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See the companies making headlines in midday trading on Friday.
Ambac Financial Group – Shares of the municipal bond insurer jumped 13.2% on news of settlements with the bank of america which would net Ambac $1.84 billion. The settlements stem from lawsuits related to bond insurance policies Ambac used for Bank of America before the 2008 financial crisis. Bank of America fell about 2.4%.
Levi Strauss – Levi’s fell 9.3% after cutting its full-year sales and profit outlook on Thursday as the clothing company cited issues stemming from its supply chain and a stronger U.S. dollar.
DraftKings – Shares of DraftKings rose 1% on a Bloomberg report that the online sports betting company is close to a partnership deal with ESPN.
Lyft – The rideshare company fell 7.9% after RBC downgraded the stock to sector performance from outperform. RBC said rival Uber, which fell about 4.5 percent, had “structural advantages.”
CVS Health – CVS shares fell 11.3% after a report that the healthcare giant is in “exclusive talks” to buy Cano Health. The company had already fallen after the Cents for Medicare and Medicaid Services downgraded one of Aetna’s Medicare Advantage plans in its annual ratings. Cano shares gained 9%.
Tesla, Twitter – The two businesses continued to move after a week of news about Elon Musk reviving his high-profile plans to buy Twitter. Tesla fell 6.1%, while Twitter lost 0.2%. On Thursday, a judge said Musk must complete his purchase by Oct. 28 to avoid a lawsuit.
Credit Suisse – The European bank rose 10.8 percent after it offered to buy back $3 billion in debt on Friday and sell a famous hotel it owns. It marks another day of turmoil for shares of the stock – which hit a record low earlier in the week – as market watchers questioned the health of the bank.
DexCom – Shares of the maker of glucose monitoring devices jumped 9% after the Centers for Medicare and Medicaid Services updated a local coverage determination related to such devices. The move could boost results for DexCom, a key player in the continuous glucose monitoring space.
apple – The tech giant fell 3.5% despite Morgan Stanley reiterating the stock as overweight, citing increased iPhone delivery times. People watching the company have raised concerns about how the new iPhone lineup will perform compared to previous releases as Apple shelved plans to ramp up production.
Post – The Facebook owner also fell 3% despite being reiterated as a buy by Citi, which noted an attractive risk/reward outlook as Reels revenue grows and new ad formats emerge.
Hemp Companies – Shares of hemp companies fell after initially soaring on news that President Joe Biden wants an overhaul of how marijuana is classified under federal law. Biden also announced that he would pardon thousands convicted of marijuana possession. Tilray Brandswhich reported a bigger-than-expected quarterly loss on Friday, fell 16%. Canopy development fell over 22%, Aurora Cannabis fell 11% and Cronos Group lost 10%.
sophisticated micro devices – Shares of Advanced Micro Devices plunged 11.2% after the semiconductor company released disappointing third-quarter preliminary results and said it expected revenue to fall short of its previous forecast of $6.7 billion. AMD blamed the shortfall on weakening PC demand and supply chain constraints. Shares of other chip companies, incl Intel and Nvidia hit the news.
Unity software – Shares in Unity, which is known for its 3D design software, fell 8.3%. Unlike Needham earlier on Friday who started the stock as a buy up 39%.
Evidence – Shares of the biopharmaceutical company jumped 11.8%, continuing to rally on news Thursday about plans to launch a type 1 diabetes drug candidate.
— CNBC’s Samantha Subin, Michelle Fox, Carmen Reinicke, Tanaya Macheel and Yun Li contributed to this report.
