CEO Cussion Kar Shun Pang rings the opening bell at the NYSE.
Photo: NYSE
Check out the companies making headlines in midday trading:
Tencent Music — Shares of Tencent Music rose 1.4% after Universal Music Group sold a 10% stake to a consortium led by the Chinese tech company. The deal values Universal Music at about $34 billion. Universal Music is the record label of many mega-artists including Taylor Swift and Lady Gaga.
Core Laboratories — Shares of Core Labs dropped more than 21% after the company slashed its fourth-quarter earnings forecast and lowered its dividend. Core Labs expects a profit between 37 cents per share and 38 cents per share for the fourth quarter. The company previously expected earnings per share between 44 cents and 45 cents. Core Labs also cut its quarterly dividend to 25 cents per share from 55 cents per share.
McDermott International — McDermott sank more than 10% in midday trading, adding to a 55% week-to-date plunge, as investors prepared for a bankruptcy filing from the company. The provider of engineering and construction services to the energy industry has been under pressure since the Wall Street Journal reported earlier in the week that it’s been in talks with its lenders about potential bankruptcy options. Those reportedly include a $2 billion loan to continue operations during any future bankruptcy proceedings.
SINA — Shares rose nearly 6% on Tuesday after the Chinese media company announced it would buy back up to $500 million worth of its own stock over the next 12 months. The company, which owns the social media service Weibo, had a similar plan in place for 2019. Sina said in a press release announcing the new plan that it bought $82.1 million worth of its stock over the past year.
NIO — Chinese electric vehicle company Nio continued its recent surge on Tuesday, with its stock rising 14%. Bank of America upgraded the stock to neutral from underperform on Tuesday morning, according to FactSet. Shares rose 54% on Monday after the company reported its third quarter results, showing a surge in sales and its loss margin shrinking compared with the previous quarter. The stock is still down more than 30% for the year.
– CNBC’s Yun Li, Fred Imbert and Jesse Pound contributed to this report.