TDOC - Hot Stocks: BLU rises on buy out offer from GSK; ERIC slips on earnings; NVDA GMDA gains; MP slides

2023-04-18 12:24:21 ET

Major market averages varied in Tuesday's noon session as investors analysed the latest earnings results from major names including Bank of America, Goldman Sachs and Johnson & Johnson.

Ericsson ( NASDAQ: ERIC ) fell on mixed Q1 earnings, while BELLUS Health ( NASDAQ: BLU ) jumped after GSK ( NYSE: GSK ) announced a $2 billion takeover bid.

Meanwhile, Nvidia ( NASDAQ: NVDA ) stock climbed following an analyst upgrade, while MP Materials ( NYSE: MP ) fell following a downgrade.

In other news, Gamida Cell ( NASDAQ: GMDA ) rose after the FDA authorised the blood-based cell treatment Omisirge for patients with blood cancer. Teledoc Health ( NYSE: TDOC ) soared on the Provider-Based Care ( PBC ) expansion for weight control and prediabetes programmes.

Gainers

BELLUS Health ( BLU ) rose over 100% after GSK ( GSK ) announced plans to acquire the firm for $2 billion, or $14.75 per share in cash. The per-share price is approximately 103% more than Bellus' closing stock price on April 17.

Nvidia ( NVDA ) shares surged about 3% after HSBC upgraded the semiconductor giant to Buy from Reduce and raised its per-share price objective to $355 from $175.

Gamida Cell ( GMDA ) stock rose approximately 45% after the FDA authorised its blood-based cell treatment Omisirge for blood cancer patients. The therapy is designed to hasten the production of neutrophils, a type of white blood cells as well as reduce the risk of infection.

Teledoc Health ( TDOC ) stock rose 12% after the company announced the extension of Provider-Based Care programmes for weight management and prediabetes.

"The combination of medication management and guidance with a personalized, goal-driven care plan ensures members receive the right care at the right time, getting them back on track," said Dr. Jason Tibbels, Teladoc Health chief quality officer.

Decliners

Ericsson ( ERIC ) fell more than 8% after reporting mixed Q1 earnings and a dim Q2 forecast. "For Q2, we expect Group EBITA margin to reach mid-single-digit level. We expect a gradual recovery in the second half of 2023, primarily as we expect the inventory adjustments to be completed and our cost reduction activities to start flowing through the P&L."

MP Materials ( MP ) fell nearly 6% after Northland Capital downgraded the stock from Outperform to Market Perform with a $32 price objective, down from $48, citing declining NdPr prices as a negative for the company's sales.

To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section .

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