Check out the companies making headlines in midday trading.
An Apple store on Nanjing Road Pedestrian Street in Shanghai, China, on December 16, 2022.
CFOTO | Future Publishing | Getty Images
Snap — The tech company’s shares gained almost 13%, having their strongest day since November. Shares gained as U.S. lawmakers prepare legislation that would give President Joe Biden the authority to ban TikTok, one of Snapchat’s primary competitors.
Credit Suisse — Shares were down about 1% after former top shareholder Harris Associates sold its entire stake in Credit Suisse, according to a Financial Times report. Harris Associates CIO David Herro said there are questions about the future of the franchise and large outflows from its wealth management division.
Boeing — The aerospace company’s shares fell 1.6% following reports that software issues could delay deliveries of its MAX and 787 aircraft by up to a year.
RH — The furniture store, formerly known as Restoration Hardware, saw its stock dip more than 2% after Jefferies downgraded it to hold from buy. The Wall Street firm said the luxury housing market is struggling to stabilize, which will impact RH’s business.
Biomarin Pharmaceutical — Shares dropped by more than 6% after competitor BridgeBio Pharma reported positive trial data on its candidate for achondroplasia, the most common form of dwarfism, in children, which could challenge Biomarin’s Voxzogo medication.
Vir Biotechnology — The biotech stock added 1.4% following a JPMorgan upgrade to overweight from neutral. The firm said the company has a strong drug pipeline, specifically mentioning its trials for hepatitis B and the flu.
Domino’s Pizza — Domino’s Pizza shares advanced more than 4%. On Friday, Gordon Haskett downgraded the stock to hold from buy, and lowered its price target, saying the pizza chain will find it difficult to “easily drive a return to 6-10% average annual system sales growth.”
— CNBC’s Alex Harring, Yun Li, Sarah Min and Michelle Fox contributed reporting.