GM, STLA, ADBE, DASH and more

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GM, STLA, ADBE, DASH and more

GM workers with the UAW Local 2250 union strike outside the General Motors Wentzville Assembly Plant in Wentzville, Missouri, September 15, 2023.

Michael B. Thomas | Getty Images

Check out the companies making headlines in midday trading.

General Motors, ford, Stellar – Shares of Ford were almost flat, while General Motors rose 0.9% and Stellantis rose 2.2% as a targeted strike by the United Auto Workers began. Workers at several assembly plants of the three automakers walked off their jobs on Thursday evening after an important deadline for negotiating a new employment contract expired.

Planet Fitness – Shares fell 15.9% after the gym chain’s board ousted CEO Chris Rondeau. The move was shocking to employees close to Rondeau, a person familiar with the matter told CNBC. Board member Craig Benson, known for his role as a former governor of New Hampshire, is the interim CEO.

Nucor — The steelmaker fell 6.1% after giving worse-than-expected third-quarter profit guidance, with the company citing pricing and volume issues. Nucor expects earnings between $4.10 and $4.20 per share, while analysts surveyed by LSEG, formerly known as Refinitiv, forecast $4.57.

PTC Therapeutics – Therapeutics shares plunged 29.8% after the European Medicines Agency’s Committee for Medicinal Products for Human Use issued a negative opinion on converting conditional to full marketing authorization for a PTC drug to treat the nonsense mutation Duchenne muscular dystrophy had. Raymond James downgraded the stock from Outperform to Underperform following the news.

Core & Main – The infrastructure stock fell 4.1% a day after announcing a secondary share offering. The offering of 18 million Class A shares by selling shareholders will occur simultaneously with the repurchase of 3.1 million Class A shares. Equity shares in a corporate entity will also be repurchased.

Arm Holdings – Shares fell 4.5% during its second session as a public company. Investment banking firm Needham began reporting on the deferred stock without a price target following Arm’s debut, which valued the company at about $60 billion. However, Needham analyst Charles Shi warned that the stock’s value has already been “fulfilled.”

Isolate, Dexcom – Shares of healthcare companies specializing in diabetes fell on Friday after Bloomberg News reported Thursday afternoon Apple has chosen a new leader for its team working to develop a non-invasive blood glucose meter. Shares of Insulet fell 2.9%, while Dexcom fell 5.1%.

Chip Manufacturers – Chip Equipment Inventories ASML Holding, UCK, Lam research And Applied materials all fell after a report about it Taiwan Semiconductor is asking suppliers to delay deliveries due to demand concerns. U.S.-listed shares of Taiwan Semiconductor fell 2.4%.

Adobe — Shares of the Photoshop maker fell 4.2% following Adobe’s third-quarter results on Thursday. The company reported an increase in profit and revenue and guidance that was in line with Street forecasts. While Goldman Sachs and Bank of America reiterated their buy ratings, JPMorgan remained neutral, citing macro headwinds and a high premium for Adobe’s pending $20 billion acquisition of Figma.

Apellis Pharmaceuticals – The biopharmaceutical company rose 2.6% after Wells Fargo upgraded the stock to Overweight from Equal Weight. The bank said Apellis had a favorable risk-reward ratio ahead of third-quarter results.

DoorDash – Shares of the food delivery company fell 2.5% after MoffettNathanson downgraded the stock to market perform from outperform. The Wall Street firm said the resumption of loan repayments brings booking risk for food delivery. The stock is still up more than 60% this year.

Axis Capital – The insurance stock rose 3.1% after Bank of America upgraded the stock to “buy” from “underperform.” The Wall Street firm said its pessimistic outlook has changed despite recent underperformance in the reinsurance sector.

Estee Lauder – The cosmetics stock rose nearly 1% after Redburn Atlantic Equities became less bearish. The company upgraded shares to Neutral from Sell, saying the company is experiencing technical benefits as customer ordering patterns normalize.

Casella waste systems – Waste inventory traded about 1.6% higher after Goldman Sachs initiated the purchase. Goldman called the company a “compounder with pricing.”

—CNBC’s Yun Li, Jesse Pound, Samantha Subin, Pia Singh, Brian Evans and Lisa Kailai Han contributed reporting.