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Southwest, Peloton, Tesla, Herbalife and more

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Southwest Airlines aircrafts are seen at Baltimore/Washington International Thurgood Marshall Airport (BWI) on December 22, 2021 in Baltimore, Maryland.

Alex Wong | Getty Images

Try the businesses making headlines in midday trading.

Southwest — Shares dropped 6% after the corporate canceled 70% of its scheduled flights and warned that mass disruptions would proceed “for the following several days.” Airlines had canceled 1000’s of U.S. flights during the last week within the midst of severe snow, ice, high winds and cold across the country.

Las Vegas Sands, Wynn Resorts — The casino stocks rose following China’s announcement that it should end quarantine for international travelers starting Jan. 8. Shares of Las Vegas Sands and Wynn Resorts have outsize exposure to the country given their operations in Macao. They added 4.2% and 4.5%, respectively.

China-based firms — ADRs which might be publicly listed within the U.S. traded up after the federal government announced the easing of Covid restrictions. Alibaba and JD.com each gained greater than 4%. Baidu added 4.4%, and Pinduoduo rose 1.4%.

Tesla — Shares of the electric-vehicle maker tumbled 11.4% on news that it should slow production at its Shanghai factory in January. The factory shut down at the top of December.

Nio — Shares slid 8.3% after the electric-vehicle maker lowered its fourth-quarter delivery outlook because of supply chain disruptions in China.

Peloton – The fitness company announced that it should offer refurbished bikes at a reduction of as much as $500 compared with recent bikes. The stock was last down greater than 8.4%.

B. Riley Financial — Shares of the investment company climbed greater than 1% after it released guidance for the fourth quarter. The corporate said it expects operating adjusted EBITDA of between $90 million and $100 million for the fourth quarter. That’s down from the fourth quarter of 2021 but above some previous quarters this 12 months. B. Riley also said it expected to finish the 12 months with greater than $2 billion in money and investments.

Herbalife — The multilevel marketing company gained 2.4% following its announcement that interim CEO and Chair Michael Johnson would hold the role permanently. Johnson agreed to a salary of $1 and an equity-based incentive plan, in line with the corporate.

Coherus BioSciences — Shares dropped 11.8% following news that the corporate didn’t receive an motion letter from the Food and Drug Administration for its nasopharyngeal carcinoma drug. The corporate said the FDA’s delay stems from its inability to tour a plant in China because of travel restrictions.

— CNBC’s Samantha Subin, Jesse Pound, Tanaya Macheel and Sarah Min contributed reporting.

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