Kai Pfaffenbach | Reuters
Check out the companies making headlines midday:
Chipmakers— Shares of chipmakers fell broadly, including Micron falling more than 1% and Qualcomm dropping less than 1%, after Samsung said its second-quarter profit would likely be down 56% from a year ago. The world’s largest smartphone maker and supplier of memory chips cited a weakening demand for chips.
Barrick Gold, Newmont Goldcorp— Gold stocks fell on Friday after U.S. job data rebounded strongly in June, which lowered the chances of an interest rate cut by the Federal Reserve this month and raised the value of the U.S. dollar. Shares of Barrick Gold fell nearly 2% and shares of Newmont Goldcorp fell more than 2%.
J.P. Morgan Chase, Bank of America, Citigroup— Bank stocks rose after a stronger-than-expected jobs report jolted interest rates higher. U.S. employment grew by 224,000 jobs in June, easily topping expectations. The benchmark 10-year Treasury note yield jumped to trade back above 2%. J.P. Morgan and Citigroup both traded around half a percent higher while Bank of America gained 0.7%.
Canopy Growth— Shares of cannabis company Canopy Growth fell nearly 2% after the Globe and Mail reported that CEO Bruce Linton’s departure from the company followed contention with Constellation Brands CEO Bill Newlands. The report citing sources familiar said Constellation Brands attempted to increase its control over Canopy since becoming it largest shareholder, causing conflict between Linton and Newlands.
Rio Tinto, BHP Group— Shares of mining companies Rio Tinto and BHP fell 4% and 2.9% respectively after a report from the China Securities Journal said that authorities in China were concerned over iron ore’s recent price jump. The drop in metals on the strong dollar also added to the decline.
Correction: Bill Newlands is CEO of Constellation Brands. An earlier version misstated his status.
— CNBC’s Fred Imbert, Marc Rod, and Mallika Mitra contributed to this report.