Stock Market

Stocks making the biggest moves midday: Medtronic, Roku, Bloomin’ Brands, CMC Materials and more

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Simone Baribeau | Bloomberg | Getty Images

Check out the companies making headlines in midday trading Wednesday:

Medtronic — The medical technology company’s shares declined 6.7% after Medtronic revealed its diabetes business received a warning letter from the Food and Drug Administration on Dec. 9 about the inadequacy of medical device quality system requirements at one of its California facilities. On Monday, Medtronic lowered its revenue expectations for the fiscal third quarter and fiscal 2022.

Eli Lilly — Shares of the pharmaceutical company jumped more than 9% after Eli Lilly released updated guidance. The company raised its earnings outlook for 2021 and projected a bigger-than-expected jump in earnings for 2022, according to FactSet.

Nucor — The steel products company saw shares tumble more than 11% after it gave fourth-quarter guidance that targeted earnings between $7.65 per share and $7.75 per share. Analysts were expecting guidance of around $8.18 per share, according to FactSet. Nucor said it expects steel products to increase earnings as demand in nonresidential construction markets remain strong, but that raw materials earning would fall due to margin compression at direct reduced iron facilities.

Progressive — Shares of the insurance company jumped 5.9% after the firm reported monthly metrics that included $3.29 billion in net premiums written, compared with $2.9 billion the same time a year ago. Progressive also reported $3.59 billion in net premiums earned, compared to $3.1 billion a year ago.

Roku — The streaming brand saw its shares tumble 13.6% after being hit with a patent infringement ruling from the International Trade Commission that could potentially ban some of this products being imported. However, Roku told CNBC it does not anticipate any disruption in its ability to import their products.

Bloomin’ Brands — Shares of the restaurant company reversed a premarket surge and turned lower, sliding more than 4.1% despite a bullish call from Jefferies. The firm named the stock to its franchise picks list, which include its highest conviction buy-rated stocks, saying its “primed to benefit from positive structural changes in the US casual dining category.”

Vir Biotechnology — The drugmaker’s shares jumped 14% after the company announced that further data showed its Covid-19 antibody therapy was effective against the omicron variant. Vir Biotechnology is on track to post its fifth straight day of gains.

CMC Materials, Entegris — The materials suppliers shares’ were on the move after CMC agreed to be acquired by rival Entegris in a cash-and-stock transaction worth $197.53 per CMC share, based on Tuesday’s closing prices. CMC’s stock soared by more than 28.6%, while Entegris shares lost almost 6.2%.

R.R. Donnelley — The printing company saw its shares dip 2.8% after it agreed to an acquisition by its top shareholder, Chatham Asset Management, for about $897 million. RR Donnelley terminated an earlier deal reached with private equity firm Atlas Holdings for a buyout after it had determined Chatham’s bid was “superior.”

Regeneron Pharmaceuticals — Shares of Regeneron retreated 2.1% after Bernstein downgraded the stock to a market-perform rating from outperform. The firm said the pharmaceutical company’s major drugs face increasing competition, which could impact Regeneron’s sales.

 —CNBC’s Hannah Miao, Pippa Stevens, Jesse Pound and Yun Li contributed reporting.

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