Check out the companies making headlines in midday trading: Quantum Stocks – Quantum computing shares fell after Meta Platforms CEO Mark Zuckerberg became the latest high-profile executive to ease expectations for the technology. Rigetti Computing fell 27%, while D-Wave Quantum fell 32%. The Defiance Quantum ETF lost 2.5%. Nvidia, chip stocks – Popular semiconductor stocks fell after the Biden administration unveiled new artificial intelligence chip export caps. Nvidia lost more than 2%, while the VanEck Semiconductor ETF fell 1.4%. Micron Technology is down nearly 5%. Moderna shares fell more than 20% after the vaccine maker cut its sales guidance for 2025 by about $1 billion, to between $1.5 billion and $2.5 billion. The company anticipates that most of its revenue will come in the second half of the year. Crypto stocks – Crypto-related stocks fell as bitcoin fell more than 3% and briefly dipped below the $90,000 mark. Coinbase fell nearly 5%, while Mara Holdings fell nearly 7% and MicroStrategy fell 4%. Pinterest – Shares of the visual sharing platform fell 4% after Jefferies downgraded it to hold. The bank described Pinterest’s growth as “thin” and dropped its revenue and EBITDA forecasts in fiscal 2025. Shares of Edison International fell 13% as wildfires continued to rage in Los Angeles. Officials are investigating whether infrastructure sites from its Southern California Edison subsidiary sparked a brush fire. Elf Beauty – The cosmetics maker gained 4% on the back of Morgan Stanley’s upgrade to overweight from equal weight. The bank said Elf’s valuation is more attractive after its exit in the second half of 2024. Howard Hughes Holdings – Shares of the real estate developer jumped 9% after Bill Ackman proposed a merger deal that offers current owners $85 per action. Ackman proposed forming a new subsidiary of Pershing, which currently owns about 38% of Howard Hughes, that would merge with the real estate developer based in The Woodlands, Texas. Managed care stocks – Managed care names rose on Monday, following Friday’s proposal by the U.S. government to raise 2026 reimbursement rates for Medicare Advantage plans by an average total of 4.3%. Humana gained 8%, followed by a 6% increase in CVS Health and a 4% increase in UnitedHealth. US Steel – Shares rose 8% after CNBC reported that Cleveland Cliffs and Nucor are partnering on a possible takeover bid after the White House blocked its deal to be bought by Japan’s Nippon Steel. Both stocks rose about 4% each. Megacap Technology – Megacap technology shares fell as US Treasury yields rose. Nvidia lost 2%, along with Apple and Meta platforms. Microsoft and Alphabet fell about 1%. Intracellular Therapies – The stock jumped 34% after the announcement that Johnson & Johnson will buy the drugmaker for $132 per share. That suggests a 39% premium to Friday’s closing price and values Intracellular Therapies at $14.6 billion. Shares of Johnson & Johnson were flat. Abercrombie & Fitch – Shares fell about 18% after the clothing retailer’s updated forecast for the fourth quarter disappointed investors. The company now expects net sales for the period to grow between 7% and 8%, from previous guidance of growth between 5% and 7%. With holiday expectations lower than the numbers the company posted for the year-ago period, that could signal a slowdown in growth. Macy’s – The retailer’s stock fell more than 7% after the company said it expected net sales for the fiscal fourth quarter to be near the bottom of its previous guidance range. Macy’s said its comparable sales were “roughly flat” year to date, including a drag from locations that are not part of the company’s future plans. CNBC’s Yun Li, Alex Harring, Sean Conlon, Lisa Han, Michelle Fox and Jesse Pound contributed reporting.
