Check out the companies making headlines in midday trading:
Mallinckrodt – The pharmaceutical company’s stock nosedived 38% following a Bloomberg report that the company is facing a number of opioid lawsuits and might file for bankruptcy. The company already has $5 billion in debt and has agreed to pay more than $15 million to resolve claims of illegal kickbacks paid to doctors.
Facebook, Match – Shares of the technology giant rose 2% after it launched its new Facebook Dating feature in the U.S. Consequently, shares of Match, the owner of several online dating services, dropped as much as 5% after Facebook’s announcement before closing down 4.5%.
Slack – Shares of the maker of the popular workplace chat app fell 3.4% after reporting slower revenue growth and increasing competition from Microsoft. Slack reported a smaller-than-expected adjusted loss per share of 14 cents, compared to Refinitiv’s estimated loss per share of 18 cents. However, the company forecast a slightly larger-than-expected loss per share for the third quarter than analysts had projected.
General Electric – GE’s stock climbed 0.1% after Morgan Stanley began coverage of the embattled conglomerate, opening with an equal weigh rating and a $10 a share price target. While the firm said it sees optimism for GE investors, it warned that there is still a “range of uncertainty” around the stock, as the company works through its turnaround plans.
Nordstrom – The retailer’s shares climbed 5.29% following new optimism about trade negotiations between the U.S. and China, as Nordstrom is one of the more vulnerable stocks in the ongoing trade war. Additionally, the retailer unveiled its Nordstrom Local line of shops – small stores with no inventory that intended to help boost Nordstrom’s presence in urban areas.
General Motors – Shares of GM rose 2.3% as CEO and Chairman Mary Barra is meeting with President Donald Trump at the White House on Thursday. The meeting comes at a critical time for the automaker, as GM has been attacked by the president recently for its significant footprint in China.
CVS Health – Shares of CVS climbed 1.7% following approval from a federal judge to allow the pharmacy chain to merge with health insurer Aetna.
Palo Alto Networks – The security platform’s stock was up 5.7% after reporting fiscal fourth quarter earnings and a more optimistic forecast than Wall Street expected. Palo Alto Networks gave quarterly earnings of $1.47 a share and revenue of $805.8 million, just beyond the $1.42 a share and $803 million that analysts surveyed by FactSet expected, respectively.
