Bed Bath & Beyond, Coinbase, Virgin Orbit among stocks making biggest moves midday

Virgin Orbit's satellite launch service company fell 12% a day after it confirmed its first launch out of the United Kingdom Monday failed to reach orbit. The mission was Virgin Orbit's sixth to date, and its second launch failure.

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Danaher's shares rose by more than 4% after the company issued positive guidance for its fourth-quarter non-GAAP core revenue. Danaher now expects growth in the high single-digit percentages on a year-over-year basis, which is an improvement from its previous projection of flat to low single-digit percentage declines.
Sotera Health's stock shot up nearly 90% in the wake of the company's announcement that it had settled more than 870 cases relating to exposure to ethylene oxide, a carcinogen, from its Willowbrook facilities. Although Sotera Health maintained that the settlement did not constitute an admission that the emissions posed a safety hazard, it agreed to pay out $408 million.

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Bank of America added Warner Bros. Discovery to the "US1" list, sending the media company's shares up more than 6%. The firm said it remains bullish on the company's long-term potential and views the current risk/reward as "highly attractive."

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Coinbase plans to trim its workforce by 20%, after laying off 18% of its employees in June. The move comes as cryptocurrency prices continue to fall.
Bed Bath & Beyond shares soared 19% after the company's earnings call, during which leadership said the company had bigger losses than expected. Days earlier, the company had warned of potential bankruptcy.

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Oak Street Health's shares soared 28% after Bloomberg reported that CVS is considering buying the company for more than $10 billion. Oak Street Health manages primary care centers for Medicare patients.

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Regeneron Pharmaceuticals' stock rebounded on Tuesday, a day after it plunged on news that sales of its Eylea drug were hurt by a shift to an off-label competitor in the final quarter of 2022. CEO Leonard Schleifer told CNBC that the activity was "transient" and should not have any impact on the long-term trajectory of Eylea. Analysts say the stock's recent sell-off was overdone and that Regeneron remains a strong long-term play.

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Frontline's stock shot up 26% after the company announced that it was terminating its merger with Euronav. The deal would have seen Frontline acquiring Euronav in an all-stock transaction. However, Frontline CEO Lars Barstad said in a statement that both companies are already "enjoying economies of scale."
Bumble's stock rose 5.9% following an upgrade to overweight from sector weight at KeyBanc Capital markets. The firm said it's growing more confident in the company's ability to capitalize on online dating trends and grow revenues.

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Illumina's shares dropped 5% in midday trading on Tuesday, after the company appealed an EU antitrust order blocking its merger deal with biotech firm Grail. A day earlier, Illumina had said it expected its 2023 fiscal year consolidated revenue to come in between $4.9 billion and $5.035 billion, versus a StreetAccount estimate of $5.005 billion.

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CureVac, a biopharmaceutical company, gained nearly 14% after announcing plans to advance patient trials of its mRNA vaccines for Covid-19 and the flu. CureVac also announced that Alexander Zehnder, a veteran of Sanofi, will become CEO in April.
Agilent Technologies' shares rose more than 4% a day after the company announced a $2 billion share repurchase program. Agilent also said it was investing $725 million to double manufacturing capacity. This move signals confidence from the company in its own future prospects.

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On Semiconductor's stock dropped by almost 3% after William Blair downgraded it to "market perform." According to analysts, the company is still having difficulties with GT Advanced technologies, and its silicon carbide yields are only half of what was originally assumed.

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Dish Network's stock dropped 3% in midday trading on Tuesday. Goldman Sachs reinstated its neutral rating on the company, noting that while it is positioned to gain market share, it faces significant execution risk and the acceleration of cord-cutting. The firm's $14 price target implies 11.5% downside from Monday's close.