Horizon Therapeutics global headquarters is located in Dublin, Ireland.
Nurphoto | Nurphoto | Getty Images
Check out the companies making the biggest moves at noon:
Horizon Therapeutics – Shares of the biotech company fell more than 15% after the Federal Trade Commission filed a lawsuit to prevent the biopharma giant from acquiring the company amgen. The $27.8 billion deal should bolster Amgen’s drug portfolio as several patents on key treatments expire over the next decade.
Vodafone – US-listed shares of the British telco fell 7% after Vodafone announced plans to cut 11,000 jobs. CEO Margherita Della Valle said the company’s performance “hasn’t been good enough” and that Vodafone “needs to change”.
Western Alliance Bancorp – Western Alliance shares rose 3.6% after Bank of America resumed coverage of the stock with a buy rating. Bank of America was convinced of the regional bank’s business model. The company said that “WAL does not have much in common with the three failed banks in terms of business model and balance sheet characteristics,” citing the above-average ratio of insured deposits to total deposits. Shares are down 46% year-to-date.
capital one – Capital One stock rose 2.4% in a day after securities filings revealed a new stake in the financial institution valued at more than $950 million by Warren Buffett’s Berkshire Hathaway. Regulatory documents also showed that Michael Burry’s Scion Asset Management gained some shares in the first quarter.
RH — Shares of the luxury furniture retailer fell 7.5%. A regulatory filing released late Monday shows Warren Buffett’s Berkshire Hathaway sold its stake last quarter. The Omaha-based conglomerate owned 2.36 million shares of RH at the end of 2022.
alphabet — The stock gained nearly 3% in midday trade. On Monday, Bill Ackman’s Pershing Square Capital Management said in a securities statement that the company opened a new position in Alphabet totaling nearly $1.1 billion during the first quarter. Dan Loeb’s Third Point also built a sizeable stake in the tech giant during the first quarter.
home depot, lowes — Shares in home improvement retailer Home Depot and Lowe’s fell 1.4% and 1%, respectively, in midday trade on Tuesday. Earlier in the day, Home Depot reported $37.26 billion in sales, its biggest drop in more than 20 years, while analysts forecast by Refinitiv had forecast $38.28 billion. Lowe’s will release its quarterly results on May 23rd.
Expedia – Shares in the operator of the travel booking site rose 2.7% after Gordon Haskett upgraded the stock from ‘hold’ to ‘buy’. The company said concerns about migrating its technology stack were overdone and it sees tailwinds from traditional accommodation offerings. It also hinted at the upcoming launch of its One Key program, which is expected to result in future stock gains.
Seen — Shares of the biotechnology company lost 5%. On Monday, Daniel Welch, a director at Seagen, announced the sale of 1,864 shares, a stake worth more than $370,000. Seagen and Pfizer They also filed filings for their proposed merger with the Federal Trade Commission on Friday, just days before the FTC filed a lawsuit to block Amgen’s acquisition of Horizon Therapeutics.
Sea Limited — The consumer internet company plunged 17% after slightly missing expectations for first-quarter revenue. The company had revenue of $3.04 billion, below the consensus estimate of $3.06 billion from analysts polled by FactSet.
GE HealthCare – Shares of the medical technology company rose nearly 3% after Oppenheimer began coverage with an outperform rating on Monday. The company said GE HealthCare is well positioned to capitalize on an aging population and rise in chronic diseases. GE HealthCare divested from parent company General Electric in early 2023 and began public trading on the Nasdaq on Jan. 4.
Etsy — Stock fell more than 5% after Morgan Stanley cut its price target to $74 per share from $79, down 24% from Monday’s close. The Wall Street company said it expects slower growth for Etsy.
— CNBC’s Yun Li, Tanaya Macheel, Alex Harring, Samantha Subin, Hukyung Kim, Brian Evans, Sarah Min and Michael Bloom contributed coverage.