Check out the companies making headlines in midday trading.
meta platform — Shares of the social media giant rose more than 2% even after the European Court of Justice lost an antitrust case against Meta on Tuesday. Meta is expected to launch a new app called Threads this week, which will be a Twitter competitor.
C3.AI — The artificial intelligence stock was up 4.5% in midday trading Wednesday. Shares are up about 19% over the past five sessions and 253% this year.
Coinbase — Piper Sandler downgraded the crypto services company, citing a more than 2 percent drop in the company’s stock price after a recent SEC lawsuit against Coinbase rallied in cryptocurrency prices but did not translate into higher trading volumes. Piper Sandler said Coinbase is expected to see its lowest trading volume and monthly trading users in the third quarter in more than two years.
wolf speed — Shares rose 14% after the chip company announced the deal Signed a 10-year supply agreement with Renesas Electronics Offering SiC die and epiwafers for $2 billion.
modern – Shares rose 2.1% after the Massachusetts-based biotech announced a deal with officials to manufacture and develop mRNA drugs in China.
General Motors — The legacy automaker said U.S. sales rose 18.8% in the second quarter, sending shares up nearly 1%.
American Equity Investment Life Holdings — The company said it would Acquired by Brookfield Re About $4.3 billion. Brookfield fell 2.1% on the day.
UPS — Shares of the package delivery company fell 2% as talks with the truckers union failed to make progress. The union said in a statement Wednesday that the talks broke down after UPS “dropped out.” UPS responded that it had not given up on negotiations and said it was encouraging unions to return to the negotiating table. The current contract, which covers about 340,000 workers, expires at the end of July.
digital world capture — Shares of the special acquisition firm tied to Donald Trump rose more than 12% on news that it had Reached a preliminary agreement with the SEC beyond the company’s previous statements and SEC filings.
— CNBC’s Samantha Subin, Tanaya Macheel, Michelle Fox, Hakyung Kim, Jesse Pound and Alex Harring contributed reporting.
Svlook
