Check out the companies making headlines in midday trading: Bristol-Myers Squibb – The drugmaker jumped 1.6% after the U.S. Food and Drug Administration approved its highly anticipated schizophrenia drug, the first new type of treatment for the chronic mental disorder in more than seven years. Contracts. Bristol-Myers Squibb expects the twice-daily pill, which will be sold under the brand name Cobenfy, will be available in late October. Novo Nordisk – U.S.-listed shares of the Danish drugmaker fell 2.9% after JP Morgan said it expects lower sales than Wall Street expected for the third quarter, citing a softer-than-consensus outlook for Novo's blockbuster weight-loss drug Wegovy. Costco Wholesale – The retailer's stock fell 1.8%, missing expectations for fiscal fourth-quarter revenue. Revenue was $79.70 billion, a fraction below the consensus estimate of $79.97 billion, according to LSEG. Lower gasoline prices and more cautious consumer spending on higher-priced items dragged down Costco's revenue. Super Micro Computer – The server and storage provider advanced 4%, recovering some of its 12% loss on Thursday after the Wall Street Journal reported that the US Justice Department had opened an investigation into the company. This came after short-selling firm Hindenburg Research revealed last month that it had taken a short position in the company, citing “new evidence of accounting manipulation”. Cassava Sciences – The biotechnology company fell 11% after agreeing to pay $40 million to settle a case with the US Securities and Exchange Commission. The charges related to “misleading statements” made in 2020 in connection with a clinical trial for an alleged treatment for Alzheimer's disease. Wynn Resorts – The stock rose 7% on an upgrade to overweight from equal weight at Morgan Stanley. The investment bank believes the casino operator is more stable in Las Vegas than its peers and pointed to the release of more details about its UAE project as catalysts. HP Inc. – The tech device maker lost 4% after Bank of America downgraded the stock to neutral from a buy rating, citing expectations of faltering earnings growth and falling revenue at HP's printing business. Amgen – Biotech shares rose 1% after Cantor Fitzgerald initiated coverage of the research with an Overweight rating. Analyst Olivia Breyer said Amgen's new obesity program and future drug pipeline were compelling catalysts. Rocket Lab USA. – The aerospace and defense stock added more than 12% after a price target increase from KeyBanc Capital Markets, which maintained an investment-grade, overweight rating. Analyst Michael Leschock said it “increased visibility/confidence in RKLB's ability to scale its business” after a non-consensual promotion. — CNBC's Sean Conlon, Alex Haring, Yun Lee, Hakyung Kim, Samantha Subin and Pia Singh contributed reporting.
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Stocks making the biggest moves at midday: WYNN, RKLB, SAVA
