Take a look at the companies that are trending during noon trading.
1. Nike shares plummeted by 11.8% following the company’s downward revision of its revenue forecast and announcement of a $2 billion cost-cutting plan over the next three years.
2. Bristol Myers Squibb saw a 2% increase in shares, while Karuna Therapeutics experienced a 47% jump in response to the news of Bristol Myers’ $14 billion cash acquisition of the biopharmaceutical company.
3. U.S.-traded shares of Chinese internet giants, Tencent Music Entertainment, NetEase, and Bilibili, were negatively affected by proposed guidelines by Beijing aimed at curbing online gaming.
4. Rocket Lab’s shares soared by 22.8% after the space company’s subsidiary signed a contract worth $515 million with the U.S. government. The contract entails designing, manufacturing, and operating 18 space vehicles.
5. Coinbase, the cryptocurrency exchange, saw a 4.4% increase in shares following a bullish outlook by JMP. The bank significantly raised its target price for the stock, likening Coinbase to the “Amazon of the cryptocurrency industry.”
6. Lionsgate Entertainment’s shares slid by 4% after announcing plans for a merger with Screaming Eagle Acquisition Corp., a special purpose acquisition company. This $4.6 billion deal is expected to yield approximately $350 million in gross proceeds for Lionsgate.
Source (CNBC)
