Stocks making the biggest moves midday: Etsy, Pfizer, Tesla, Vertex Pharmaceuticals and more
Check out the companies making headlines in midday trading.
Etsy — Etsy's stock sank 2% after the e-commerce company said it's laying off 11% of its workforce, or about 225 employees, as it deals with a difficult macro and competitive environment. The e-commerce marketplace also updated its fourth-quarter guidance.
Pfizer — Pfizer shares tumbled 6.7% and touched a 10-year low. The drugmaker offered 2024 revenue and profit guidance that fell below Wall Street's expectations as demand for its Covid-related products softens. The company also upped the target of its cost-cutting plan by $500 million.
Tesla — Shares rose 1% after the electric vehicle maker recalled about two million vehicles in the U.S. due to a defect within Autopilot. The recall effects vehicles within Tesla's Model S, Model X, Model 3 and Model Y lines built since 2012, according to filings posted to the National Highway Traffic Safety Administration.
Vertex Pharmaceuticals — The biotechnology stock skyrocketed 13%. Vertex Pharmaceuticals said a trial of its opioid alternative showed promise in reducing nerve pain.
Southwest Airlines — Southwest shares sank about 4% after the company said it expects higher fuel costs in the fourth quarter. The airline said it now expects economic fuel costs to range between $3 and $3.10 per gallon, versus its previous estimate of between $2.90 and $3 per gallon.
Johnson & Johnson — The health-care name finished flat after Wells Fargo downgraded the stock to equal weight from overweight. The Wall Street firm said it's concerned about Johnson & Johnson's «muted» earnings per share growth.
Roblox — Shares of the video game company gained 3% Wednesday after Wells Fargo initiated coverage of Roblox with an overweight rating.
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