Internet company Microsoft’s China office building will be seen in Shanghai, China on December 8, 2020.
Costfoto | Barcroft Media | Getty Images
Check out the companies that make headlines for trading at noon.
Tech Equities — High-Tech Equities fell as Tuesday’s benchmark 10-year Treasury yield reached a high of 1.567%. Twitter was down 4.7%, Microsoft and Google were down more than 3%, and Salesforce was down 2.6%. Rising bond yields hurt growth stocks like tech stocks because they reduce the relative value of future returns.Technology-intensive Nasdaq is moving at a pace of 10.NS The day that went down in the last 15 sessions.
Applied Materials — Semiconductor shares fell 6.8% after New Street downgraded its shares from buying to neutral. The Wall Street company quoted Applied Materials’ very high reputation for downgrading. Other cicadas declined as well, with Advanced Micro Devices down more than 5% and Micron Technology reporting revenue after Bell, down more than 2%.
BioNTech, Moderna — Vaccine makers BioNTech and Moderna decreased by 8.6% and 5.4%, respectively, after French pharmaceutical company Sanofi announced positive results from its MRNA-based Covid vaccine research. Sanofi said it would stop further development as the market is already so dominated by Pfizer and Modana. Instead, we will use MRNA technology for other vaccines and focus on developing protein-based Covid vaccines using GlaxoSmithKline.
Wells Fargo — Wells Fargo’s stake fell 4.2% after Morgan Stanley downgraded its stake from overweight to equivalent weight due to ongoing regulatory challenges. The call came after Federal Reserve Board chair Jerome Powell said last week that the central bank would maintain Wells Fargo’s wealth cap “until the company comprehensively corrects the problem.” Morgan Stanley predicts that overcoming these regulatory issues will increase Wells Fargo’s costs.
Huntsman Corporation — According to The Wall Street Journal, the stake in chemical makers rose more than 7% after the activist hedge fund Starboard Value acquired an 8.4% stake in the company. Starboard said the stock was undervalued and would drive changes to improve stock performance, the journal reported.
United Natural Foods — Food distributors surged more than 20% after the company reported quarterly earnings of $ 1.18 per share. This exceeded the consensus estimate of 80 cents per share. Revenue was below the consensus estimate. The company reported seeing strong pandemic-led demand from customers since the same quarter a year ago.
Thor Industries — Automaker shares surged 7.6% after reporting quarterly earnings of $ 4.12 per share, above analysts’ estimates of $ 2.92 per share. Revenues also exceeded Wall Street’s expectations. Toll quoted the continued demand for RVs and said the backlog was record high.
FactSet — The share of financial data and software companies has risen by more than 4% after surpassing the top and bottom lines of quarterly results. FactSet reported earnings per share of $ 2.88 for revenues of nearly $ 421 million. According to Refinitiv, Wall Street expects to generate $ 2.72 against $ 405 million in revenue.
Energy stocks — Energy stocks continued to rise as Brent crude oil on the international oil benchmark and West Texas intermediate crude oil futures on the US benchmark rose on Tuesday before they receded. Cabot Oil & Gas and Cimalex each added over 1%. Halliburton rose nearly 2%.
— CNBC’s Maggie Fitzgerald and Yunley contributed to the report
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Microsoft, Applied Materials, Moderna, etc.
Source link Microsoft, Applied Materials, Moderna, etc.