Check out the companies making headlines in midday trading.
Walgreens — The drug store chain fell about 5% after the company reported its quarterly results. Despite recording a beat on earnings, it did not raise its forecast for the year The company’s president said on its earnings call Thursday that demand for Covid testing has slowed since January, and it could take time for its healthcare investments to pay off.
Baidu — Shares for the tech company tumbled roughly 7%. Baidu was added to the Securities and Exchange Commission’s list of U.S.-traded China stocks that could be delisted should the internet search company fail to disclose financial audits to U.S. regulators.
AMD — The chipmaker lost 7.1% after Barclays downgraded the stock to equal-weight and lowered its price target from $148 to $115. The bank cited “cyclical risk across several end markets,” including PC and gaming as contributors to the downgrade.
Dell Technologies and HP — Shares of the computer equipment companies fell after Morgan Stanley downgraded Dell to equal-weight and HP to underweight. The bank cited ongoing macro uncertainty and a “cautious hardware outlook” among the reasons for the downgrade. Dell fell 5.4%, while HP shed 5%.
PVH — Shares of the Calvin Klein parent fell 6.4% after Morgan Stanley downgraded the stock to equal-weight from overweight. “Expect the stock to remain range-bound for now,” the firm said.
Amylyx Pharmaceuticals — The stock lost 13.5% after a Food and Drug Administration panel voted to not recommend the approval of an experimental ALS drug developed by Amylyx. The panel said study data failed to prove that the drug was effective in fighting the disease.
Occidental Petroleum — Shares rallied about 2% after CEO Vicki Hollub purchased 14,191 of her own company’s shares. The moves come after Warren Buffett’s recent buying spree in the outperforming energy stock.
UBS — The bank’s stock rose 1.2% after Goldman Sachs initiated UBS with a buy rating. Goldman said the rise of fintech is a positive for the banking industry.
— CNBC’s Tanaya Macheel, Sarah Min and Samantha Subin contributed reporting
