Amazon delivery package seen in front of a door.
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Discover the latest developments in the stock market during midday trading.
Alphabet — The parent company of Google has gained 4.4% after introducing Bard AI, its advanced language model, which is now available in Brazil and the European Union.
Cirrus Logic — The chipmaker’s stocks have declined more than 3% following its announcement in an 8K filing about its plans to reduce its workforce by 5%.
Nvidia — Stock in this leading semiconductor and AI company has increased by 2.2%. Nvidia has invested $50 million in Recursion to support AI-driven drug discovery, as announced by the company on Wednesday via a press release.
Disney — The media giant’s shares have risen by less than 1% after the company announced a two-year extension of CEO Bob Iger’s contract until 2026. Bank of America has reiterated its buy rating for Disney following this news.
Carvana — The company’s stocks have plummeted by 7% after JPMorgan downgraded them from neutral to underweight, citing a significant disconnect between the used-car dealer’s valuation and its fundamentals. Carvana has experienced a staggering 700% growth this year. JPMorgan’s price target of $10 suggests a 74% downside from Wednesday’s closing price.
SoFi — The stock of this financial technology company has slipped by 1.4% after being downgraded to underweight by Morgan Stanley. Morgan Stanley believes that SoFi should be valued more like a bank rather than just a fintech company.
ViaSat — ViaSat experienced a record drop of 29% in its share price after disclosing a malfunction in its recently launched communications satellite. The company stated on Wednesday that an “unexpected event” during reflector deployment could impact the performance of its Viasat-3 Americas satellite.
Shopify — The online purchase processor has seen a rise of 5.5% in midday trading, building on its strong momentum from the previous session, after its CEO, Tobi Lutke, announced in a video on Twitter the company’s plans to integrate an AI assistant tool into its platform for entrepreneurs.
Amazon — The e-commerce giant’s shares have surged by 2% after reporting that its Prime Day event has been the “biggest ever,” with online sales reaching $12.7 billion.
Progressive — The insurance company’s shares have dropped by approximately 11% following its release of June and second-quarter results. Despite transitioning from a loss to a profit compared to last year, Progressive’s combined ratio was above 100 for both the quarter and the month, indicating that its profits primarily originated from investment gains rather than underwriting activity. Additionally, the company’s net premiums written for the quarter amounted to $14.72 billion, falling short of the expected $15.04 billion, as reported by StreetAccount.
— Reporting by CNBC’s Samantha Subin, Yun Li, Jesse Pound, Michelle Fox, and Alex Harring.
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