Check out the companies making headlines in midday trading.
— Bank shares jumped along with Treasury yields as worries over a U.S. recession dissipated on the back of strong economic data. Bank of America and J.P. Morgan both rose 1.8% while Citigroup gained 1.6 %. The benchmark 10-year yield shot up to 1.87 from around 1.78 in the previous session. Rates rose following the release of retail sales and consumer sentiment data that topped expectations.
— Shares of the flooring company plunged Friday after founder and former CEO Thomas Sullivan decided to opt out of his bid to take the company private, a week after he announced the buyout plan. Sullivan had upped his ownership of Lumber by 30% or 500,000 shares on Sept. 4 through his F9 Investments, saying he was taking his former company private.— Broadcom stock fell more than 3% after reporting adjusted quarterly profit of $5.16 per share, topping what Wall Street analysts had been expecting.
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