Uber, Lyft, Biogen, Fb, Caterpillar & extra
The exterior of the headquarters of biotechnology company Biogen in Cambridge, MA is pictured on March 21, 2019.
John Tlumacki | Boston Globe | Getty Images
Check out the companies that are making the headlines in midday trading.
Uber, Lyft – Ridehailing companies’ stakes rose 13.3% and 12.8%, respectively, after early voting projections suggested the Californians decided that both companies should be exempted from a labor law aimed at drivers instead of employing contractors.
Biogen – The biotech company’s shares rose more than 40% after the Food and Drug Administration stated in a study that the experimental Alzheimer’s drug was “robust and exceptionally compelling.” The agency said Biogen had presented “substantial evidence of effectiveness in support of approval”.
Caterpillar – The agricultural machinery maker fell more than 6% as investors switched from cyclical stocks to technology. Caterpillar could be hit as an infrastructure bill is still in the air in the uncertain presidential election.
Facebook, Amazon, Alphabet – Big tech companies rose, with Amazon, Apple and Microsoft each gaining at least 3%. Facebook grew 7% while Google Parent Alphabet grew more than 6%. Many investors are betting that a likely split Congress would avoid higher taxes and tighter regulation, which would be beneficial for high-growth technology stocks.
AMD – The semiconductor company’s shares rose nearly 5% after Goldman Sachs put Advanced Micro Devices on the buy list for convictions. The Wall Street company said it saw an opportunity for investors to participate in AMD’s “multi-year history of expansion to grow stocks”.
Wendy’s – Fast food inventory fell 5.5% after the company’s third-quarter sales missed Wall Street expectations. Wendy’s reported adjusted earnings per share of 19 cents on sales of $ 452 million. Analysts polled by Refinitiv had forecast earnings per share of 17 cents and sales of 454 million US dollars. The company announced that sales in the same store were up 7% year over year.
Clean Ports – The share of clean ports rose more than 10% after the waste management company reported a sharp jump in profits. Clean Harbors achieved earnings per share of 90 cents in the third quarter, well above a FactSet estimate of 28 cents. Sales were in line with expectations.
DraftKings, Penn National Gaming – Sports game stocks rose after election results showed strong support for the expansion of gambling in several states, including Maryland. DraftKings’ shares rose 5% while Penn National rose nearly 7%.
– CNBC’s Maggie Fitzgerald and Jesse Pound contributed to the coverage.
Subscribe to CNBC PRO for exclusive insights and analysis as well as live business day programs from around the world.