Check out the companies making headlines in midday trading.
Oatly – Shares of the oat-based drinks maker tumbled 11% after the company reported a larger-than-expected quarterly loss and revenue that fell short of consensus. Oatly cited China Covid restrictions, production challenges and a stronger U.S. dollar for the weakness in its performance.
Amazon – Amazon fell 1.4% following a report that it plans to lay off about 10,000 employees as soon as this week. The cuts would be the largest in the company’s history, and would primarily affect Amazon’s devices organization, retail division and human resources, according to The New York Times.
Hasbro – Shares dropped nearly 9% after Bank of America said the toy company was harming one of its best brands, the “Magic: The Gathering” card game. The firm noted the company was rolling out too many new card sets and raising production too much in an attempt to capitalize on demand, but it’s turning off retailers and consumers.
Biogen – Shares of Biogen rose 4% after competitor Roche’s Alzheimer’s drug failed in two final-phase tests. Shares of Eli Lilly also added 1.8% on the news.
Advanced Micro Devices – Shares of the chipmaker added 3.4% following upgrades to buy from neutral and to outperform from neutral from UBS and Baird, respectively.
Moderna – Shares of the drugmaker jumped 7.5% after the company said its new booster triggered five times more antibodies against omicron BA.5 than the old vaccines in people with prior Covid infections. The stock is still down nearly 28% this year after a 143% rally in 2021 and a 434% advance in 2020.
BlackRock – Shares of BlackRock fell 3.4% after the firm postponed the launch of its China bond exchange-traded fund due to growing tensions between the U.S. and Beijing, the Financial Times reported.
JD.com, Baidu – Chinese company stocks JD.com and Baidu surged 4.7% and 2.4% respectively as China’s Hang Seng index ripped 1.7% higher on positive news concerning Covid and the country’s property sector, which is in debt.
Cloud stocks – Cloud stocks slipped Monday as investors took gains off the table. The decline follows last week’s surge, which sent the WisdomTree Cloud Computing ETF (WCLD) up 15.92%. Datadog fell 3.8%, Atlassian shed 3.2% and Zscaler slumped 3.5%.
CF Industries, Corteva – Shares of fertilizer companies CF Industries and Corteva surged 4.2% and 3.8% as the price of natural gas futures jumped more than 6% on forecasts of cold weather and inflated heating demand.
— CNBC’s Alex Harring, Tanaya Macheel and Yun Li contributed reporting.