This article highlights the midday trading performance of various companies, focusing on the surge in crypto-related stocks due to reports of a potential executive order by President-elect Donald Trump, the decline in Novo Nordisk's share price after its drug semaglutide was included in Medicare's price negotiation list, and the drop in J.B. Hunt's stock after missing fourth-quarter earnings expectations. It also covers the gains in Qorvo, MoonLake Immunotherapeutics, Lam Research, Applied Materials, and Life360, along with Intel's significant rise amidst takeover speculation.
Shares of companies tied to crypto prices surged on reports that President-elect Donald Trump could issue an executive order making cryptocurrency a national priority as early as his first day in office. Coinbase and Robinhood, crypto exchange operators, saw their stocks advance 4.9% and 4.5%, respectively. MicroStrategy and Mara Holdings, Bitcoin proxies, also benefited, with gains of 8% and 8.8%. Meanwhile, Novo Nordisk experienced a 5.
3% decline in its share price after its semaglutide, the active ingredient in diabetes drugs Ozempic and Rybelsus, and obesity treatment Wegovy, was included in Medicare's next round of price negotiations. Qorvo saw its stock price jump 14.4% following the disclosure of a 7.7% stake by activist investor Starboard Value, which aims to implement changes that will improve the company's share performance. Vistra, on the other hand, shed 1.8% after a major fire erupted at its battery-storage facility in Northern California, prompting the evacuation of nearby residents. MoonLake Immunotherapeutics saw a 5.6% increase in its stock price following an upgrade to buy from neutral by Goldman Sachs. Analyst Richard Law pointed out that the company's experimental treatment for a chronic skin condition, SLK, could deliver 'best-in-class results.'Semiconductor equipment stocks Lam Research and Applied Materials also enjoyed gains, rising 1.4% and 3% respectively, after KeyBanc Capital Markets upgraded both companies to overweight from sector weight. The firm cited exposure to artificial intelligence-related devices as a driver for their stock performance. J.B. Hunt experienced a 7.4% drop in its share price after missing fourth-quarter earnings expectations. The company reported $1.53 in earnings per share, falling short of the $1.61 projected by analysts. Revenue declined year-over-year across all major business segments. Fastenal, despite missing fourth-quarter forecasts due to ongoing manufacturing challenges, saw its stock add 1.8%. The company earned 46 cents per share on revenue of $1.82 billion, compared to the expected 48 cents per share on $1.84 billion in revenue. However, unit sales increased during the quarter, driven by growth at locations opened in the past two years. Life360 rallied 6.9% after UBS upgraded it to buy from neutral, expressing greater confidence in the company's midterm ad revenue prospects. Intel's share price surged by roughly 9.3% amidst speculation of a potential takeover following the departure of its CEO in December.
CRYPTOCURRENCY STOCK MARKET TRUMP NOVONORDISK QORVO SEMICONDUCTORS JBHUNT LIFE360 INTEL
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