Connie Black makes adjustments to the 6 Series solar panel assembly line seen during a tour of a First Solar facility in Walbridge, Ohio, October 6, 2021.
Dane Rhys | Portal
Check out the companies making the biggest moves at noon:
First Solar – Shares rose 22% after the solar company announced it was acquiring Evolar AB for up to $80 million. First Solar said the acquisition of the European company, which develops thin films for solar modules, should accelerate the development of next-generation photovoltaic technology.
News Corp — Shares of the media company rose 6%, according to FactSet, after News Corp reported earnings and sales up for the fiscal third quarter after the market close on Thursday. The company also said it expects to save $160 million annually through the end of 2023 through the previously announced job cuts.
Icahn Enterprises – The holding company of Carl Icahn rallied 4%, cutting losses to 12% for the week. The stock rallied after notable short seller Hindenburg Research went short, citing “inflated” asset valuations and other reasons. Separately, Icahn Enterprises said its board has approved a $500 million buyback authorization. The company also recently declared a quarterly dividend of $2 per share.
JD.com — US-listed shares of the Chinese e-commerce company fell 5.6% a day after gaining 7.2% on a rise in earnings. JD.com also announced on Thursday that CEO Xu Lei will step down in June for “personal reasons” and will be replaced by CFO Sandy Ran Xu.
Charles Schwab – Shares of the brokerage firm rose more than 2% on Friday after the company reported total client assets rose 1% in April. Chief Financial Officer Peter Crawford said in a press release that customer cash sorting activity continued to decline in May.
Twilio – Shares fell nearly 5%. The move compounded the decline that began after the communications software maker late Tuesday forecast second-quarter earnings that fell short of analysts’ estimates. On Friday, Mizuho downgraded the stock to neutral from a buy, saying it saw too many challenges for Twilio in the near term.
Robinhood – The stock lost 7.7%. That’s a reversal from Thursday’s 6.4% gain, which came a day after Robinhood’s first-quarter earnings and revenue surged. On Friday, Morgan Stanley said that new Robinhood 24-hour trading announced on Wednesday would not provide a significant boost to the company’s financials.
Fox — Shares fell nearly 1% after Wells Fargo downgraded the media company from overweight to equal weight. The Wall Street company cited demand issues with linear television and the cost of sports rights. Fox on Tuesday reported a net loss for the fiscal third quarter due to costs related to Fox News’ settlement with Dominion Voting Systems.
Gen Digital – Gen Digital slumped 8% after the earnings report for the fourth fiscal quarter was released after the market close on Thursday. According to FactSet, the cybersecurity company posted adjusted earnings that beat analysts’ estimates. However, bookings for the quarter of $1.02 billion were lower than the expected $1.06 billion.
— CNBC’s Yun Li, Jesse Pound, Michael Bloom and Sarah Min contributed coverage.