Stocks making the biggest moves midday: News Corp, Alibaba, Applied Materials and more

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Alibaba Group sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. 
Aly Song | Reuters

Check out the companies making headlines in midday trading.

News Corp — The media company’s shares jumped nearly 4% after reporting an earnings beat in the fiscal fourth-quarter. News Corp posted adjusted earnings of 14 cents per share, while analysts polled by Refinitiv had estimated 8 cents per share. Meanwhile, the company’s revenue of $2.43 billion missed analyst forecasts of $2.49 billion.

UBS — Shares rose 5% on news that UBS ended a roughly $10 billion loss protection agreement and a public liquidity backstop with Credit Suisse. The company also confirmed that Credit Suisse fully repaid a 50 billion Swiss franc emergency liquidity loan to the Swiss National Bank.

Chip stocks — Semiconductor shares dropped more than 2% Friday, putting the sector on pace for a weekly decline of 4.5%. The VanEck Semiconductor ETF (SMH) fell 2.2%. NXP Semiconductors, Lam Research, Applied Materials, Nvidia and On Semiconductor each tumbled by about 3% or more midday Friday. 

Maxeon Solar Technologies — Shares plummeted 32% after the company reported a revenue miss in the second quarter amidst weakening demand. The company posted $348.4 million in revenue last quarter, short of the $374.3 million anticipated by analysts polled by FactSet. Maxeon forecasts revenue to range between $280 million and $320 million in the third quarter, while analysts called for $394.8 million.

China-based companies — The U.S.-traded shares of Chinese companies tumbled after Chinese property giant Country Garden issued a profit warning amidst a decline in real estate sales, adding to negative sentiment surrounding China’s economy. and Alibaba lost 6% and 4%, respectively. Nio declined by 2.7%. 

Wynn — The casino operator’s shares retreated 4%. The decline comes after shares rose nearly 3% in the previous session on the back of the company’s earnings announcement. Casino and hospitality peer Caesars Entertainment lost 3.2% in sympathy.

Krispy Kreme — The doughnut maker popped 3% after JPMorgan reiterated its overweight rating, noting that shares are cheap.

Coinbase — The crypto exchange’s stock dipped about 2% after Mizuho reiterated its underperform rating on the stock. The Wall Street firm said retail crypto traders are flocking to Robinhood to trade cryptocurrencies and away from Coinbase.

Tapestry — Shares gained 1% Friday, partly recouping losses of 16% from Thursday’s trading session. Tapestry announced Thursday morning it would acquire Capri Holdings in an $8.5 billion deal. 

Kura Oncology — The biotech company’s shares rose 4% after Bank of America initiated coverage of Kura with a buy rating in a Friday note. 

DigitalOcean Holdings — Shares added 2.8% following an upgrade from Morgan Stanley to equal weight from underweight. The firm said its underweight thesis on DigitalOcean has largely played out.

— CNBC’s Alex Harring and Yun Li contributed reporting

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