The Meta Platforms logo is on display in Davos, Switzerland, May 22, 2022.
Arnd Wiegman | Reuters
Check out the companies making headlines during midday trading.
Meta platforms – Shares of Meta Platforms rose 3.5% after JPMorgan upgraded the social media company to buy and raised its price target, saying headwinds will ease next year.
Maxar Technologies Shares of the satellite owner and operator rose 122% on news that private equity firm Advent International will acquire and delist the company in a deal worth $6.4 billion, or $53 per share. The stock closed Thursday at $23.10 per share.
Goldman Sachs — Shares of Goldman Sachs fell 1% amid news that the Wall Street firm will cut up to 8% of its workforce. The layoffs are scheduled for January and will affect all parts of the Wall Street firm, CNBC reported, citing people familiar with the matter.
ford – Ford shares lost 6.2% after the car company said it is raising the base price for its F-150 Lightning pickup again due to increased raw material costs.
Adobe — Shares of the design software maker rose more than 3% after the company reported fourth-quarter fiscal earnings and expectations that beat analysts’ expectations. Adobe maintained its forecast for the new fiscal year while announcing a plan to buy popular startup Figma in the quarter.
Darden Restaurants — Darden Restaurants declined 4% despite better earnings and sales in the second quarter of fiscal 2023. However, it also reported profit margins of 18.6% for Olive Garden, its largest holding, up from 21.6% in the second quarter of fiscal 2022.
New York Times — Newspaper stock fell 3.7% after Morgan Stanley downgraded the name from overweight to equal weight. The Wall Street firm cited recent underperformance in net additions and mounting macroeconomic headwinds for ad revenue.
accent — Shares fell 5.1% after the consulting firm issued light revenue guidance and noted that the impact of a strong dollar will weigh on fiscal 2023 results. Accenture beat top- and bottom-line estimates.
Scholastic — Shares of the publishing company rose 9.7% after a strong quarterly report. Scholastic said profit margins have increased over the period.
Lincoln National Shares fell more than 4% after Lincoln National was downgraded to underperforming at Jefferies, according to StreetAccount. The investment company expects free cash flow at Lincoln National to remain under pressure in 2023 and 2024.
American steel — The steelmaker’s inventories rose more than 4.5% after sharing better-than-expected forecasts for the current quarter.
Energy stocks — The energy sector was one of the biggest fallers in the S&P 500, falling 2% due to falling oil prices. Shares of Coterra Energy and APA Corp. were each more than 4% lower. Halliburton was about 3% lower. Marathon oil down more than 2%.
US-Listed Chinese Stocks— Some China-based stocks listed on US exchanges rose on Friday. JD. com and alibaba stocks rose more than 1%. Stock of electric vehicles Xpeng more than 4% added. It came as concerns about de-listing eased as the US gained access to necessary audit documents.
Guarding health — Guardant Health’s stock plummeted 30% after its blood tests for colorectal cancer were found to be less effective than its competitor’s stool-based test Exact Sciences. Shares of Exact Sciences rose by more than 17%.
– CNBC’s Sarah Min, Yun Li, Carmen Reinicke, Michelle Fox contributed reporting