The ViacomCBS logo is displayed on the Nasdaq MarketSite to celebrate the company’s merger, in New York, December 5, 2019.
Check out the companies making headlines in midday trading.
ViacomCBS, Discovery — The media stocks ensnared in the Archegos Capital Management margin call last week rebounded on Tuesday, chipping away at their recent losses. The class B shares of ViacomCBS rose 3.6%, while Discovery's class A shares jumped 5.4%.
Nomura, Credit Suisse — Shares of Nomura and Credit Suisse fell again in midday trading after news of anticipated loss from the fallout of Archegos Capital's stock sales. Nomura was down 2.3% and Credit Suisse slid 3.5%.
Wells Fargo — The bank's stock popped 2.5% after announcing it no longer has any exposure to Archegos. "We did not experience losses related to closing out our exposure," the bank said in a statement.
Roku – The video streaming stock jumped 3.7% after Truist Financial upgraded the company to buy from hold. The Wall Street firm said it sees more upside ahead and that the company's valuation is "tenable."
BioNTech – Shares of the biotech company advanced 8.9% after BioNTech increased its manufacturing goal for its Covid-19 vaccine. The company is targeting 2.5 billion doses manufactured by the end of 2021, compared to prior predicted output of 2.3 billion to 2.4 billion doses.
McCormick – Shares of the spice company advanced more than 2% but closed lower after McCormick beat top and bottom line estimates during its fiscal first quarter. The company earned 72 cents per share excluding items and posted $1.48 billion in revenue. Analysts surveyed by Refinitiv were expecting a 59-cent per share profit and $1.38 billion in revenue. The company also raised its full-year outlook as the pandemic continues to drive at-home cooking.
Money Report
FactSet — Shares of the financial information provider dipped 3.9% after missing analyst estimates for its quarterly EPS. FactSet reported adjusted quarterly earnings of $2.72 per share, below the consensus estimate by 2 cents, while revenue was in line with Wall Street forecasts.
Yelp – Shares of the review site operator popped 3.7% after Citi upgraded the stock to buy from neutral. The bank said Yelp is a key beneficiary as the economy reopens and consumers return to dining out.
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DraftKings — Shares of the sports betting company popped 4.8% after announcing the acquisition of sports betting and content company VSiN for an undisclosed amount.
Tegna — The broadcasting stock climbed 5.7% after Tegna announced a dividend hike. The company's new payout will be 10 cents per share higher on an annual basis, up 36% over the prior dividend.
— with reporting from CNBC's Pippa Stevens, Yun Li, Jesse Pound and Rich Mendez.
