Explore the latest developments from notable companies during midday trading.
Meta Platforms — Shares of the social media behemoth increased by over 2%, defying the European Court’s recent antitrust ruling against Meta. Despite this setback, Meta is poised to launch a new application called Threads this week, which will directly compete with Twitter.
C3.AI — The artificial intelligence stock witnessed a 4.5% surge in midday trading today. Over the past five sessions, its shares have experienced a notable 19% increase, and a remarkable 253% rise year-to-date.
Coinbase — Shares of the cryptocurrency services company declined by more than 2% following a downgrade by Piper Sandler. The downgrade attributed the lack of increased trading volume to the recent surge in cryptocurrency prices after Coinbase faced a lawsuit from the SEC. Piper Sandler predicts that Coinbase will report its lowest trading volumes and monthly transacting users in over two years for the third quarter.
Wolfspeed — Shares of the chip company surged by 14% after announcing a decade-long supply agreement with Renesas Electronics. Under this deal worth $2 billion, Wolfspeed will provide silicon carbide bare and epitaxial wafers to Renesas Electronics.
Moderna – Shares of the biotechnology firm based in Massachusetts increased by 2.1% after announcing an agreement with Chinese officials to manufacture and develop mRNA medicines in China.
General Motors — The traditional automaker saw a nearly 1% increase after reporting an 18.8% rise in U.S. sales for the second quarter.
American Equity Investment Life Holding — Shares of the company surged by 2% after announcing its acquisition by Brookfield Reinsurance for approximately $4.3 billion. However, Brookfield Reinsurance witnessed a 2.1% decline during the session.
United Parcel Service — The package delivery company experienced a 2% decrease in its share price as talks with the Teamsters union failed to make progress. According to the union’s statement on Wednesday, negotiations collapsed after UPS “walked away”. UPS responded by denying that it had done so, encouraging the union to return to the negotiating table. The current contract covering approximately 340,000 workers is set to expire at the end of July.
Digital World Acquisition — Shares of the special acquisition company linked to Donald Trump surged by over 12% following news of their initial agreement with the Securities and Exchange Commission. This agreement pertains to the company’s previous statements and SEC filings.
— Reporting contributed by Samantha Subin, Tanaya Macheel, Michelle Fox, Hakyung Kim, Jesse Pound, and Alex Harring of CNBC.
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