The stock market had one of its most volatile trading days in months on Friday, as the Dow Jones Industrial Average (DJIA) fell by more than 800 points at one point in the afternoon. While the Dow has since recovered most of those losses, it’s still down by around 300 points as of mid-afternoon on Friday, and that decline caused some big moves throughout the rest of the market as well. Here are five stocks making big moves midday today along with an explanation of why their prices dropped or rose so quickly.
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Boots Walgreens Alliance — The pharmacy chain’s stock increased 2.4%, helping the Dow Jones Industrial Average. Following news of the company’s acquisition of CareCentrix, Walgreens had a rise. On a yearly basis, the stock is still down around 36%. On Thursday, Walgreens is expected to release its quarterly profits.
Uber and Lyft Following the Labor Department’s proposal of a new regulation that might allow gig workers to be reclassified as employees rather than independent contractors, the shares of the ridesharing businesses fell 10.4% and 12%, respectively. The idea would result in higher expenses for the businesses, which rely on contract drivers who operate according to their own schedules.
Sands of Las Vegas and Wynn Resorts — On Tuesday, the casino sector lagged the overall market, with shares of Wynn Resorts and Las Vegas Sands both down by 7.5% and 7%, respectively.
Shares of industrial producer Leggett & Platt fell 7.2% after it lowered its full-year sales and earnings forecast, citing rising inflation and difficult economic circumstances.
Bilibili — After Bernstein downgraded the stock from market perform to underperform, citing balance sheet concerns, shares of the Chinese video streaming business fell nearly 7.3%.
— Zscaler Following Zscaler’s announcement of Amit Sinha’s retirement as CEO, the cloud security shares fell 5.4%. Sinha will stay on the board of the business.
Shares of Netflix fell nearly 6.8% when Bank of America reissued an underperform rating on the streaming giant ahead of its results the following week, claiming that their advertising tier continues to “come off as a bit hurried.”
ON Semiconductor and Qualcomm — Semiconductor stocks continued to fall on Tuesday following the Biden administration’s announcement on Monday of additional export limitations to China. On Semiconductor fell by about 4%, Qualcomm fell by 4%, and Marvell fell by 4.1%.
Roblox: After Barclays launched research on the stock as underweight with a price objective that would indicate it losing around 44% of its worth, shares of the technology business fell 2.4%. The company blamed the drawback on its user base’s poor growth potential.
Meta — After Atlantic Equities downgraded the stock from overweight to neutral, shares of the parent company of Facebook slumped 3.9%. The investment firm claimed that because Meta is investing extensively in research and development, a deteriorating economy combined with increased competition in the digital advertising market might reduce the company’s income.