The Wynn Resorts logo stands illuminated as people sit by 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 midday:
Wynn Resorts — The casino operator’s stock jumped 6.18%, building on its solid 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 a top tactical investing idea for the first quarter. The firm said Wynn’s exposure to Macao means it should benefit from China’s move to reopen its economy.
Salesforce — Shares of the cloud-based software company rose 3.57% after Salesforce announced that it is cutting 10% of its personnel and reducing some office space as part of a restructuring plan.
Microsoft — The stock sank 4.37% following UBS’ downgrade to neutral from buy. The firm cited risks related to Office and Microsoft’s Azure business.
General Electric — Shares gained 5.86% after GE Healthcare Technologies became a separate public company Wednesday. The new company popped 8.02% during its first day of trading. In 2021, GE revealed plans to break up into three companies so it can focus on its aviation business. Its energy segment is expected to be spun off in 2024.
Chinese ADRs — Shares of Chinese companies listed in the U.S. surged after Ant Group received approval from China for an extended capital plan, which investors may see as a sign of a more relaxed regulatory environment. Alibaba, which owns 22% of Ant, jumped 12.98%, while JD.com gained 14.68%, and Pinduoduo rose 7.73%
Carnival Cruise — Shares of Carnival Cruise rose 9.66% after the company said that it would raise prices for U.S. and European guests starting April 1. The move is in line with peers such as Norwegian Cruise, which boosted prices Jan. 1.
Corning — Shares of the glass and materials tech company rose 4.82% after Credit Suisse upgraded the stock and raised revenue estimates, noting headwinds could change to tailwinds in 2023.
Micron Technology — Micron surged 7.6% in midday trading. On Wednesday, Daiwa Capital Markets reiterated its buy rating and $65 price target, which implies 29% upside from Tuesday’s close. The firm thinks earnings will likely recover in the fiscal 2023 fourth quarter on demand recovery.
Etsy — The e-commerce platform added 3.13% after Needham upgraded the stock to buy from hold. Needham said the company has been able to keep the majority of buyers from the pandemic and is uniquely focused on diversification and affordability.
Bank of America — Shares added m1.88% after Wells Fargo named the stock a 2023 top pick and said it should show “best-in-class” growth.
Celanese — The global chemical and specialty materials company rallied 6.73% after being upgraded by RBC Capital Markets to outperform from sector perform. Better-than-expected integration of the mobility and materials segment it acquired from DuPont was among the reasons cited.
Pfizer — The pharma giant’s shares fell 2.2% following a downgrade to neutral by Bank of America, which cited uncertainty over the magnitude of the revenue decline for its Covid drugs, Comirnaty and Paxlovid.
Coinbase — Shares of the cryptocurrency exchange jumped 12.2% after the company reached a settlement agreement with the New York Department of Financial Services. Coinbase agreed to pay a $50 million penalty for prior compliance issues and invest another $50 million in continued improvements. The investigation had previously been disclosed to investors.
Honeywell — Shares of Honeywell dropped 1.99% after being double downgraded by UBS to sell from buy, citing the stock’s full valuation and the company’s anticipated order slowdown. UBS also lowered its price target to $193 from $220.
Maxeon Solar Technologies — Shares rallied 15.6% after being upgraded by Raymond James to outperform from market perform. The firm cited the solar company stock’s “steep drop from the initial euphoria created by the Inflation Reduction Act.”
Bath & Body Works — The retailer’s stock gained 10.51% Wednesday, a day after Piper Sandler increased its price target to $52 from $50. The firm thinks Bath & Body Works offers an attractive growth story, as well as upside opportunity for international expansion and entrance into other beauty and personal care areas.
United Airlines — Airline stocks rose as a group on the back of sharply falling oil prices on Wednesday, with shares of United Airlines up 6.75%. Shares of American Airlines gained 6.67%, while Delta Air Lines added 5.46%.
— CNBC’s Michael Bloom, Carmen Reinicke, Tanaya Macheel, Sarah Min, Alex Harring, Jesse Pound and Yun Li contributed reporting.
