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Medtronic, Roku, Bloomin’ Brands, CMC Materials and more


Simone Baribeau | Bloomberg | Getty Images

These are the top companies in Wednesday’s midday trading.

Medtronic — The medical technology company’s shares declined 6.7% after Medtronic revealed its diabetes business received a warning letter from the Food and Drug Administration on Dec. 9 about the inadequacy of medical device quality system requirements at one of its California facilities. Medtronic has lowered its fiscal revenue estimates for fiscal 2019 and 2022 on Monday.

Eli Lilly — Shares of the pharmaceutical company jumped more than 9% after Eli Lilly released updated guidance. FactSet reports that the company has raised its earnings outlook to 2021, and projects a greater than expected jump in earnings to 2022.

Nucor — The steel products company saw shares tumble more than 11% after it gave fourth-quarter guidance that targeted earnings between $7.65 per share and $7.75 per share. FactSet reports that analysts were anticipating guidance at $8.18 per share. Nucor indicated that while it believes steel products will increase in earnings due to strong nonresidential building markets, however raw material earnings would decline because of margin compression at the direct reduced iron plants.

Progressive — Shares of the insurance company jumped 5.9% after the firm reported monthly metrics that included $3.29 billion in net premiums written, compared with $2.9 billion the same time a year ago. Progressive’s net premiums earned were also $3.59 billion, as opposed to $3.1 million a year earlier.

Roku — The streaming brand saw its shares tumble 13.6% after being hit with a patent infringement ruling from the International Trade Commission that could potentially ban some of this products being imported. Roku said that it doesn’t anticipate any interruption in its ability import the products.

Bloomin’ Brands — Shares of the restaurant company reversed a premarket surge and turned lower, sliding more than 4.1% despite a bullish call from Jefferies. According to Jefferies, the stock was added to the franchise picks, which includes the stocks with the highest conviction ratings. The company said that the stock is “primed for positive structural changes in US casual dining.”

Vir Biotechnology — The drugmaker’s shares jumped 14% after the company announced that further data showed its Covid-19 antibody therapy was effective against the omicron variant. Vir Biotechnology has posted its fifth consecutive day of gains.

CMC Materials, Entegris — The materials suppliers shares’ were on the move after CMC agreed to be acquired by rival Entegris in a cash-and-stock transaction worth $197.53 per CMC share, based on Tuesday’s closing prices. CMC shares rose more than 28.6% and Entegris shares dropped almost 6.2%.

R.R. Donnelley — The printing company saw its shares dip 2.8% after it agreed to an acquisition by its top shareholder, Chatham Asset Management, for about $897 million. After Chatham had declared its bid “superior”, RR Donnelley ended an agreement with Atlas Holdings to buy out the printing company.

Regeneron Pharmaceuticals — Shares of Regeneron retreated 2.1% after Bernstein downgraded the stockTo a market-perform rating of outperform. It was stated that Regeneron may lose sales due to increased competition for its major drugs.

 —CNBC’s Hannah Miao, Pippa Stevens, Jesse Pound and Yun Li contributed reporting.