Uber, Lyft, Biogen, Facebook, Caterpillar & more

Check out the companies making headlines in midday trading. 

Uber, Lyft — Shares of the ridehailing companies jumped 13.3% and 12.8%, respectively, after early voting projections suggest that Californians have decided both companies should be exempt from a labor law that aimed to make drivers employees instead of contractors.

Biogen — Shares soared more than 40% for the biotech firm after the Food and Drug Administration said its experimental Alzheimer’s drug is “robust and exceptionally persuasive” in one study. The agency said Biogen has provided “substantial evidence of effectiveness to support approval.”

Caterpillar — The farming equipment maker dropped more than 6% amid an investor rotation out of cyclical stocks into technology. Caterpillar could be getting hit as an infrastructure bill is still up in the air with the uncertain presidential election.

Facebook, Amazon, Alphabet — Major tech-related companies jumped, with Amazon, Apple and Microsoft all up at least 3%. Facebook popped 7%, while Google-parent Alphabet jumped more than 6%. Many investors are betting that a likely split Congress would avoid higher taxes and tighter regulation, an outcome that would be beneficial for high growth tech stocks.

AMD — Shares of the semiconductor company jumped nearly 5% after Goldman Sachs added Advanced Micro Devices to the conviction buy list. The Wall Street firm said it sees an opportunity for investors to participate in AMD‘s “multi-year share gain margin expansion story.”

Wendy’s — The fast food stock dropped 5.5% after the company’s third-quarter revenue missed Wall Street expectations. Wendy’s reported adjusted earnings per share of 19 cents on $452 million of revenue. Analysts surveyed by Refinitiv had predicted 17 cents in earnings per share and $454 million in revenue. The company said same-store sales were up 7% year over year.

Clean Harbors — Shares of Clean Harbors surged more than 10% after the waste management company reported a big earnings beat. Clean Harbors posted earnings per share of 90 cents in the third quarter, well above a FactSet estimate of 28 cents. Its revenue was in line with expectations.

DraftKings, Penn National Gaming — Sports gaming stocks jumped after election results showed strong support for expanding sports gambling in multiple states, including Maryland. Shares of DraftKings climbed 5%, while Penn National rose nearly 7%.

— CNBC’s Maggie Fitzgerald and Jesse Pound contributed reporting.

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