DoorDash, Biogen, T. Rowe Price, Crocs and more
One person rides a skateboard past Biogen Inc.’s headquarters in Cambridge (Massachusetts) on Monday, 6/7/2021.
Adam Glanzman | Bloomberg | Getty Images
See which companies are making the headlines Wednesday in midday trading.
Biogen — Shares of Biogen fell more than 9% after Medicare said it would only cover the company’s controversial Alzheimer’s drug for patients who are willing to enroll in qualifying clinical trials. Also, the company was awarded a downgrade from Piper SandlerFrom overweight to neutral
DoorDash — Shares of the food delivery company rose slightly after Evercore raised its rating on the stockTo outperform other companies. DoorDash’s growth fundamentals are strong and the company has a reasonable record of profitability. Also on Wednesday, Meta Platforms named DoorDash CEO Tony Xu to its board of directors.
Ally Financial — Shares of the digital bank gained 2.8% after the company announced a 20% dividend increase, raising its quarterly payout to 30 cents per share. Ally authorized $2 billion in share repurchases.
Dish Network — The satellite TV company saw its shares climb 4.3% following a New York Post report that its in merger talks with DirecTV. For over twenty years the two companies have held periodic talks about potential deals. According to reports, TPG Capital is pushing for DirecTV’s latest round.
Quest Diagnostics — Shares of Quest Diagnostics fell 6.5% even after the company reported preliminary fourth-quarter adjusted earnings of $3.33 per share. This beat the FactSet estimate at $3.07 per shares. The company reported however that Covid testing volume in the fourth quarter was lower than the previous year.
T Rowe Price — T. Rowe Price shares fell 6.1% after the company reported a modest increase in preliminary assets under management, which totaled $1.69 trillion at the end of December, compared to $1.63 trillion at the end of November.
Crocs — Shares of the shoe company ticked 3.5% higher in midday trading after Piper Sandler named the stock a top 2022 pick. Wall Street’s firm stated that Crocs would see an “impressive consumer increase” in the years ahead.
Take-Two Interactive — Shares of the online gaming company added more than 3% after BMO Capital Markets lifted its rating on the stockTo outperform. Take-Two is currently negotiating to buy Zynga. This was the basis of Take-Two’s bullish bet. worth $12.7 billion. BMO stated that it will help to smoothen earnings volatility while providing compelling synergy possibilities.
PayPal — The digital payments stock fell more than 2% after Jefferies downgraded PayPal to a hold ratingReduce its price target and buy it. The firm stated that it is becoming more prudent about the “fundamental backdrop” in 2022. It believes multiple expansion possibilities are limited until investors have restored confidence in PYPL’s medium-term goals.
Ambarella — Shares of Ambarella shares gained nearly 3% after Wells Fargo upgraded the stock to overweight, saying the chipmaker has an attractive valuation and is a good artificial intelligence market play.
— CNBC’s Hannah Miao, Maggie Fitzgerald, Pippa Stevens and Yun Li contributed reporting