Hot Stocks: BLU rises on buy out offer from GSK; ERIC slips on earnings; NVDA, GMDA gains; MP slides
Major market averages varied in Tuesday's noon session as investors analyzed 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 authorized 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 authorized 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 programs 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.

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