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Let’s take a look at some of the companies making waves in midday trading.
NVIDIA — Shares of the artificial intelligence darling fell 1% after a rare negative outlook on Wall Street. New Street Research cut Nvidia to hold from buy, saying upside potential is limited given the company’s big gains already this year. This is Nvidia’s second downgrade this year.
Macy’s — The retailer’s shares rose more than 12% after The Wall Street Journal reported that an investor group led by Arkhouse Management and Brigade Capital Management had increased its takeover bid, reportedly offering Macy’s about $24.80 a share, up from $24 previously.
Crypto Stocks — Crypto stocks plummeted after the trustee for the now-closed Mt. Gox exchange announced that the company had begun making payments to creditors in both Bitcoin and Bitcoin Cash. Marathon Digital The stock fell 6% on the news, MicroStrategy and Coinbase Each fell by more than 3%. Iris Energy It fell 6%, but mining peers Clean Spark It fell 2.5%. Trading Platform Robin Hood and Riot Platform Both fell more than 2%.
SoftBank Group, Arm Holdings — SoftBank’s U.S. shares rose 5.5% after Japanese shares hit a 24-year high on Thursday. The Japanese giant’s founder, Masayoshi Son, was recently thrust back into the spotlight when he unveiled the company’s plans to use AI. SoftBank owns a majority stake in British semiconductor designer ARM, which has helped drive the company’s success. ARM’s U.S. shares also rose about 7%.
Infrastructure — Education technology shares rose 6.3% after Reuters reported buyout interest from private equity firms Francisco Partners and KKR. The two companies are reportedly competing with each other and are expected to make binding takeover bids as soon as next week, people familiar with the matter told Reuters.
China EV Stocks — Shares of Chinese electric vehicle makers fell after the European Union said on Thursday it would raise tariffs on electric vehicle imports from China, with the increased taxes taking effect on Friday. As a result of the decision, Nio The company is currently holding steady on prices for cars it sells in Europe but said it may need to adjust prices “at a later date.” The company’s shares fell more than 7% in trading on Friday. Other Chinese EV stocks also fell on Friday. Scheppen It fell by 9% Zeekle Geely and Lee Auto They fell by 5.6% and 2.8%, respectively.
Novo Nordisk — Shares in Novo Nordisk’s Ozempic and Vigovi, along with semaglutide, rose 2% despite concerns that the drug’s component may be linked to an increased risk of a rare eye disease. But Deutsche Bank analyst Emmanuel Papadakis said the Harvard Medical School study’s findings are “by no means groundbreaking.”
Tech Resources — The company’s shares rose more than 2% after Bloomberg reported Thursday that Canada had approved Glencore’s acquisition of Teck’s metallurgical coal business for $6.9 billion. Teck expects to use the proceeds from the sale to buy back $2 billion of its own stock and has pledged to invest in “near-term copper production expansion projects.”
—CNBC’s Alex Harring and Jesse Pound contributed reporting.
