ViacomCBS ‘logo is displayed on the Nasdaq Marketplace website to celebrate the company’s merger, in New York, December 5, 2019.
Brendan McDermid | Reuters
Check out the companies making the headlines in midday trading.
ViacomCBSAnd Discovery – Media stocks involved in Archegos Capital Management’s margin call rebounded last week on Tuesday, moving away from their recent losses. ViacomCBS Class B shares jumped 4%, while Discovery’s Class A shares jumped 9.7%.
NomuraAnd Swiss credit – Nomura and Credit Suisse shares fell again at midday after news of an expected loss from the sales repercussions of Archegos Capital shares. Nomura is down more than 2% and Credit Suisse is down about 3%.
Wells Fargo The bank’s share rose 2.8% after announcing that it no longer had any exposure to Archegos. “We did not suffer losses related to closing our exposure,” the bank said in a statement.
Biotechnology – The biotech firm’s shares advanced more than 7% after BioNTech increased its manufacturing target for the Covid-19 vaccine. The company aims to manufacture 2.5 billion doses by the end of 2021, compared to previous production expected of 2.3 billion to 2.4 billion doses.
McCormick Spice Company shares advanced more than 1.7% after McCormick beat the highest and lowest earnings estimates during the first quarter of the fiscal year. The company earned 72 cents a share excluding items and generated $ 1.48 billion in revenue. Analysts surveyed by Refinitiv expected earnings of 59% per share and revenue of $ 1.38 billion. The company also raised its forecast for the full year as the pandemic continued to drive home cooking.
Fact set – Financial information provider shares fell more than 4% after analysts’ wrong estimates of their quarterly earnings per share. FactSet reported adjusted quarterly earnings of $ 2.72 per share, below the consensus estimate of 2 cents, while revenue was in line with Wall Street expectations.
Kings Sports betting company shares rose 3.5% after announcing the acquisition of VSiN sports betting company for an undisclosed amount.
Tigna Broadcast shares jumped more than 4.5% after Tegna announced a dividend increase. Payments to the new company will be 10 cents per share year-on-year, up 36% over previous dividends.
– With reports from Pippa Stevens, Yoon Lee, Jesse Pound and Rich Mendes on CNBC.