Here’s a look at the companies making headlines in midday trading: Quantum Stocks – Quantum computing stocks fell after Meta Platforms CEO Mark Zuckerberg became the latest high-profile executive to lower expectations for the technology. Rigetti Computer fell 27% and D-Wave Quantum fell 32%. The Defiance Quantum ETF fell 2.5%. Nvidia, chip stocks – Popular semiconductor stocks fell after the Biden administration announced new export caps on artificial intelligence chips. Nvidia fell more than 2% and the VanEck Semiconductor ETF fell 1.4%. Micron Technology shares fell nearly 5%. Moderna — Shares fell more than 20% after the vaccine maker lowered its 2025 sales guidance by about $1 billion to a range of $1.5 billion to $2.5 billion. The company expects most of its revenue to come from the second half of this year. Crypto Stocks – Cryptocurrency-related stocks fell as Bitcoin fell more than 3% and briefly fell below the $90,000 mark. Coinbase fell nearly 5%, Mara Holdings fell nearly 7%, and MicroStrategy fell 4%. Pinterest — Shares of the visual-sharing platform fell 4% after Jefferies downgraded its rating to hold. The bank called Pinterest’s growth “underwhelming” and lowered its fiscal 2025 revenue and EBITDA forecasts. Edison International — Shares of Edison International fell 13% as wildfires continued to ravage Los Angeles. Officials are investigating whether an infrastructure worksite at its Southern California Edison subsidiary sparked the brushfire. Elf Beauty – Shares of the cosmetics maker rose 4% after Morgan Stanley upgraded the stock to overweight from equal weight. The bank said elf valuations are more attractive after a pullback in the second half of 2024. The real estate developer’s shares rose 9% following the offer. Ackman proposed forming a new subsidiary of Pershing, which currently owns about 38% of Howard Hughes, that would merge with the real estate developer based in The Woodlands, Texas. Managed Care Stocks – Managed care stocks rose on Monday after the U.S. government on Friday proposed increasing reimbursement rates for Medicare Advantage plans by an average of 4.3% in 2026. Humana rose 8%, CVS Health gained 6% and UnitedHealth gained 4%. US Steel — CNBC reports that U.S. Steel is backing up after the White House blocked Japan’s Nippon Steel Corp.’s acquisition of Cleveland Cliffs and Nucor. The stock price rose 8%. Both stocks rose about 4%. Big Tech – Big Tech stocks fell as U.S. Treasury yields moved higher. Nvidia fell 2%, while Apple and Meta Platforms also fell. Microsoft and Alphabet fell about 1%. Intracellular Therapies — Johnson & Johnson shares jumped 34% after the company announced it would acquire the drugmaker for $132 per share. That represents a 39% premium to Friday’s closing price, valuing the intracellular therapy at $14.6 billion. Johnson & Johnson shares were flat. Abercrombie & Fitch — Shares of Abercrombie & Fitch plunged about 18% after the apparel retailer disappointed investors with its updated fourth-quarter forecast. The company now expects net sales to grow 7% to 8% in the period, up from its previous forecast of 5% to 7% growth. Since those holiday expectations are lower than the numbers the company posted for the same period last year, it could signal slower growth. Macy’s — The retail stock fell more than 7% after the company said it expected fiscal fourth-quarter net sales to be near the lower end of its previous guidance range. Macy’s said its comparable sales were “roughly flat” so far this quarter, including drag from locations that are not part of the company’s future plans. —CNBC’s Yun Li, Alex Harlin, Sean Conlon, Lisa Han, Michelle Fox and Jesse Pond contributed reporting.
