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Stocks making the biggest moves midday: Bed Bath & Beyond, Coinbase, Virgin Orbit and more

Stocks making the biggest moves midday: 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 midday:

Virgin Orbit — The satellite launch service company fell 13.99% a day after it confirmed its first launch out of the United Kingdom Monday failed to reach orbit. The mission was Virgin Orbit’s sixth to date, and its second launch failure.

Danaher — Shares of Danaher rose 4.64% after the maker of medical, industrial and commercial products issued upbeat guidance for fourth-quarter non-GAAP core revenue. The company now expects growth in the high single-digit percentages on a year-over-year basis. It previously projected flat to low single-digit percentage declines.

Sotera Health — The stock soared 99.65% a day after Sotera Health announced the settlement of more than 870 cases relating to the exposure of ethylene oxide, a carcinogen, from its Willowbrook facilities. The company, which said the settlement is not an admission that the emissions posed a safety hazard, agreed to pay $408 million.

Warner Bros. Discovery — Shares of the media company jumped 8.18% 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 “highly attractive.”

Coinbase — Shares jumped 12.96% after the cryptocurrency exchange shared plans to trim its workforce by 20%. The cuts come after Coinbase laid off 18% of its workforce in June as crypto prices, and its stock, dwindled.

Bed Bath & Beyond — The retailer jumped 27.78%. The move came after its earnings call, in which leadership said the company had bigger losses than expected. Days earlier, the company warned of potential bankruptcy.

Oak Street Health — Shares of Oak Street Health, a health-care company that manages primary care centers for Medicare patients, jumped 27.47% after Bloomberg reported that CVS is exploring a deal to purchase it for more than $10 billion.

Regeneron Pharmaceuticals — The stock gained 2.71%, a day after the shares dropped about 7.7% on news that sales of the pharmaceutical 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 activity was “transient” and should not have any impact on the long-term trajectory of Eylea.

Frontline — Shares of the shipping company jumped 25.68% after Frontline announced that it was terminating a deal to combine with Euronav. The plan had called for Frontline to acquire Euronav in an all-stock deal. CEO Lars Barstad said in a statement that both shippers “are already enjoying economies of scale.”

Bumble — The dating app stock rose 7.33% following an upgrade to overweight from sector weight at KeyBanc Capital markets. The firm said it’s growing more confident in the company’s ability to capitalize on online dating trends and grow revenues.

Illumina — Shares dropped 6.2% in midday trading. The gene-sequencing technology company appealed an EU antitrust order blocking its merger deal with biotech firm Grail on Tuesday. A day prior, Illumina said it expected its 2023 fiscal year consolidated revenue to come in between $4.9 billion to $5.035 billion, versus a StreetAccount estimate of $5.005 billion.

CureVac — The biopharmaceutical company gained 20.56% after saying it plans to advance patient trials of its mRNA vaccines for Covid-19 and the flu. CureVac also announced Sanofi veteran Alexander Zehnder will become CEO in April.

Agilent Technologies — Shares rose 5.26% a day after the company announced a $2 billion share repurchase program. Agilent also said it was investing $725 million to double manufacturing capacity.

On Semiconductor — The semiconductor stock shed 0.59% after being downgraded by William Blair to market perform. Analysts said On Semiconductor continues to struggle with GT Advanced technologies and that its silicon carbide yields are half of their origination assumptions.

Dish Network — The satellite TV company dropped 6.26%. Goldman Sachs reinstated its neutral rating on Tuesday, noting that while the company is positioned to gain share, it faces significant execution risk and the acceleration of cord-cutting. The firm’s $14 price target implies 11.5% downside from Monday’s close.

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

[souce cnbc]

Written by Susan Bellini