A Peloton office sign can be seen near cyclists as the city enters Phase 3 of reopening after restrictions imposed by New York City on July 16, 2020, to contain the coronavirus pandemic.
Alexis Rosenfeld | Getty Images
Check out the companies making headlines in midday trading.
Activision Blizzard — The video game giant soared about 27% after announcing that Microsoft would buy it All-cash deal for $68.7 billion, Microsoft’s largest acquisition to date. Activision CEO Bobby Kotick, who faces calls to resign over cultural issues within the company, will remain as CEO during the transition.game company Electronic Arts and two people interact Also up about 6% and 5%, respectively, among the top gainers in the S&P 500. Microsoft Shares fell more than 1%.
Goldman Sachs — Investment bank shares fell 8% disappointing quarterly results, dragging down the main averages. Goldman Sachs posted a fourth-quarter profit that fell short of analysts’ expectations, as the bank’s operating expenses surged 23% due to higher compensation for Wall Street employees and higher provisions for litigation. Other large banks also fell on Tuesday after reporting higher spending in the quarter. Morgan Stanley fell about 5%, while JPMorgan down about 4%. Citi down about 2%.
Bank of New York Mellon — Shares of the bank fell about 2% despite reporting quarterly earnings that beat Wall Street analysts’ expectations. BNY Mellon reported earnings of $1.04 per share in its most recent quarter, compared with expectations of 1.01 cents. Revenue was $4.02 billion, compared with expectations of $3.98 billion.
blackstone — Shares of the asset manager fell more than 2% after CEO Larry Fink hit back at the accusation It uses its positions to influence the politically correct agenda. in his annual letter. Stakeholder capitalism has nothing to do with politics and “hasn’t woken up,” Fink said.
Charles Schwab — Shares of the brokerage fell more than 5% after the company reported a loss on both quarterly earnings and revenue. Schwab reported earnings of 86 cents a share, missing expectations by 2 cents a share. Revenue came in at $4.71 billion versus expectations of $4.79 billion.
gap — Shares of the retailer fell nearly 7% after Morgan Stanley Cut the gap down to underweight From equal weight. Rising cost pressures and stiff competition could hurt Gap’s margins in 2022, the investment firm said in a report.
Citrix Systems — Shares of the enterprise software company rose more than 5% after Bloomberg News reported over the weekend that Elliott Investment Management and Vista Equity Partners were in advanced talks to acquire Citrix. Both companies reportedly used banks to fund their offers, and a deal could be announced within weeks.
Exxon Mobil — Shares of the oil major rose nearly 1% as oil prices jumped to their highest level in seven years. Energy was the only S&P 500 sector down less than 1 percent in midday trading on Wall Street, even though Exxon Mobil was the only company in the group to trade in the green.Exxon Mobil announced on Tuesday Plan to achieve net zero emissions Operate it by 2050.
modern — Chief executive Stephane Bancel told the World Economic Forum’s virtual Davos Agenda meeting that shares fell about 8% even as the vaccine maker said it expected to be able to share data on Omicron’s specific vaccine with regulators in March. He also said that in the best-case scenario, a single vaccine combining a booster dose against Covid-19 with an experimental flu vaccine would be available in the fall of 2023.
Peloton — The stock price fell more than 5% CNBC reports The home fitness company is working with management consulting group McKinsey to review its cost structure and potentially cut jobs.The news came after CNBC reported that the company would Charge a delivery fee on its bicycle and treadmill products.
—CNBC’s Pippa Stevens, Yun Li, Jesse Pound and Hannah Miao contributed reporting