Check out the companies making headlines in midday trading.
Doximity – The online platform for medical professionals skyrocketed more than 27% after the company reported better-than-expected quarterly results. Doximity also announced a new share repurchase program.
Walgreens – Shares rose 6% after an upgrade to buy from hold Deutsche Bank, which said it liked Walgreens’ merger and acquisition plans.
Coinbase – Coinbase jumped 9% after Piper Sandler reiterated its overweigh rating on the stock, calling it well positioned to “weather a prolonged crypto winter.” The crypto industry is preparing for a major setback that’s likely to put more pressure on prices and suppress trading activity, after the sudden collapse of the popular FTX exchange.
Duolingo – Shares of the foreign language learning platform lost 10% after the company reported revenue below expectations while also posting a smaller-than-expected quarterly loss. Duolingo also bumped its full-year outlook.
Wynn Resorts — The casino stock jumped more than 8% after China said it would ease some Covid restrictions, trimming quarantine time for international travelers by two days. Wynn Resort’s operations in Macau came under pressure this year because of China’s strict Covid policies.
Ralph Lauren — The clothing maker popped 7.7% after it reported better-than-expected second quarter earnings. UBS called the company a “turnaround stock,” noting useful changes to its business model.
GSK — Shares of the pharmaceutical company dropped 6.2% after GSK said Friday it would not use of an ovarian cancer drug in the United States for certain patients with consumer mutations, according to Reuters. It also got downgraded to neutral by UBS because of its “unattractive earnings scenario.”
Health stocks — Health care shares led the S&P 500 lower as investors rotated out of these steady outperformers this week in favor of growth stocks now that the market is rebounding. Among the laggards were Cigna (down 9.3%), Elevance (7.7% lower), Humana (slipping 6.7%), Vertex (dipping 4.3%) and McKesson (down 4.8%).
Imax — Shares of the entertainment company traded up 5% after Wedbush named Imax one of its best ideas. The firm said the company was well-positioned to play the rebound in demand for theatres.
Netflix — The streaming giant rose 4.4% after JPMorgan reiterated the stock as overweight, citing “increased conviction” in the company’s ability to increase revenue growth, free cash flow and operating margins.
General Motors — The automotive giant’s stock jumped more than 6.3% after Citi reiterated the company as a top pick. Citi said it sees “growth and resilience” heading into the company’s investor day next week.
Amazon — Shares of Amazon rose 4.1% on a Wall Street Journal report that the company is review cost-cutting measures, particularly at unprofitable business units such as Alexa. Wall Street analysts at Bank of America and Morgan Stanley cheered the move.
LegalZoom — The stock added 7.5% following reporting a quarterly loss that was smaller than expected. The legal document provider also increased its full-year outlook.
Beazer Homes — Shares of the home construction company added 4.3% after Beazer beat expectations for earnings and revenue, noting it saw boosts from better home prices and profit margins.
— CNBC’s Yun Li, Tanaya Macheel, Sarah Min and Carmen Reinicke contributed reporting
