The Wynn Resorts logo is illuminated as people sit near the fountain at the Wynn Macau Casino Resort in Macau, China on Tuesday, July 24, 2018.
Pual Yeung | Bloomberg | Getty Images
Check out the companies making the biggest moves at midday:
Wynn Resorts — The casino operator’s stock jumped nearly 7%, building on its strong start to 2023. With Wednesday’s gain, the stock is up more than 11% for the week . Earlier this week, Wells Fargo named the stock among the best tactical investing ideas for the first quarter. The company said Wynn’s exposure to Macau means it stands to benefit from China’s decision to reopen its economy.
Selling power – Shares of the cloud-based software company jumped more than 3% after Salesforce announced it was cut 10% of its staff and the reduction of some office space as part of a restructuring plan.
Microsoft — The stock fell 4% after UBS was downgraded to neutral after buying. The company cited risks related to Office and Microsoft’s Azure business.
General Electric — Shares gained 3.2% after GE Healthcare Technologies became a separate public company Wednesday. The new company jumped 6% midday on its first day of trading. In 2021, GE revealed plans to split into three companies so it could focus on its aerospace business. Its energy segment is expected to separate in 2024.
Chinese ADR – Shares of U.S.-listed Chinese companies surged after Ant Group received China’s approval for an expanded capital plan, which investors can view as a sign of a more relaxed regulatory environment. Ali Babawhich owns 22% of Ant, jumped 11.6%, while JD.com gained 14%, and Pinduo-duo increased by more than 8%
carnival cruise – Carnival Cruise shares rose 8.6% after the company announced it would raise prices for US and European customers from April 1. The move is in line with peers such as Norwegian Cruise, which hiked prices on Jan. 1. 1.
Corning – Shares of the glass and materials technology company rose more than 4% after Credit Suisse upgraded the stock and raised earnings estimates, noting that headwinds could turn into tailwinds in 2023.
Micron Technology Micron jumped more than 7% in midday trading. On Wednesday, Daiwa Capital Markets reiterated its buy rating and price target of $65, implying a 29% upside from Tuesday’s close. The company believes earnings will likely pick up in the fourth quarter of fiscal 2023 as demand picks up.
Etsy — The e-commerce platform added nearly 3% after Needham upgraded stock to buy pending. Needham said the company has been able to keep the majority of shoppers out of the pandemic and is solely focused on diversification and affordability.
Bank of America – Shares rose more than 3% after Wells Fargo named the stock a top pick of 2023 and said it should post “best-in-class” growth.
Celanese — The global specialty chemicals and materials company jumped more than 6% after being upgraded by RBC Capital Markets to improve sector performance. The better than expected integration of the mobility segment and the materials acquired from DuPont are among the reasons cited.
Pfizer – Shares of the pharmaceutical giant fell nearly 2% following a downgrade to neutral by Bank of America, which cited uncertainty over the extent of the drop in revenue from its drugs Covid, Comirnaty and Paxlovid.
Coinbase – Shares of the cryptocurrency exchange jumped 12.3% after the company reached a settlement agreement with the New York Department of Financial Services. Coinbase agreed to pay a $50 million penalty for past compliance issues and invest an additional $50 million in ongoing improvements. The investigation had previously been disclosed to investors.
Honey – Honeywell shares fell nearly 2% after being twice downgraded by UBS to sell long, citing the stock’s full valuation and the company’s expected slowdown in orders. UBS also lowered its price target to $193 from $220.
Maxeon Solar Technologies — Stocks rebounded 12% after being upgraded by Raymond James to outperform market performance. The company cited the “sharp drop in shares of the solar company from the initial euphoria created by the Cut Inflation Act.”
Bath and body care — The retailer’s stock gained more than 8% at noon, a day after Piper Sandler raised its price target from $50 to $52. The company believes Bath & Body Works offers an attractive growth story, as well as an opportunity for international expansion and entry into other areas of beauty and personal care.
United Airlines — Airline stocks rose as a group following a sharp decline Oil prices Wednesday, with shares of United Airlines up 5.5%. Shares of American airlines and Delta Airlines were both above 5%.
– CNBC’s Michael Bloom, Carmen Reinicke, Tanaya Macheel, Sarah Min, Alex Harring, Jesse Pound and Yun Li contributed reporting.
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