Bed Bath & Beyond, Coinbase, Virgin Orbit and more
Virgin Orbit’s LauncherOne rocket seen in Times Square, New York.
CNBC | Michael Sheetz
Check out the companies making the biggest moves at midday:
Virgo Orbit – The satellite launch service company fell 13.99% daily after confirming that the first launch out of the United Kingdom on Monday failed to reach orbit. The mission was Virgin Orbit’s sixth to date, and the second failed launch.
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Danaher – Danaher shares rose 4.64% after the medical, industrial and commercial products maker issued positive guidance for non-GAAP core earnings in the fourth quarter. The company now expects to grow in the high single-digit percentages year over year. It previously projected down a low to single-digit percentage.
Health Sotera – The stock soared 99.65% daily after Sotera Health announced the settlement of more than 870 cases related to exposure of ethylene oxide, a carcinogen, from its Willowbrook facilities. The company, which said the settlement does not acknowledge the emissions posed a safety risk, agreed to pay $408 million.
Warner Bros. found – Shares of the media company jumped 8.18% after Bank of America added the stock to the “US1” list. The Wall Street firm said it remains bullish on the long-term potential and believes the current risk/reward is “extremely attractive”.
Coinbase – Shares jumped 12.96% after the cryptocurrency exchange shared plans to cut its workforce by 20%. The cuts come after Coinbase laid off 18% of its workforce in June as crypto prices, and its stock, plummeted.
Bed Bath & Beyond – The seller jumped 27.78%. The move followed its earnings call, in which management said the company had a bigger loss than expected. Days before, the company warned of a possible breach.
Oak Street Health – Shares of Oak Street Health, a healthcare company that manages primary care centers for Medicare patients, jumped 27.47% after Bloomberg reported that CVS is exploring a deal to buy it for more than $10 billion.
Regeneron Pharmaceuticals – The stock gained 2.71%, a day after shares fell 7.7% on news that sales of the pharmaceutical company’s Eylea drug were hurt by a move to an off-label competitor in the final quarter of 2022. On Tuesday, CEO Leonard Schleifer told CNBC that the operation was “transitional” and should have no impact on Eylea’s long-term trajectory.
Face-to-face – Shares in the shipping company jumped 25.68% after Frontline announced it was finalizing a deal to merge with Euronav. The plan called for Frontline to acquire Euronav in an all-stock deal. CEO Lars Barstad said in a statement that both ships “are already enjoying economies of scale.” “
Hit – The dating app stock rose 7.33% after an upgrade to overweight from sector pressure at KeyBanc Capital markets. The company said it is becoming more confident in the company’s ability to capitalize on online dating trends and grow revenue.
Illumina – Shares fell 6.2% in midday trading. The gene sequencing technology company filed for an EU antitrust order blocking its merger deal with biotech company Grail on Tuesday. A day earlier, Illumina said it expected its fiscal year 2023 consolidated revenue to come in between $4.9 billion to $5.035 billion, compared to StreetAccount’s estimate of $5.005 billion.
CureVac – The biopharmaceutical company gained 20.56% after it said it plans to advance patient trials of its mRNA vaccines for Covid-19 and influenza. CureVac also announced that Sanofi veteran Alexander Zehnder will become CEO in April.
Agilent Technologies – Shares rose 5.26% daily after the company announced a $2 billion share buyback program. Agilent also said it was investing $725 million to double manufacturing capacity.
Air Semiconductor – The semiconductor stock showed 0.59% after being downgraded by William Blair to market perform. Analysts said that On Semiconductor is still struggling with GT Advanced technologies and that its silicon carbide output is half of its original assumptions.
Dish network – The satellite TV company fell 6.26%. Goldman Sachs restored its neutral rating on Tuesday, noting that while the company is positioned to receive a dividend, there is significant risk to performance and the acceleration of cord-cutting. The company’s $14 price target implies an 11.5% upside from Monday’s close.
– CNBC’s Samantha Subin, Alex Harring, Yun Li, Tanaya Macheel, Carmen Reinicke, Jesse Pound and Michael Bloom reported.