Virgin Orbit’s LauncherOne rocket is on display in New York’s Times Square.
CNBC | Michael Sheetz
Check out the companies making the biggest moves of the afternoon:
Virgin Orbit — The satellite launch service company fell 12% in a day after confirming Monday that its first launch from the United Kingdom failed to reach orbit. The mission was Virgin Orbit’s sixth and second launch failure to date.
Danaher — Shares of Danaher rose more than 4% after the medical, industrial and commercial products maker gave positive guidance on fourth-quarter non-GAAP core earnings. The company now expects year-over-year growth in high single-digit percentages. It previously predicted a flat to low single-digit percentage decline.
Sotera Health — Sotera Health jumped nearly 90% in one day after announcing the resolution of more than 870 cases of exposure to the carcinogen ethylene oxide from its Willowbrook facilities. The company agreed to pay $408 million, saying the settlement did not accept that the emissions posed a safety hazard.
Warner Bros. Discovery — Shares of the media company rose more than 6% after Bank of America added the stock to its “US1” list. The Wall Street firm said it remains bullish on long-term potential and rates the current risk/reward as “highly attractive.”
Coinbase — Shares rose nearly 6% after the cryptocurrency exchange shared plans to cut its workforce by 20%. The layoffs come after Coinbase laid off 18% of its workforce in June amid falling cryptocurrency prices and stocks.
Bed Bath & Beyond – Retail sales increased by about 19%. The move came after an earnings call in which management said the company posted larger-than-expected losses. A few days ago, the company warned of potential bankruptcy.
Oak Street Health — Shares of Oak Street Health, a health care company that operates primary care centers for Medicare patients, jumped 28% after Bloomberg reported. CVS It is exploring a deal to buy for more than $10 billion.
Regeneron Pharmaceuticals — The stock rose 2.9%, a day after shares fell nearly 7.7% on news that sales of the pharmaceutical company’s Eylea drug would go to an off-label competitor in the final quarter of 2022. On Tuesday, CEO Leonard Schleifer told CNBC that the action is “transient” and should have no impact on Eylea’s long-term trajectory.
The front — Shares in the shipping company surged 26% after Frontline announced it was ending a deal to merge with Euronav. The plan called for Frontline to buy Euronav in an all-stock deal. Both shippers “already enjoy economies of scale,” CEO Lars Barstad said in a statement.
Bumble — Dating app shares rose 5.9% after being upgraded from sector weight to overweight by KeyBanc Capital Markets. The firm said it is more confident in the company’s ability to capitalize on online dating trends and increase revenue.
Illumina — Shares fell 5% in afternoon trading. The gene sequencing technology company on Tuesday appealed an EU antitrust order blocking its merger deal with biotech firm Grail. A day earlier, Illumina said it expects consolidated revenue in fiscal 2023 to be between $4.9 billion and $5.035 billion, versus a StreetAccount estimate of $5.005 billion.
CureVac — The biopharmaceutical company gained nearly 14% after it said it plans to advance patient trials of mRNA vaccines for Covid-19 and flu. CureVac also announced that Sanofi veteran Alexander Zehnder will become CEO in April.
Agilent Technologies — Shares rose more than 4% on the day after the company announced a $2 billion share buyback program. Agilent also said it is investing $725 million to double its manufacturing capacity.
About semiconductors – The semiconductor stock is down nearly 3% after being downgraded by William Blair for market performance. On Semiconductor continues to struggle with its GT Advanced technologies, and its silicon carbide yields are half of their initial assumptions, analysts said.
Dish Network — The satellite TV company fell 3% in afternoon trading. Goldman Sachs restored its neutral rating on Tuesday, noting that while the company is poised to gain share, it faces significant execution risk and accelerating cord-cutting. The firm’s $14 price target represents an 11.5% downside from Monday’s close.
– CNBC’s Samantha Subin, Alex Harring, Yun Li, Tanaya Macheel, Carmen Reinicke, Jesse Pound and Michael Bloom contributed reporting.