Check out the companies making headlines in midday trading. Chip stocks — Several large chip stocks fell after Bloomberg News reported that said the Biden Administration is considering clamping down on companies that are exporting their chipmaking equipment to China. Nvidia fell 6%, while ASML slid 11%. AMD slipped 8%. Taiwan Semiconductor Manufacturing Company tumbled about 7%. The VanEck Semiconductor ETF was down roughly 6%. Elevance Health — The health insurer slipped 6.
Reuters, citing people familiar, reported that the firm was exploring a sale after receiving acquisition interest from firms, including from cloud monitoring company Datadog. Shares of Datadog slid 7%. Five Below — Five Below shares sank 22% and headed for their worst day in more than four years after the company cut its guidance and announced the departure of its CEO. Several Wall Street firms also downgraded the value retailer following the news.
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