An Alibaba Group sign is seen at the World Artificial Intelligence Conference in Shanghai, July 6, 2023.
Aly Song | Reuters
Check out the companies making headlines in midday trading.
News Corp — The media company’s shares jumped nearly 4% after reporting an earnings beat in the fiscal fourth quarter. News Corp posted adjusted earnings of 14 cents per share, while analysts polled by Refinitiv had estimated 8 cents per share. Meanwhile, the company’s revenue of $2.43 billion missed analysts’ forecast of $2.49 billion.
UBS — Shares rose 5% on news that UBS ended a roughly $10 billion loss protection agreement and a public liquidity backstop with Credit Suisse. The company also confirmed that Credit Suisse fully repaid a 50 billion Swiss franc emergency liquidity loan to the Swiss National Bank.
Chip stocks — Semiconductor shares dropped more than 2% Friday, putting the sector on pace for a weekly decline of 4.5%. The VanEck Semiconductor ETF (SMH) fell 2.2%. NXP Semiconductors, Lam Research, Applied Materials, Nvidia and On Semiconductor each tumbled about 3% or more midday Friday.
Maxeon Solar Technologies — Shares plummeted 32% after the company reported a revenue miss in the second quarter amid weakening demand. The company posted $348.4 million in revenue last quarter, short of the $374.3 million anticipated by analysts polled by FactSet. Maxeon forecasts revenue to range between $280 million and $320 million in the third quarter, while analysts called for $394.8 million.
China-based companies — The U.S.-traded shares of Chinese companies tumbled after Chinese property giant Country Garden issued a profit warning amid a decline in real estate sales, adding to negative sentiment surrounding China’s economy. JD.com and Alibaba lost 6% and 4%, respectively. Nio declined 2.7%.
Wynn Resorts — The casino operator’s shares retreated 4%. The decline comes after shares rose nearly 3% in the previous session on the back of the company’s earnings announcement. Casino and hospitality peer Caesars Entertainment lost 3.2% in sympathy.
Coinbase — The crypto exchange’s stock dipped about 2% after Mizuho reiterated its underperform rating on the stock. The Wall Street firm said retail crypto traders are flocking to Robinhood to trade cryptocurrencies and away from Coinbase.
— CNBC’s Alex Harring and Yun Li contributed reporting.