Stocks making the biggest moves midday: Wynn Resorts, Rocket Lab USA, Cassava Sciences and more
Check out the companies making headlines in midday trading. Bristol Myers Squibb — The drug maker jumped more than 3% after the Food and Drug Administration approved a highly anticipated schizophrenia drug , the first novel type of treatment for the chronic mental disorder in more than seven decades. Bristol Myers Squibb expects the twice-daily pill, which will be sold under the brand name Cobenfy, to be available in late October. Novo Nordisk — U.S.-listed shares of the Danish drugmaker slid 2.9% after JPMorgan said to expect lower sales than Wall Street anticipated for the third quarter, citing a softer-than-consensus outlook for Novo’s blockbuster weight-loss drug Wegovy. Costco Wholesale — The retailer fell 1.7% missing expectations for fiscal fourth-quarter revenue. Revenue came in at $79.70 billion, a fraction below a consensus estimate of $79.97 billion, according to LSEG. Weaker gasoline prices and more cautious consumer spending on higher-priced items dented Costco revenue. Super Micro Computer — The server and storage provider advanced 3%, gaining back some of its 12% loss Thursday after the Wall Street Journal reported that the Justice Department had opened a probe into the company. That came after short-seller Hindenburg Research revealed last month it had taken a short position in the company, citing “fresh evidence of accounting manipulation.” Cassava Sciences — The biotech company fell 11% after agreeing to pay $40 million to settle a case with the Securities and Exchange Commission. The charges were over “misleading statements” made in 2020 related to a clinical trial for a purported Alzheimer’s disease treatment. Wynn Resorts — The stock rose about 6% thanks to an upgrade to overweight from equal weight at Morgan Stanley. The investment bank believes the casino operator is more stable in Las Vegas than its peers and pointed to the release of more details about its UAE project as catalysts. HP Inc. — The tech hardware maker lost more than 3% after Bank of America downgraded shares to neutral from a buy rating, citing expectations for struggling profit growth and revenue declines in HP’s printing business. Amgen — The biotech’s shares rose 2% after Cantor Fitzgerald initiated research coverage with an overweight rating. Analyst Olivia Brayer said Amgen’s new obesity program and future drug pipeline were compelling catalysts. Rocket Lab U.S.A . — The aerospace and defense stock added 16% following a price target increase from KeyBanc Capital Markets, which retained an overweight investment rating. Analyst Michael Leshock said he had “increased visibility/confidence in RKLB’s ability to scale its business” after a non-deal roadshow. — CNBC’s Sean Conlon, Alex Harring, Yun Li, Hakyung Kim, Samantha Subin and Pia Singh contributed reporting.
