Southwest Airlines planes are seen at Baltimore/Washington International Thurgood Marshall Airport (BWI) December 22, 2021 in Baltimore, Maryland.
Alex Wong | Getty Images
Check out the companies making headlines in midday trading.
Southwest – Shares fell more than 4% after the company canceled 70% of its scheduled flights and warned the mass disruptions would continue “over the next few days”. Airlines had canceled thousands of U.S. flights last week amid heavy snowfall, ice, high winds and cold across the country.
Las Vegas Sands, Wynn Resorts – Casino shares rose after China announced it would end quarantine for international travelers from Jan. 8. Las Vegas Sands and Wynn Resorts stocks are over-exposed to the country given their operations in Macau. They added 3.8% and 5% respectively.
China-based companies – ADRs listed in the US traded after the government announced the easing of Covid restrictions. Alibaba and JD.com each gained 3.3%. Baidu gained 2.6% and Pinduoduo rose 2%.
Tesla – Shares of the electric-vehicle maker plunged 9% after announcing it will slow production at its Shanghai plant in January. The factory closed at the end of December.
Nio — Shares slipped 9.8% after the electric vehicle maker lowered its fourth-quarter delivery outlook amid supply chain disruptions in China.
Peloton – The fitness company announced it will offer refurbished bikes at a discount of up to $500 compared to new bikes. The stock was last down more than 3%.
B. Riley Financial — Shares of the investment firm rose more than 4% after it released fourth-quarter guidance. The company expects fourth quarter operational Adjusted EBITDA to be between $90 million and $100 million. That’s down from the fourth quarter of 2021, but up from some previous quarters this year. B. Riley also said it expects to end the year with more than $2 billion in cash and investments.
Herbalife – The multilevel marketing company gained 3% after announcing that interim CEO and chairman Michael Johnson would be making the role permanent. Johnson agreed to a $1 salary and a stock-based incentive plan, the company said.
Coherus BioSciences — Shares fell 8.8% after it was announced the company failed to receive an action letter from the Food and Drug Administration for its nasopharyngeal cancer drug. The company said the FDA’s delay stems from being unable to tour a facility in China due to travel restrictions.
– CNBC’s Samantha Subin, Jesse Pound, Tanaya Macheel and Sarah Min contributed coverage.