Movers: Altria, Ciena, Credit Suisse, Lordstown Motors , Snap

Scott Peters
06 Mar, 2023
New York City

Altria Group Inc increased 1.1% to $47.04 after the maker of Marlboro cigarettes agreed to acquire e-cigarette company NJOY for $2.785 billion. 

Altria recently sold its stake in the troubled e-cigarettes maker Juul Labs, which was once valued at $13 billion in 2018 and the company's products are still facing several investigations from the Food & Drugs Administration. 

The U.S. FDA has approved six of the NJOY's vaping products for sale.  

Ciena Corporation rose 4% to $51.14 after the networking equipment maker reported revenue in the last quarter increased 25.1% to $1.06 billion from $844.44 million a year ago. 

Net income increased to $76.24 million or $0.51 per share from $45.82 million or $0.29 per share in the prior-year quarter.

Credit Suisse declined 0.7% to $3.01 after the company's main shareholder Harris Associates sold its entire stake in the company. 

The news was first reported by the Financial Times and independently verified by Ticker.com. 

Chicago-based Harris Associates reportedly owned as much as 10% last year but sold its entire stake in the last two months. 

"There is a question about the future of the franchise. There have been large outflows from wealth management," deputy chair and chief investment officer David Hero said to Financial Times. 

Lordstown Motors Corp declined 6% to $1.05 and the maker of light duty vehicles said revenue in the December quarter increased to $194,000 compared to zero a year ago. 

Net loss in the quarter increased to $102 million from $81.2 million and diluted loss per share rose to 45 cents from 42 cents a year ago. 

The company confirmed the cash on hand declined to $221.5 million from $244 million a year ago. 

Snap Inc gained 13% to $12.03 as the U.S. lawmakers make progress in advancing a bill to provide an authority to President Joe Biden in banning TikTok, the company's main competitor.