News

Stocks making the biggest moves midday: Moderna, Zynga, Lululemon, Tilray and more

0

In this article

TLRY-CA

APR

LULU

ZNGA

TTWO

Pedestrians seen walking past Canadian athletic apparel retailer Lululemon in Shanghai.
Alex Tai | SOPA Images | LightRocket | Getty Images

Check out the companies making headlines in midday trading.

Zynga, Take-Two Interactive — Shares of the mobile gaming company Zynga soared by more than 41% after Take-Two Interactive, another gaming company, revealed plans to buy it for $12.7 billion, or $9.86 a share, in a cash and stock deal. That’s a roughly 64% premium to Zynga’s closing price Friday. Shares of Take-Two tumbled by about 15%.

Moderna — Moderna shares jumped about more than 6% after the company’s CEO said Monday that it’s working on a booster that targets the omicron variant of Covid-19 “with public health leaders around the world,” targeting a fall rollout. The booster will enter clinical trials soon, he added.

Lululemon — Shares of the athletic apparel maker shed nearly 6% after the company said it now expects weaker results for the fourth quarter due to the omicron Covid-19 variant. Lululemon said Monday that its fourth-quarter earnings and revenue to come in at the low end of its projected ranges as staffing shortages and reduced store hours are weighing on results.

Apria — Home health-care company Apria saw its shares surge more than 25% following news it will be acquired by health-care equipment company Owens & Minor for about $1.45 billion in cash, or $37.50 per share. Owens & Minor shares gained about 3%.

Tilray — The cannabis stock surged 14% after the company reported an unexpected quarterly profit. Tilray said its revenue increased by about 20% from a year earlier on stronger demand for cannabis products.

Beam Therapeutics — Beam, the gene-editing company, saw its shares fall 4.3% following news about a partnership with Pfizer. The two will collaborate to develop therapies for rare genetic diseases. Pfizer shares rose slightly.

Cardinal Health — The health-care company saw its shares drop about 7.5% after it provided a full-year 2022 update saying it expects to see more inflationary impacts and lower volumes as a result of global supply chain constraints. The company’s pricing actions are also expected to offset those impacts less than it expected.

Shockwave Medical — Shares of Shockwave Medical rose 4.4% after Bloomberg reported rival medical device maker Penumbra is exploring a merger. However, a Penumbra representative said in a statement to Bloomberg that it is not in discussions with Shockwave to pursue a business combination or similar transaction.

Airbnb — Shares of Airbnb retreated more than 6% after Piper Sandler downgraded the stock to a neutral rating from overweight. The firm also cut its price target on the stock. Piper Sandler said travel patterns should return to pre-pandemic trends in 2022 and consumers are more interested in traditional lodging and air service companies.

Crypto stocks — Crypto-related stocks fell sharply on Monday as the price of bitcoin briefly tumbled to its lowest point since September. Coinbase declined about 4% while Silvergate Capital lost 5.5%. MicroStrategy dropped more than 4%, and Block slid 3.8%. The moves come amid a broader sell-off in risky assets as the 10-year U.S. Treasury yield climbed.

— CNBC’s Yun Li and Hannah Miao contributed reporting

JPMorgan’s top strategist Kolanovic says buy the dip, markets can handle higher yields

Previous article

Mortgage rates just jumped again. Here’s what that means if you’re buying a home

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in News