Finance News

Shares making the largest strikes noon: DoorDash, Biogen, T. Rowe Value, Crocs, and extra

A person skateboards past Biogen Inc.'s headquarters in Cambridge, Massachusetts on Monday, June 7, 2021.

Adam Glanzmann | Bloomberg | Getty Images

Check out the companies making headlines on Wednesday afternoon.

Biogen — Biogen shares fell more than 9% after Medicare said it would only cover the company's controversial Alzheimer's drug for patients willing to enroll in qualifying clinical trials. The company was also downgraded to neutral from overweight by Piper Sandler.

DoorDash – Shares of the food supplier rose slightly after Evercore raised its rating on the stock to outperform off the line. The company cited DoorDash's strong growth fundamentals and fairly impressive profitability. Also on Wednesday, Meta Platforms appointed DoorDash CEO Tony Xu to its board of directors.

Ally Financial — Shares of the digital bank rose 2.8% after the company announced a 20% dividend increase and boosted its quarterly payout to 30 cents a share. Ally also approved a $2 billion share repurchase program.

Dish Network – Shares of the satellite TV company rose 4.3% after the New York Post reported that it is in merger talks with DirecTV. The two have been in regular talks about a potential deal for about 20 years, and the latest round is said to be driven by TPG Capital, DirecTV's minority owner.

Quest Diagnostics – Quest Diagnostics shares fell 6.5% even after the company reported fourth-quarter adjusted earnings per share of $3.33. That beat a FactSet estimate of $3.07 per share. However, the company also reported that the volume of Covid testing fell in the fourth quarter compared to a year earlier.

T Rowe Price – Shares of T. Rowe Price fell 6.1% after the company reported a slight increase in preliminary assets under management, which totaled $1.69 trillion at the end of December, compared to 1.63 trillion dollars at the end of November.

Crocs — Shares of the shoe company ticked 3.5% higher in midday trade after Piper Sandler called the stock a top pick for 2022. The Wall Street company said it sees "impressive consumer growth" for Crocs in the coming years.

Take-Two Interactive – Shares of the online gaming company soared more than 3% after BMO Capital Markets upgraded its rating on the stock to outperform. The basis for the company's bullish bet is Take-Two's upcoming $12.7 billion deal to acquire Zynga. BMO said it "will help smooth out earnings variability while providing compelling synergy opportunities."

PayPal — Digital payments stock fell more than 2% after Jefferies downgraded PayPal to hold from a buy and lowered its price target. "We are incrementally more cautious on the fundamental backdrop in 2022 and believe the multiple expansion potential is limited until investors can restore confidence in PYPL meeting its mid-term targets," the company said.

Ambarella – Shares of Ambarella rose nearly 3% after Wells Fargo upgraded the stock to overweight and said the chipmaker has an attractive valuation and is a good player in the artificial intelligence market.

– CNBC's Hannah Miao, Maggie Fitzgerald, Pippa Stevens and Yun Li contributed coverage

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