An Alibaba Group sign is seen at the World Artificial Intelligence Conference in Shanghai, July 6, 2023.
Aly Song | Reuters
Check out the companies making headlines in midday trading.
News Corp — The media company’s shares jumped nearly 4% after reporting an earnings beat in the fiscal fourth quarter. News Corp posted adjusted earnings of 14 cents per share, while analysts polled by Refinitiv had estimated 8 cents per share. Meanwhile, the company’s revenue of $2.43 billion missed analysts’ forecast of $2.49 billion.
UBS — Shares rose 5% on news that UBS ended a roughly $10 billion loss protection agreement and a public liquidity backstop with Credit Suisse. The company also confirmed that Credit Suisse fully repaid a 50 billion Swiss franc emergency liquidity loan to the Swiss National Bank.
Chip stocks — Semiconductor shares dropped more than 2% Friday, putting the sector on pace for a weekly decline of 4.5%. The VanEck Semiconductor ETF (SMH) fell 2.2%. NXP Semiconductors, Lam Research, Applied Materials, Nvidia and On Semiconductor each tumbled about 3% or more midday Friday.
Maxeon Solar Technologies