Stocks Soaring Amid midday Trading: Walgreens, Coinbase, Duolingo, Ralph Lauren Leads the Pack

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Stocks making the biggest moves midday: Walgreens, Coinbase, Duolingo, Ralph Lauren and more. Walgreens Boots Alliance (WBA) up 4.5% after the company announced it would purchase pharmacy chain Rite Aid (RAD) in a $9 billion deal, which will combine its 8,000 stores with Rite Aid’s nearly 4,600 stores to create what will be the largest U.S. drugstore chain by number of outlets…

After the business released better-than-expected quarterly earnings, Doximity, an online network for medical practitioners, soared more than 32.7%. Additionally, Doximity unveiled a fresh share repurchase plan.

Walgreens — Shares increased 7.2% following a buy rating upgrade from hold by Deutsche Bank, which praised Walgreens’ acquisition and merger intentions.

Coinbase – After Piper Sandler reaffirmed its overweight recommendation on the company and said it was well positioned to “weather a lengthy crypto winter,” Coinbase saw a 12.8% increase. After the abrupt collapse of the well-known FTX exchange, the cryptocurrency sector is prepared for a significant setback that will probably increase price pressure and reduce trading activity.

Duolingo — Shares of the firm that provides a platform for learning various languages fell 13.4% after it announced lower-than-expected sales and a smaller-than-expected quarterly loss. Also raising its full-year forecast was Duolingo.

Wynn Resorts – The casino’s shares increased by more than 8.3% after China announced it will relax some Covid regulations, shortening the two-day quarantine period for visitors from other countries. The tight Covid regulations in China put strain on Wynn Resort’s Macau business this year.

Ralph Lauren’s stock increased 9.4% after the apparel company announced second-quarter results that were higher than anticipated. UBS noted helpful modifications to the company’s business strategy and referred to it as a “turnaround stock.”

GSK \s — Following GSK’s announcement on Friday that it would not use an ovarian cancer drug in the United States for specific patients with consumer mutations, shares of the pharmaceutical company fell 5.6%, according to Reuters. Additionally, UBS downgraded it from positive to neutral due to its “unattractive earnings scenario.”

Health equities – As the market began to recover this week, investors began to shift away from these consistent outperformers in favour of growth firms, which sent the S&P 500 index down. Cigna (down 6%), Elevance (down 5.9%), Humana (down 5.3%), Vertex (down 2.5%), and Mckesson (down 3.8%) were among the underperformers.

Imax – Following Wedbush’s recognition of Imax as one of its top ideas, shares of the entertainment business increased 6.9%. The business said that it was in a good position to take advantage of the uptick in theatre demand.

Netflix — The market leader in streaming gained 5.5% after JPMorgan reiterated its overweight rating on the stock, citing “increased conviction” in the company’s capacity to boost operating margins, free cash flow, and revenue growth.

General Motors – After Citi confirmed the business as a top selection, the shares of the global automaker increased by 3.5%. Prior to the company’s investor day the following week, Citi stated that it anticipates “growth and resilience”.

Amazon – Following a Wall Street Journal story that the company is reviewing cost-cutting initiatives, particularly at underperforming business divisions like Alexa, Amazon’s shares increased 4.3%. Bank of America and Morgan Stanley analysts on Wall Street applauded the decision.

— LegalZoom Following the release of a quarter’s loss that was less than anticipated, the stock increased by 10.4%. The supplier of legal documents also raised its expectation for the entire year.

Beazer Homes — Shares of the homebuilding firm rose 3.6% after Beazer exceeded forecasts for earnings and revenue, saying that higher house prices and profit margins were a contributing factor.

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