Take a look at the companies making headlines in midday trading. Cryptocurrency Stocks – Stocks tied to cryptocurrency prices jumped amid reports that President-elect Donald Trump may issue an executive order on the first day of his new term to make cryptocurrencies a national priority. Shares of cryptocurrency exchange operators Coinbase and Robinhood rose 4.5% and 6% respectively. Trading activity in small-cap cryptocurrencies favors trading platforms. Bitcoin agencies MicroStrategy and Mara Holdings gained 6% and 10% respectively. Novo Nordisk – Shares fell 5 after the company’s semaglutide, the active ingredient in its diabetes drugs Ozempic and Rybelsus and its obesity treatment Wegovy, entered the list of drugs to be included in Medicare’s next round of price negotiations. %. Qorvo – Shares of Qorvo rose more than 12% after activist investor Starboard Value disclosed a 7.7% stake in Qorvo and is seeking changes to boost the company’s stock price. Vistra – Shares of Vistra fell 1.9% after a major fire broke out at the energy company’s battery storage facility in Northern California, prompting the evacuation of nearby residents. Moon Lake Immunotherapeutics – The biopharmaceutical stock rose 4% after Goldman Sachs upgraded its rating to “buy” from “neutral.” Analyst Richard Law said the company’s experimental treatment for chronic skin disease, SLK, “will likely deliver best-in-class results.” Lam Research, Applied Materials — Semiconductor equipment stocks rose 1.3% and 2.2%, respectively, after KeyBanc Capital Markets raised the industry weight of both companies to overweight. The company said Lam Research Inc. and Applied Materials Inc.’s involvement in artificial intelligence-related equipment should cause their shares to move higher. JB Hunt — The transportation stock fell 6% after fourth-quarter profit missed expectations. JB Hunt earned $1.53 per share, while analysts polled by LSEG expected $1.61 per share. The company reported a decline in revenue from each of its major business segments compared with the same period last year. Fastenal — Shares of the fastener distributor rose 1% despite its fourth-quarter results missing expectations due to ongoing manufacturing-related challenges. Fastenal earned 46 cents a share on revenue of $1.82 billion, while analysts polled by FactSet expected earnings of 48 cents a share on revenue of $1.84 billion. The company did see an increase in unit sales this quarter due to growth in the stores it opened over the past two years. Life360 — Shares in the location-sharing app rose 8% after UBS upgraded the app to buy from neutral, citing greater confidence in the company’s medium-term advertising revenue opportunities. Intel — Shares of Intel rose 8% as the troubled chipmaker continues to be part of takeover speculation following the departure of its chief executive in December. The stock was removed from the Dow Jones in November but is still down more than 50% in the past 12 months. —CNBC’s Alex Harring, Sean Conlon, Jesse Pound, Tanaya Macheel, Samantha Subin, Lisa Han and Michelle Fox contributed reporting.
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