An Amazon delivery package seen in front of the door.
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Check out the companies making headlines in midday trading.
letter — Shares rose 4.4% after Google parent company launched Bard AI, a large-scale language model, in Brazil and the EU.
cirrus logic — Shares of the chipmaker fell more than 3% after the announcement in midday trading 8K archiving 5% of the workforce is planned to be cut.
Nvidia — Shares of the semiconductor and artificial intelligence giant rose 2.2 percent. Nvidia invests $50 million in Recursion to help advance AI-based drug discovery, The company said on Wednesday.
disney — Shares rose less than 1% after the media giant said it would extend CEO Bob Iger’s contract by two years through 2026. Following the news, Bank of America reiterated its Buy rating on Disney.
caravan — Shares fell 7% after JPMorgan Chase & Co downgraded the used-car dealership’s valuation to “significantly out of touch with fundamentals” to underweight from neutral. Carvana has soared about 700% this year. The Wall Street firm has a $10 price target, down 74% from Wednesday’s close.
sophie — The fintech stock fell 1.4% after Morgan Stanley downgraded it to underweight. SoFi should be valued more like a bank and a fintech company, according to Morgan Stanley.
ViaSat — Shares of ViaSat fell 29%, their worst day on record, after the company revealed that its recently launched communications satellite had failed. The company revealed late Wednesday that an “unexpected incident” occurred during the deployment of the reflector that could affect the performance of its Viasat-3 Americas satellite.
Shopping — The online purchase processor was up 5.5% in midday trading, building on strong gains in the previous session, after the CEO’s release Tobi Lutke announced in a video on Twitter Plans to incorporate AI assistant tools into its platform for entrepreneurs.
amazon — The e-commerce giant said its Prime Day was the “biggest ever,” as online sales climbed to $12.7 billion, and shares rose 2%.
progress — Shares of Progressive fell about 11% after the insurer reported results for June and the full second quarter. Although the company turned from a loss to a profit compared with last year, its combined ratio was above 100 for both the quarter and the month, implying that its profit came mostly from investment income rather than underwriting activity. Also, the company’s net premiums for the quarter came in at $14.72 billion, missing estimates of $15.04 billion, according to StreetAccount.
— CNBC’s Samantha Subin, Yun Li, Jesse Pound, Michelle Fox and Alex Harring contributed reporting.
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