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Business

Meta, Maxar Technologies, Ford, Goldman Sachs and more




The logo of Meta Platforms is seen in Davos, Switzerland, on May 22, 2022.

Arnd Wiegmann Reuters

Check out the companies making headlines in the midday trade.

Meta platforms – Shares of Meta Platforms rose 3.5% after JPMorgan upgraded the social media company to buy and raised its price target, saying headwinds will ease next year.

Maxar Technologies – Shares of the satellite owner and operator surged 122% following news that private equity firm Advent International will buy the company and take it private in a deal valued at $6.4 billion, or $53 per share. The stock closed at $23.10 per share on Thursday.

Goldman Sachs — Goldman Sachs shares fell 1% amid news that the Wall Street firm will cut up to 8% of its workforce. The layoffs are slated to come in January and affect all areas of the Wall Street firm, CNBC reported, citing people familiar with the matter.

Ford — Ford shares fell 6.2% after the automaker said it is raising the base price of its F-150 Lightning pickup again due to higher raw material costs.

Adobe — Shares of the design software maker rose more than 3% after the company reported fourth-quarter fiscal results and guidance that beat analysts’ expectations. Adobe maintained its forecast for the new fiscal year, while announcing a plan to buy hot startup Figma in the quarter.

Darden restaurants — Darden Restaurants fell 4% despite delivering an earnings and revenue pace for the second quarter of fiscal 2023. However, it also reported profit margins of 18.6% for Olive Garden, its largest holding, down from 21.6% in fiscal 2022 second quarter.

New York Times — The newspaper stock fell 3.7% after Morgan Stanley downgraded the name to equal weight from overweight. The Wall Street firm recently cited underperformance in net additions as well as growing macro headwinds to ad revenue.

Accenture — Shares fell 5.1% after the consultancy gave a light earnings outlook and noted that the effects of a strong dollar will weigh on 2023 financial results. Accenture beat top and bottom line estimates.

Scholastic — Shares in the publishing company rose by 9.7% after a strong quarterly report. Scholastic said profit margins increased during the period.

Lincoln National — Shares fell more than 4% after Lincoln National was downgraded to underperform by Jefferies, according to StreetAccount. The investment firm said it expects free cash flow at Lincoln National to remain squeezed in 2023 and 2024.

US Steel — The steelmaker’s shares rose more than 4.5% after sharing better-than-expected guidance for the current quarter.

Energy stocks — The energy sector was one of the biggest decliners in the S&P 500, falling 2% on the back of falling oil prices. Shares of Coterra energy and APA Corp. were each down more than 4%. Halliburton was approximately 3% lower. Marathon oil fell more than 2%.

US-listed China stocks— Some China-based stocks listed on US exchanges rose on Friday. JD.com and Ali Baba shares rose more than 1%. Electric vehicle storage Xpeng added more than 4%. It came as concerns about removal eased as the US gained access to necessary audit documents.

Guardian Health — Guardant Health’s shares fell 30% after it revealed that its blood tests for detecting colon cancer were less effective than the stool-based test created by its competitor Exact Sciences. Shares of Exact Sciences rose more than 17%.

— CNBC’s Sarah Min, Yun Li, Carmen Reinicke, Michelle Fox contributed reporting



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