Bed Bath & Beyond, Coinbase, Virgin Orbit and more

Virgin Orbit’s LauncherOne rocket on display in Times Square, Recent York.

CNBC | Michael Sheetz

Try the businesses making the most important moves midday:

Virgin Orbit — The satellite launch service company fell 13.99% a day after it confirmed its first launch out of the UK Monday failed to succeed in orbit. The mission was Virgin Orbit’s sixth to this point, and its second launch failure.

Danaher — Shares of Danaher rose 4.64% after the maker of medical, industrial and industrial products issued upbeat guidance for fourth-quarter non-GAAP core revenue. The corporate now expects growth within the high single-digit percentages on a year-over-year basis. It previously projected flat to low single-digit percentage declines.

Sotera Health — The stock soared 99.65% a day after Sotera Health announced the settlement of greater than 870 cases referring to the exposure of ethylene oxide, a carcinogen, from its Willowbrook facilities. The corporate, which said the settlement shouldn’t be an admission that the emissions posed a security hazard, agreed to pay $408 million.

Warner Bros. Discovery — Shares of the media company jumped 8.18% after Bank of America added the stock to the “US1” list. The Wall Street firm said it stays bullish on the long-term potential and views the present risk/reward as “highly attractive.”

Coinbase — Shares jumped 12.96% after the cryptocurrency exchange shared plans to trim its workforce by 20%. The cuts come after Coinbase laid off 18% of its workforce in June as crypto prices, and its stock, dwindled.

Bed Bath & Beyond — The retailer jumped 27.78%. The move got here after its earnings call, during which leadership said the corporate had greater losses than expected. Days earlier, the corporate warned of potential bankruptcy.

Oak Street Health — Shares of Oak Street Health, a health-care company that manages primary care centers for Medicare patients, jumped 27.47% after Bloomberg reported that CVS is exploring a deal to buy it for greater than $10 billion.

Regeneron Pharmaceuticals — The stock gained 2.71%, a day after the shares dropped about 7.7% on news that sales of the pharmaceutical company’s Eylea drug were hurt by a shift to an off-label competitor in the ultimate quarter of 2022. On Tuesday, CEO Leonard Schleifer told CNBC that activity was “transient” and shouldn’t have any impact on the long-term trajectory of Eylea.

Frontline — Shares of the shipping company jumped 25.68% after Frontline announced that it was terminating a deal to mix with Euronav. The plan had called for Frontline to accumulate Euronav in an all-stock deal. CEO Lars Barstad said in an announcement that each shippers “are already having fun with economies of scale.”

Bumble — The dating app stock rose 7.33% following an upgrade to obese from sector weight at KeyBanc Capital markets. The firm said it’s growing more confident in the corporate’s ability to capitalize on online dating trends and grow revenues.

Illumina — Shares dropped 6.2% in midday trading. The gene-sequencing technology company appealed an EU antitrust order blocking its merger cope with biotech firm Grail on Tuesday. A day prior, Illumina said it expected its 2023 fiscal yr consolidated revenue to are available between $4.9 billion to $5.035 billion, versus a StreetAccount estimate of $5.005 billion.

CureVac — The biopharmaceutical company gained 20.56% after saying it plans to advance patient trials of its mRNA vaccines for Covid-19 and the flu. CureVac also announced Sanofi veteran Alexander Zehnder will turn out to be CEO in April.

Agilent Technologies — Shares rose 5.26% a day after the corporate announced a $2 billion share repurchase program. Agilent also said it was investing $725 million to double manufacturing capability.

On Semiconductor — The semiconductor stock shed 0.59% after being downgraded by William Blair to market perform. Analysts said On Semiconductor continues to struggle with GT Advanced technologies and that its silicon carbide yields are half of their origination assumptions.

Dish Network — The satellite TV company dropped 6.26%. Goldman Sachs reinstated its neutral rating on Tuesday, noting that while the corporate is positioned to achieve share, it faces significant execution risk and the acceleration of cord-cutting. The firm’s $14 price goal implies 11.5% downside from Monday’s close.

— CNBC’s Samantha Subin, Alex Harring, Yun Li, Tanaya Macheel, Carmen Reinicke, Jesse Pound and Michael Bloom contributed reporting.

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