Ford Motor Company’s electric F-150 Lightning on the production line at their Rouge Electric Vehicle Center in Dearborn, Michigan on September 8, 2022.
Jeff Kowalsky | AFP | Getty Images
Check out the companies making headlines in midday trading Tuesday.
Change Healthcare – Shares of Change Healthcare jumped 6.4% after a federal judge said that UnitedHealth cannot take over the company. UnitedHealth slipped Tuesday on the news.
Ford — The auto giant’s stock dropped 12.3% after the company told investors that its third-quarter costs were $1 billion more than expected due to inflation and supply chain issues. Ford’s operations were also impacted by a dock worker strike in the UK that began Tuesday.
PayPal – The payments stock dropped 3.6% after Susquehanna downgraded PayPal to neutral from positive. Susquehanna said the growth of PayPal’s Braintree unit is likely to hurt overall margins.
Humana – Shares of health company Humana gained 0.36% and touched an all-time high a day after the company raised its earnings guidance for the fiscal year. The company was also upgraded by Morgan Stanley, who said it could be the top retail drug plan for Medicare Advantage.
Cognex — Shares of machine vision systems maker Cognex jumped 6.5% after the company raised its revenue outlook for the current quarter. The updated revenue comes after the company recovered faster than expected from a fire at one of its primary manufacturers.
Oxford Industries — The parent of Tommy Bahama and Lily Pulitzer surged 5.9% after making a $270 million acquisition that will boost earnings, and raising its third-quarter forecasts.
Olin — The manufacturing company fell 4.2% after issuing its third-quarter EBITDA guidance. Olin sees third-quarter adjusted EBITDA of $530 million to $550 million, down about 15% from the second quarter.
Apogee Enterprises – The building materials maker rallied 5.3% after earnings topped analyst estimates and it raised its financial forecasts.
Nike – Shares of the athletic apparel retailer fell 4.5% after Barclays downgraded the stock to equal weight from overweight. The firm pointed out that Nike’s continued volatility in China and demand erosion in North America and elsewhere could weigh on shares.
Western Digital – Shares of Western Digital slipped 2.9%, touching a new 52-week low, after Deutsche Bank downgraded the storage company to hold from buy, citing softening demand.
Wynn Resorts, Las Vegas Sands — Casino stocks were the outperformers in the S&P 500 on Tuesday, with Wynn Resorts advancing 2.9% and Las Vegas Sands up 1.18%. They were among just 15 stocks in the broader market index trading in positive territory, according to FactSet.
MicroStrategy – Shares of software company MicroStrategy fell 4.7% after the company announced that it made its smallest purchase of Bitcoin in two years. The company bought 301 bitcoin for roughly $6 million, according to a Tuesday filing.
— CNBC’s Jesse Pound, Tanaya Macheel, Scott Schnipper Sarah Min and Alex Harring contributed reporting
Image and article originally from www.cnbc.com. Read the original article here.