Budrul Chukrut | SOPA Images | Lightrocket | Getty Images
Check out the companies making the biggest moves midday:
Carvana — Carvana shares shed more than 15%, with trading briefly halted at one point due to volatility. The sell-off comes after the used-car seller’s worst day ever on Friday, when the company had an earnings miss and Morgan Stanley pulled its rating and price target for the stock.
Meta Platforms — Shares of Facebook owner Meta jumped 4.7% following a Wall Street Journal report over the weekend saying the company could start mass layoffs as soon as Wednesday. The layoffs could impact thousands of employees, according to the Journal. The company said it had 87,000 employees as of the end of September.
Walgreens Boots Alliance — The drugstore chain’s stock gained 4% after it said it would invest $3.5 billion to support VillageMD’s acquisition of urgent care provider Summit Health. Walgreens raised its fiscal year 2025 sales goal for its U.S. health-care business to $14.5 billion to $16.0 billion, from $11.0 billion to $12.0 billion to account for the deal.
Redfin — Redfin’s stock dropped 15% after Oppenheimer downgraded to shares to underperform from perform. The investment bank said the online real estate company’s business model is flawed.
Berkshire Hathaway — Shares of Warren Buffett’s conglomerate rose more than 1% after the company posted a 20% increase in operating profits during the third quarter. Berkshire also spent $1.05 billion in share repurchases during the quarter. The Omaha-based company suffered a $10.1 billion loss on its investments during the third quarter’s market turmoil, however.
Viatris — The global health-care company rallied 16% after it announced it intends to create an ophthalmology franchise by acquiring Oyster Point Pharma and Famy Life Sciences. Viatris also posted its quarterly results, with revenue falling short of estimates.
Funko – Shares of Funko jumped 18% as investors bought back into the name. The toymaker’s shares shed nearly 60% last Friday after it delivered disappointing quarterly results and issued a weak forward guidance that included a fourth-quarter loss.
Palantir — Palantir’s stock dropped more than 12% after the company’s third-quarter earnings missed analyst estimates, although it beat on revenue. In response to the software company’s report, Citi said it sees “further downside to PLTR with fast decelerating growth” as well as continued uncertainty around government spending.
DoorDash — Shares of the food delivery company rallied 2.5% after being upgraded by Oppenheimer to outperform from perform. The firm cited improving margins for DoorDash.
Boston Beer — Boston Beer fell 1.3% after Morgan Stanley initiated coverage of the stock with an underweight rating. Its analyst said it is concerned about growth prospects as malt-based hard seltzers continue to decline and there has been a “dizzying array” of new competition.
Sea Limited — Shares of Sea Limited rallied 8.6% after being upgraded to overweight from neutral by JPMorgan, who said it sees a “swift” improvement in profitability.
Ryanair — Shares of the international airline traded up 2% after the company reported record after-tax profit for the first six months ending in September.
Energy stocks — Energy stocks led gains in the S&P 500, with the sector up 1.7% in the broader market index following a pop in the price of natural gas futures. Shares of EQT, Baker Hughes and Occidental Petroleum outperformed, up 8.8%, 4.6% and 3.3%, respectively.
— CNBC’s Carmen Reinicke, Alexander Harring, Yun Li and Sarah Min contributed reporting.