Bed Bath & Beyond, Coinbase, Virgin Orbit and more

Bed Bath & Beyond, Coinbase, Virgin Orbit and more

Virgin Orbit’s LauncherOne rocket on display in Times Square, New York.

CNBC | Michael Sheetz

Check out the companies making the biggest moves at noon:

Virgin Orbit – The satellite launch service company fell 12% a day after it confirmed its first launch outside the UK on Monday failed to reach orbit. The mission was Virgin Orbit’s sixth to date, and its second launch failure.

Danaher – Shares of Danaher rose more than 4% after the medical, industrial and commercial products maker issued upbeat guidance for its fourth-quarter non-GAAP core revenue. The company now expects growth in the high single digits on a year-over-year basis. It previously forecast flat or low-single-digit percentage declines.

Sotera Health — The stock jumped nearly 90% a day after Sotera Health announced the settlement of more than 870 cases related to exposure to ethylene oxide, a carcinogen, from its Willowbrook facilities. The company, which said the settlement is not an admission that the emissions posed a safety risk, agreed to pay $408 million.

Warner Bros. Discovery – Shares of the media company jumped more than 6% 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 views the current risk/reward as “very attractive.”

Coinbase – Shares jumped almost 6% after the cryptocurrency exchange shared plans to cut its workforce by 20%. The layoffs come after Coinbase laid off 18% of its workforce in June as crypto prices and its stock declined.

Bed Bath & Beyond — The retailer jumped nearly 19%. The move came after an earnings call in which management said the company had bigger-than-expected losses. Days ago, the company warned of possible bankruptcy.

Oak Street Health — Shares of Oak Street Health, a health care company that manages primary care centers for Medicare patients, rose 28% after Bloomberg reported that CVS is exploring a deal to buy it for more than $10 billion .

Regeneron Pharmaceuticals — The stock rose 2.9%, a day after shares fell about 7.7% on news that sales of the drug company’s Eylea drug were hurt by a shift to an off-label competitor in the final quarter of 2022. On Tuesday, CEO Leonard Schleifer told CNBC that the activity was “transient” and shouldn’t have any impact on Eylea’s long-term trajectory.

Frontline – The shipping company’s shares rose 26% after Frontline announced it was finalizing a deal to combine with Euronav. The plan had called for Frontline to buy Euronav in a stock deal. CEO Lars Barstad said in a statement that both carriers are “already enjoying economies of scale.”

Bumble — The dating app stock rose 5.9% after an upgrade to overweight from sector weight KeyBanc Capital Markets. The firm said it is growing more confident in the company’s ability to capitalize on online dating trends and grow revenue.

Illumina — Shares fell 5% in midday trading. The gene sequencing technology company appealed an EU antitrust order blocking its merger deal with biotech firm Grail on Tuesday. Earlier in the day, Illumina said it expected its fiscal 2023 consolidated revenue to be between $4.9 billion and $5.035 billion, versus a StreetAccount estimate of $5.005 billion.

CureVac — The biopharmaceutical company gained nearly 14% after it said it plans to advance patient trials of its mRNA vaccines for Covid-19 and flu. CureVac also announced that Sanofi veteran Alexander Zehnder will become CEO in April.

Agilent Technologies – Shares rose more than 4% on the day after the company announced a $2 billion share buyback program. Agilent also said it was investing $725 million to double manufacturing capacity.

In Semiconductors – Semiconductor stock fell nearly 3% after being downgraded by William Blair on market performance. Analysts said On Semiconductor continues to struggle with advanced GT technologies and that silicon carbide yields are half of their original assumptions.

Dish Network — The satellite television company was down 3% in midday trading. Goldman Sachs restored its neutral rating on Tuesday, noting that while the company is positioned to win the stock, it faces significant execution risk and accelerating cord-cutting. The firm’s $14 price target implies downside of 11.5% from Monday’s close.

– CNBC’s Samantha Subin, Alex Harring, Yun Li, Tanaya Macheel, Carmen Reinicke, Jesse Pound and Michael Bloom contributed reporting.

Leave a Reply

Your email address will not be published. Required fields are marked *