David Wadhwani, senior vice president of digital media for Adobe, speaks during the launch of Adobe Creative Cloud and CS6 in San Francisco, April 23, 2012.
David Paul Morris | Bloomberg | Getty Images
Discover the latest trending companies during midday trading.
Redwire — The space infrastructure stock skyrocketed by 14% on Wednesday after Roth MKM initiated research coverage of the company with a buy rating. The firm predicts that Redwire, which recently went public through a special purpose acquisition company in 2021, has incredible revenue potential in the pipeline amounting to billions of dollars.
Corteva — The seed and crop protection solutions provider witnessed a 1.8% increase during midday trading after unveiling Reklemel, an innovative product that safeguards various food and row crops against damage caused by plant-parasitic nematodes. This news comes from a press release issued by the company on Wednesday.
Moderna — The vaccine maker’s stock rose by approximately 2.3%. This uptick follows the Centers for Disease Control and Prevention’s approval of updated Covid vaccines from both Pfizer and Moderna for individuals aged six months and above. These mRNA vaccines are specifically developed to combat the newly emerged omicron subvariant known as XBB.1.5.
Citigroup — Shares of the banking giant surged by 2% after its CEO Jane Fraser announced a corporate restructuring on Wednesday in response to a declining stock market performance. This strategic move involves dividing Citigroup into five main divisions, eliminating the company’s two primary divisions that catered to consumers and large institutional clients.
Airline stocks — American Airlines decreased by 4.7% after reducing their third-quarter profit estimates due to higher fuel prices and costs related to a new pilot labor agreement. Low-cost carrier Spirit Airlines also experienced a 2.7% decline after lowering its summer profit estimates due to increased costs.
Xpeng, Nio — The U.S.-based shares of Chinese electric vehicle manufacturers Xpeng and Nio dropped by 2.1% and 3.6%, respectively, following the launch of an investigation by the European Commission into subsidies provided to electric vehicle makers in China.
Adobe — Stock in the software company rose by approximately 2% during midday trading ahead of its quarterly results announcement on Thursday. According to analysts surveyed by FactSet, the company is projected to achieve an adjusted earnings per share of $3.98 on $4.866 billion in revenue. Traders have also displayed optimistic sentiment toward the stock due to the ongoing excitement surrounding artificial intelligence.
Ford Motor, General Motors — Both auto stocks experienced gains after being recommended as buys by UBS. Ford saw a 2.8% increase, while General Motors climbed by 1.3%. The firm highlighted Ford’s pro-business approach and strong performance in the commercial segment.
— Contributions to this report have been made by CNBC’s Alex Harring, Hakyung Kim, Brian Evans, Samantha Subin, and Tanaya Macheel.
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