FedEx, US Steel, Thermo Fisher, Moderna, Invesco and more

The Moderna sign can be seen outside their headquarters in Cambridge, MA on March 11, 2021.

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Find out which companies are making headlines in midday trading.

Thermo Fisher Scientific – The scientific equipment maker saw its shares jump more than 8.5% after saying profits and revenues for 2022 would be much higher than analysts are now expecting as demand soars in the the middle of the pandemic.

Moderna – Vaccine maker shares lost nearly 5% as Food and Drug Administration’s vaccine advisory committee prepares to begin discussions Friday afternoon on a Covid-19 recall that would be offered to the general public and vote on the Pfizer-BioNTech shot.

Invesco – The asset manager’s shares jumped nearly 7% after the Wall Street Journal reported the company was in talks to merge with State Street’s asset management unit. The report, citing people familiar with the matter, said a deal is not imminent and may not happen at all.

US Steel – US Steel fell more than 6% after revealing plans to build a new steel plant to begin construction in 2022 with plans to operate it in 2024. Demand for steel is high, with prices rising have quadrupled since the summer of 2020. Shares are up 40% this year.

Zumiez – Zumiez shares rose more than 5% after the skate clothing retailer announced a share buyback of up to $ 150 million.

Diamondback Energy – Power producer Diamondback saw its shares rise more than 2.5% after announcing a $ 2 billion share buyback on Thursday evening as part of its fast-track plan to return 50% of the cash flow of cash available to shareholders in the fourth quarter.

Cree – Cree fell nearly 4% after Bank of America lowered the stock to underperform it against the neutral stance, saying it sees “limited” upside potential in the semi-maker. trailers. Specifically, he cited the increase in capital intensity and said that competition outweighs the long-term benefits of electric vehicles.

FedEx – Shares of the delivery company fell more than 1% on Friday after UBS cut its earnings estimates for FedEx. The investment firm said rising wages and hiring difficulties will hurt FedEx’s results when the company releases its first quarter tax results next week.

Freeport-McMoRan – The mining company fell more than 3%, extending its losses on Thursday amid lower prices for metals, including silver and copper. The president of Freeport also spoke about the development of mining projects during a virtual conference organized by Morgan Stanley this week.

– CNBC’s Yun Li, Hannah Miao and Jesse Pound contributed reporting

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