Check out the companies making headlines in midday trading.
Scholastic — The publishing and media company stock plummeted more than 14% after reporting an earnings miss on the top and bottom line. Scholastic reported an adjusted loss of $2.20 per share on $228.5 million in revenue, while analysts polled by FactSet forecast a loss of $1.35 per share and $268.79 million in revenue.
Arm Holdings — The recently listed chip design stock lost 2.3% during Friday’s trading session after Susquehanna initiated a neutral rating on the company in a Friday note. Shares popped nearly 25% during its Nasdaq debut on Sept. 14 but are now trading just above the stock’s $51 initial public offering price.
Seagen — Shares of the biotech firm rose 3.5% after the company reported positive results from a clinical trial for patients with previously untreated bladder cancer. The results showed the treatment improved both overall survival and progression-free survival, compared with chemotherapy.
Deere — Shares of the farming equipment manufacturer fell more than 2% after Canaccord Genuity downgraded shares to hold from buy. The firm mentioned headwinds including slowing growth for large agricultural equipment and normalizing dealer inventories.
Chinese e-commerce stocks — U.S. shares of both PDD and Alibaba added roughly 4% and 5%, respectively, while JD.com stock climbed 2.2%. A report from Bloomberg said earlier on Friday that the Chinese government is considering loosening foreign investment cap rules in publicly traded domestic companies.
— CNBC’s Pia Singh, Alex Harring, Hakyung Kim and Samantha Subin contributed reporting