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CVS, Credit Suisse, AMD, Lyft and more




Omar Marques | LightRocket | Getty Images

Take a look at the companies making headlines during midday trading on Friday.

Ambac Financial Group ̵[ads1]1; The shares of the municipal bond insurance company shot up 13.2% on news of a settlement with Bank of America that would give Ambac $1.84 billion. The settlements result from lawsuits related to the bond insurance Ambac used for Bank of America before the financial crisis in 2008. Bank of America fell around 2.4 percent.

Levi Strauss – Levi’s fell 9.3% after cutting its full-year sales and profit outlook on Thursday, as the apparel maker cited problems stemming from its supply chain and the stronger US dollar.

DraftKings – Shares of DraftKings rose 1% on a Bloomberg report that the online sports betting company is close to a partnership deal with ESPN.

Lyft – The riding company fell 7.9% after RBC downgraded the stock to sector perform from outperform. RBC said rival Uber, which was down around 4.5%, had “structural advantages”.

CVS health – Shares of CVS fell 11.3% after a report that the health giant is in “exclusive talks” to buy Cano Health. The company had already fallen after the Centers for Medicare and Medicaid Services downgraded one of its Aetna Medicare Advantage plans in its annual ratings. The Cano share rose 9 percent.

Tesla, Twitter – The two businesses continued to move after a week of news that Elon Musk was reviving his high-profile plans to buy Twitter. Tesla fell 6.1%, while Twitter lost 0.2%. On Thursday, a judge said Musk must complete the purchase by Oct. 28 to avoid a lawsuit.

Swiss credit – The European bank was up 10.8% after offering to buy back $3 billion in debt securities on Friday and sell a well-known hotel it owns. It marks another day of turmoil for shares in the stock – which hit a low earlier in the week – as market observers questioned the bank’s health.

DexCom – Shares of the maker of glucose monitoring devices rose 9% after the Centers for Medicare and Medicaid Services updated a local coverage provision related to such devices. The move could boost the bottom line for DexCom, a key player in the continuous glucose monitoring space.

apple – The technology giant was down 3.5% despite Morgan Stanley reiterating the stock as overweight, noting increased iPhone lead times. People who follow the company have expressed concern about the performance of the new iPhone series compared to previous launches as Apple moved forward with plans to increase production.

Meta – The Facebook owner also fell 3% despite being reiterated as a buy by Citi, which noted an appealing risk/reward outlook as Reels revenue rises and new ad formats enter.

Cannabis companies – Shares of cannabis companies were all down after initially rising on news that President Joe Biden wants a review of how marijuana is classified under federal law. Biden also announced that he would pardon thousands convicted of marijuana possession. Tilray Brandswhich reported a bigger-than-expected quarterly loss on Friday, was down 16%. Canopy growth fell more than 22 percent, Aurora Cannabis fell 11% and Cronos Group lost 10%.

Advanced Micro Devices – Advanced Micro Devices shares fell 11.2% after the semiconductor company posted disappointing third-quarter preliminary results and said it expected revenue to fall short of its previous forecast of $6.7 billion. AMD blamed the shortfall on weakened PC demand and supply chain constraints. Shares in other chip companies included Intel and Nvidia fell on the news.

Unity software – Shares of Unity, known for its three-dimensional design software, fell 8.3%. That contrasts with Needham earlier Friday initiating the stock as a buy with 39% upside.

Prevention – Shares in the biopharmaceutical company rose 11.8%, continuing to rise on news Thursday of plans to launch a drug candidate for type 1 diabetes.

— CNBC’s Samantha Subin, Michelle Fox, Carmen Reinicke, Tanaya Macheel and Yun Li contributed reporting.



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