Internet company Microsoft’s China office building was seen in Shanghai, China, on December, 2020.
Cost picture | Barcroft Media | Getty Images
Check out the companies that make headlines in afternoon trading.
Tech stock-benchmark 10-year Treasury yields touched a high of 1.567% on Tuesday as tech stocks declined. Twitter lost 4.7%, Microsoft and Google lost more than 3%, Salesforce lost 2.6%. Growing bond yields like stock yield technology stocks hurt stocks because they reduce the relative value of future earnings. The technology-heavy Nasdaq is moving at a speed of 10M Low days in the last 15 sessions.
Applied Materials – Shares of semiconductor stocks fell 6.8% while New Street stocks declined. The Wall Street firm cited sky-high valuations of applied materials for downgrades. Other semifinals also fall, with advanced micro devices less than 5% and micron technology, which will report earnings after hours, more than 2%.
BioNTech, Moderna-vaccine maker BioNTech and Moderna fell 8.6% and 5.4%, respectively, while French drugmaker Sanofi announced positive results from a study of its MRNA-based covid vaccine. Sanofi said it would stop further development because the market is already so well influenced by Pfizer and Modern. Instead, it will focus on using MRNA technology for other vaccines and creating a protein-based covid vaccine using GlaxoSmithKline.
WELLS FARGO – Shares of Wells Fargo fell 4.2% after Morgan Stanley dropped the stock to the equivalent of excess weight, citing regular regulatory challenges. Federal Reserve Chairman Jerome Powell said last week that the central bank would maintain its 9 1.95 trillion asset cap in Wells Fargo “until the agency resolves its problems comprehensively.” Morgan Stanley predicts that overcoming these regulatory issues will increase Wells Fargo’s costs.
Huntsman Corporation – According to the Wall Street Journal, the activist hedge fund has gained more than%% of the chemical maker’s stock since taking .4%% shares in the Starboard Value Company. Starboard said the shares were worthless and that this would push for change to improve its stock performance, the journal reported.
United Natural Foods – The company’s food distributor rose more than 20% after reporting quarterly earnings of 1. 1.18 per share, losing the consensus estimate of 80 cents per share. The revenue has come below the price estimate. The company saw epidemic-driven demand from customers from the same quarter a year ago, it reported.
Thor Industries – The carmaker’s stock jumped 7.6% to report a quarterly earnings per share of কোম্প 4.12, beating analysts’ estimates of $ 2.92. Revenue is also at the top of Wall Street forecasts. Thor said the backlog is at record highs, citing RV’s continued demand.
Factset – Shares of the financial data and software company ticked up more than 4% after losing to the top and bottom lines of its quarterly results. Factset reported earnings per share of 2.88 on about 412 million. Wall Street expected revenue of $ 2.72 on 405 million, according to Refinitive.
ENERGY STOCK – Energy stocks continued their rally as international oil benchmark Brent Crude and US benchmark West Texas Intermediate crude climbed on Tuesday before retreating. Cabot Oil & Gas and Simarex each added more than 1%. Hollyburton rose about 2%.
– CNBC’s Maggie Fitzgerald and Eun Lee contributed to the reporting
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