Check out the companies making headlines in cloud trading.
An Apple store on Nanjing Road Pedestrian Street in Shanghai, China, on December 16, 2022.
CFOTO | Future Issue | Getty Images
snap – Shares of tech companies gained nearly 13%, their strongest day since November. The stock gained as US lawmakers prepare legislation that would give President Joe Biden the authority to ban TikTok, one of Snapchat’s main competitors.
Apple – Shares advanced more than 3% after Goldman Sachs initiated coverage of the big tech stock as a buy. The company said Apple could be driven by its services business.
Credit Switzerland – Shares fell about 1% after former major shareholder Harris Associates sold all of its shares in Credit Suisse, according to a Financial Times report. Harris Associates CIO David Herro said there are questions about the future of the franchise and the large flow from the wealth management division.
Boeing – Shares of the aerospace company fell 1.6% after reports that software problems could delay deliveries of the MAX and 787 planes for up to a year.
RH – The furniture store, formerly known as Restoration Hardware, saw its stock drop more than 2% after Jefferies downgraded it from a buy. Wall Street firms say the luxury housing market is struggling to stabilize, which will hurt RH’s business.
Biomarin Pharmaceuticals – Shares are down more than 6% after competitors BridgeBio Pharma reported positive trial data on a candidate for achondroplasia, the most common form of dwarfism, in children, which could challenge the drug Voxzogo Biomarin.
Emerson Electric Kab – Shares rose about 3% after UBS upgraded it to buy from neutral. The Wall Street firm says its derating of Emerson Electric is overdone.
Vir Biotechnology – Biotech stocks added 1.4% after JPMorgan upgraded it to overweight from neutral. The company said it has a strong drug pipeline, specifically citing trials for hepatitis B and flu.
Domino’s Pizza – Shares of Domino’s Pizza advanced more than 4%. On Friday, Gordon Haskett downgraded the stock from buy, and lowered the price target, saying that the pizza chain will be difficult to “easily drive back to 6-10% annual system sales growth on average.”
– CNBC’s Alex Harring, Yun Li, Sarah Min and Michelle Fox contributed reporting.