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Stocks making the biggest moves midday: ViacomCBS, BioNTech, Wells Fargo and more – CNBC

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The ViacomCBS logo is displayed on the Nasdaq MarketSite to celebrate the company’s merger, in New York, December 5, 2019.

Brendan McDermid | Reuters

Check out the companies making headlines in midday trading.

ViacomCBS, Discovery — The media stocks ensnared in the Archegos Capital Management margin call last week rebounded on Tuesday, chipping away at their recent losses. The class B shares of ViacomCBS rose 4%, while Discovery’s class A shares jumped 9.7%.

Nomura, Credit Suisse — Shares of Nomura and Credit Suisse fell again in midday trading after news of anticipated loss from the fallout of Archegos Capital’s stock sales. Nomura was down more than 2% and Credit Suisse slid about 3%.

Wells Fargo — The bank’s stock popped 2.8% after announcing it no longer has any exposure to Archegos. “We did not experience losses related to closing out our exposure,” the bank said in a statement.

Roku – The video streaming stock jumped 3% after Truist Financial upgraded the company to buy from hold.  The Wall Street firm said it sees more upside ahead and that the company’s valuation is “tenable.”

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BioNTech – Shares of the biotech company advanced more than 7% after BioNTech increased its manufacturing goal for its Covid-19 vaccine. The company is targeting 2.5 billion doses manufactured by the end of 2021, compared to prior predicted output of 2.3 billion to 2.4 billion doses.

McCormick – Shares of the spice company advanced more than 1.7% after McCormick beat top and bottom line estimates during its fiscal first quarter. The company earned 72 cents per share excluding items and posted $1.48 billion in revenue. Analysts surveyed by Refinitiv were expecting a 59-cent per share profit and $1.38 billion in revenue. The company also raised its full-year outlook as the pandemic continues to drive at-home cooking.

FactSet — Shares of the financial information provider dipped more than 4% after missing analyst estimates for its quarterly EPS. FactSet reported adjusted quarterly earnings of $2.72 per share, below the consensus estimate by 2 cents, while revenue was in line with Wall Street forecasts. 

Yelp   Shares of the review site operator popped more than 4% after Citi upgraded the stock to buy from neutral. The bank said Yelp is a key beneficiary as the economy reopens and consumers return to dining out.

DraftKings — Shares of the sports betting company popped 3.5% after announcing the acquisition of sports betting and content company VSiN for an undisclosed amount. 

Tegna — The broadcasting stock climbed more than 4.5% after Tegna announced a dividend hike. The company’s new payout will be 10 cents per share higher on an annual basis, up 36% over the prior dividend.

— with reporting from CNBC’s Pippa Stevens, Yun Li, Jesse Pound and Rich Mendez.

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