on their very own schedules.
Wynn Resorts, Las Vegas Sands — The casino stocks underperformed the broader market on Tuesday, with shares of Wynn Resorts tumbling 7% and Las Vegas Sands dropping 7.5%.
Leggett & Platt — Shares dropped 7.2% after the commercial manufacturer cut its full-year sales and earnings guidance, citing rising inflation and difficult economic conditions.
Bilibili — Shares of the Chinese video streaming company dropped about 7.3% after Bernstein downgraded the stock to underperform from market perform, citing balance sheet risk.
Zscaler — The cloud security stock dropped 5.4% after Zscaler announced the resignation of company president Amit Sinha. Sinha will remain on the corporate’s board.
Netflix — Shares dropped about 6.8% after Bank of America reiterated an underperform rating on Netflix ahead of its earnings next week, saying that the streaming company’s promoting tier continues to “come across as a bit rushed.”
ON Semiconductor, Qualcomm — Semiconductor stocks continued their decline on Tuesday after the Biden administration on Monday announced latest restrictions on exports to China. ON Semiconductor was down nearly 4%, Qualcomm was 4% lower and Marvell declined 4.1%.
Roblox — Shares of the technology company were down 2.4% after Barclays initiated research of the stock as underweight with a price goal that will imply it losing about 44% of its value. The firm attributed the downside to underwhelming growth opportunity in its user base.
Meta — Shares of the Facebook parent fell 3.9% after Atlantic Equities downgraded the stock to neutral from obese. The investment firm said that a weakening economy plus more competition within the digital promoting space could squeeze Meta’s revenue as the corporate is spending heavily on development.
— CNBC’s Michelle Fox, Alex Harring, Yun Li and Jesse Pound contributed to this report
