Horizon Therapeutics’ global headquarters in Dublin, Ireland.
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Check out the companies making the biggest moves in the middle of the day:
Horizon Therapeutics — Shares of the biotech company fell more than 15% after the Federal Trade Commission sued to block Amgen’s acquisition of the company by the biopharmaceutical giant. The deal, valued at $27.8 billion, was intended to bolster Amgen’s drug portfolio as it faces multiple patent expirations over the next decade for key therapies.
Vodafone – Shares of the US-listed British telecom company fell 7% after Vodafone announced plans to cut 11,000 jobs. Chief Executive Margherita Della Valle said the company’s performance “wasn’t good enough” and that Vodafone “has to change”.
Western Alliance Bancorp Western Alliance stock jumped 3.6% after Bank of America recapped the stock with a buy rating. Bank of America said it is confident in the regional bank’s business model. “WAL does not share much in terms of business model and balance sheet characteristics relative to the three failing banks,” the company said, noting its above-average ratio of insured deposits to total deposits. Shares are down 46% since the start of the year.
Capital One – Capital One stock gained 2.4% on the day after securities filings revealed a new stake in the financial institution from Warren Buffett’s Berkshire Hathaway worth more than $950 million. Regulatory documents also showed that Michael Perry’s Scion Asset Management bought some shares during the first quarter.
RH – Shares of the luxury furniture retailer fell 7.5%. A regulatory filing published late Monday showed that Warren Buffett’s Berkshire Hathaway divested its stake last quarter. The Omaha-based group owned 2.36 million shares of RH at the end of 2022.
Alphabet – The stock added nearly 3% at midday. On Monday, Bill Ackman’s Pershing Square Capital Management disclosed in a securities filing that it opened a new position in Alphabet with a total value of approximately $1.1 billion during the first quarter. Dan Loeb’s Third Point also built a significant stake in the tech giant in the first quarter.
Home Depot, Louise — Shares of home improvement retailers Home Depot and Louise lost 1.4% and 1% at midday Tuesday. Home Depot reported its biggest revenue loss in more than 20 years earlier in the day, posting $37.26 billion while Refinitiv was expected by analysts to come in at $38.28 billion. Lowe’s will report quarterly results on May 23.
Expedia — The operator of the travel booking site saw its shares rise 2.7% after Gordon Haskett upgraded the stock to a buy-from-hold. The company said that concerns about migrating the technology stack are exaggerated and that it sees a tailwind from traditional housing offerings. It also highlighted the upcoming launch of One Key, which is expected to drive stock gains going forward.
Seagen – Shares of the biotechnology company fell 5%. On Monday, Seagen principal Daniel Welsh disclosed that 1,864 shares had been sold, a stake worth more than $370,000. Seagen and Pfizer also filed papers on the proposed merger with the Federal Trade Commission on Friday, just days before they filed a lawsuit against the FTC to block Amgen’s acquisition of Horizon Therapeutics.
Sea Limited – The consumer internet company fell 17% after missing slightly from its first-quarter revenue forecast. The company posted $3.04 billion, under a consensus estimate of $3.06 billion by analysts polled by FactSet.
GE HealthCare — Shares of the medtech company gained nearly 3% after Oppenheimer opened coverage with an outperform rating Monday. The company said GE HealthCare is well-positioned to take advantage of an aging population and increasing incidences of chronic disease. GE HealthCare spun off from parent company General Electric earlier in 2023 and began public trading on the Nasdaq Stock Exchange on January 4.
Etsy – The stock sank more than 5% after Morgan Stanley cut its price target to $74 a share from $79, indicating a decline of 24% from Monday’s close. The Wall Street firm said it expects slower growth in anticipation of Etsy.
— CNBC’s Yoon Lee, Tanaya Machell, Alex Haring, Samantha Sobin, Hokyung Kim, Brian Evans, Sarah Min and Michael Blum contributed reporting.
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