Check out the companies making headlines in midday trading. Apple — The iPhone maker’s shares added 2% in midday trading after SensorTower data showed App store revenue jumped 11% quarter to date for the fiscal first quarter of 2024, according to a note from Bank of America. The firm also noted an 8% increase in App store revenue in China. Nio — The Chinese automaker climbed about 3% after reporting a smaller-than-expected loss in the third quarter. Losses came in at 2.67 yuan per share, compared to the 2.91 yuan loss expected by analysts, according to LSEG, formerly known as Refinitiv. Nio has taken steps to bring down costs recently, including a 10% cut to its workforce last month. CVS Health — Shares gained 4% after CVS said it would overhaul the way it prices prescription drugs . The pharmacy chain also issued higher-than-expected revenue guidance in 2024. The company now expects revenue of at least $366 billion, while analysts polled by FactSet forecast $344.5 billion. CVS also plans to raise its quarterly dividend nearly 10%. UBS — Shares pulled back more than 2% following a downgrade to neutral from Bank of America. The firm said it sees “a lengthy 2024” with “heavy lifting” for UBS as the bank integrates Credit Suisse following its acquisition. Lands’ End — The retailer surged roughly 7% as investors parsed its latest financial report. Lands’ End issued fourth-quarter guidance, calling for adjusted earnings of 25 cents to 34 cents per share, and revenue ranging between $490 million and $520 million. Separately, the company reported an adjusted third-quarter loss that was wider compared to a year ago. GitLab — The software company’s shares jumped more than 12% a day after the company reported better-than-expected results for the fiscal third quarter. GitLab posted its first adjusted operating profit and 32% year-over-year revenue growth. Adecoagro — The U.S.-listed shares of Adecoagro jumped 11%. Bank of America on Monday upgraded the Latin American agriculture stock to buy from neutral and raised its price target to $14 from $12.50 per share, representing upside of more than 20% from Monday’s close. Nokia , Ericsson — U.S.-listed shares of Nokia fell 4%, while Ericsson’s U.S. stock rose 5% following the announcement of a $14 billion deal between AT & T and Ericsson, based in Sweden. Some of Finland-based Nokia’s existing equipment will be replaced in several areas as Ericsson helps deploy AT & T’s open radio access network, which AT & T expects to use for 70% of its wireless network traffic by late 2026. Albemarle — Shares dropped nearly 6% after Piper Sandler downgraded the stock to underweight from neutral, citing a “substantial deterioration” in global lithium markets. Take-Two Interactive Software — The video game publisher’s stock slipped about 2% during midday trading, the morning after Take-Two Interactive published the trailer for its Grand Theft Auto VI title slightly ahead of schedule. The game is due out in 2025. The early trailer release came amid a leak on social media platform X, formerly known as Twitter. — CNBC’s Samantha Subin, Hakyung Kim, Sarah Min, Alex Harring, Pia Singh and Michelle Fox contributed reporting.
Read the full article here