U.S. markets traded evenly in midday trading Friday as oil prices ticked up moderately by about 0.7% to $46.02 a barrel, based on U.S. benchmark West Texas Intermediate. The S&P 500 and Dow Jones industrials were down about 0.2% and 0.1%, respectively.
CBS (CBS) shares fell about 3% in midday trading after the New York-based media giant was downgraded by UBS to Sell from Neutral, as its $52 price target was left unchanged.
UBS analyst Douglas Mitchelson cited risks of waning TV advertising in the second half of the year, especially as competition mounts surrounding the political campaign season.
Meanwhile, Valeant Pharmaceuticals (VRX) dropped about 1% after the FDA announced one of the Canadian drugmaker's trio of pipeline drugs expected to earn approval this month could be struggling.
The drug, a psoriasis treatment labeled Brodalumab, is expected to rake in about $500 million in new annual sales for Valeant if approved, starting as soon as the fourth quarter, giving the debt-laden company much-needed relief as it copes with a $31 billion debt load, according to Rodman & Renshaw managing director Raghuram Selvaraju.
Cognizant Technology (CTSH) shares also fell roughly 3% after India-based technology firm Infosys (INFY) lowered its annual sales guidance, citing declining global demand for traditional IT products and services amid a broader shift to cloud services.
And Chipotle (CMG) also dropped nearly 3% on a downgrade by Morgan Stanley to Equal Weight from Overweight, and lowered price target to $405 from $500. Analyst John Glass cited it "could take years" for sales to recover from an E. coli-triggered selloff last year.
Chipotle, whose shares are down 15% on the year, is set to roll out second-quarter earnings after the closing bell Thursday.