The Moderna sign will be seen outside its headquarters in Cambridge, MA on March 11, 2021.
Boston Globe | Getty Images
Check out the companies that are making headlines in midday trading.
Thermo Fisher Scientific – The scientific equipment maker saw shares jump more than 6% after announcing that 2022 profits and revenues will be much higher than analysts currently expect as demand booms amid the pandemic.
Moderna – The vaccine maker's shares lost nearly 2.5% as the Food and Drug Administration's Vaccine Advisory Committee prepares to open discussions about a Covid-19 booster shot being offered to the public on Friday afternoon and the Vote Pfizer BioNTech shot.
Invesco – The asset manager's shares rose 5% after the Wall Street Journal reported the company was in talks to merge with State Street's asset management unit. The report, citing people familiar with the matter, stated that a deal is not imminent and may not come about at all.
US Steel – US Steel fell 8% after it announced plans to build a new steel mill, scheduled to begin construction in 2022 and begin operations in 2024. The demand for steel has been high and prices have roughly quadrupled since the summer of 2020 and have increased by 40% this year.
Zumiez – Zumiez's shares rose more than 8% after the skateboard clothing retailer announced a share buyback of up to $ 150 million.
Diamondback Energy – Energy producer Diamondback saw its share price jump more than 3% after announcing a $ 2 billion share buyback late Thursday as part of its accelerated plan to deliver 50% of free cash flow to shareholders in the fourth quarter return.
Cree – Cree fell nearly 3% after Bank of America downgraded its stock from neutral to underperform, saying it sees "limited" upside potential in the semi-finished products maker. Specifically, it cited rising capital intensity and said that competition is offsetting the long-term benefits of electric vehicles.
FedEx – The delivery company's shares fell more than 1% on Friday after UBS cut its earnings estimates for FedEx. The investment firm said rising wages and hiring difficulties would hurt FedEx's bottom line when the company releases its first quarter results next week.
Freeport-McMoRan – The mining company fell more than 3.5% and added on Thursday's losses on a fall in metal prices, including silver and copper. Freeport's president also spoke about mining project development at a virtual conference hosted by Morgan Stanley this week.
– CNBC's Yun Li, Hannah Miao and Jesse Pound contributed to the coverage
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