By Liz Moyer
Investing.com -- Stocks were falling on fading hopes for an end-of-the-year rally as investors worry about a possible recession. Here are the midday movers for Dec. 16.
Adobe Systems Incorporated (NASDAQ:ADBE) stock is up 3% after it reported better-than-expected profit and met expectations for revenue. It also provided a positive outlook for the current quarter.
Guardant Health Inc (NASDAQ:GH) shares fell 30.6% after the maker of cancer-fighting devices and tests revealed that a trial of its DNA blood kit to detect colon cancer wasn't as effective as the stool sample kit sold by EXACT Sciences Corporation (NASDAQ:EXAS). Shares of Exact Sciences rose 16%.
Meta Platforms Inc (NASDAQ:META) stock rose 3.7% after JPMorgan upgraded the social media company, saying it believes costs are coming under control and is expecting to see revenue growth from here.
Darden Restaurants Inc (NYSE:DRI) shares fell after the parent of Olive Garden and LongHorn Steakhouse beat expectations for the recent quarter and raised the lower end of the range for its outlook.
Walt Disney Company (NYSE:DIS) shares were down 1.5% as the movie studio and theme park operator has high expectations for the release of Avatar: The Way of Water, the sequel to Avatar. Estimates say the latest film could take in $150 million in its opening weekend, which would rank it among the top releases of 2022.