Check out the companies making headlines in midday trading.
Amazon — Shares of the online retail giant slumped 1.3% after the Federal Trade Commission said it was suing Amazon over allegations of deceptively pushing customers to sign up for Prime and frustrating their efforts to cancel.
FedEx — The delivery company fell 1.7% after quarterly revenue missed expectations and announced CFO Mike Lenz would retire on July 31. The company posted revenue at $21.93 billion, below the consensus estimate of $22.67 billion, according to Refinitiv. Adjusted earnings were better than expected at $4.94 per share against the anticipated $4.89, while forward guidance was around flat.
Coinbase, Riot Platforms — Coinbase added 2.1%, while crypto miner Riot popped 4.7%. The jumps come despite multiple challenges for Coinbase recently including disagreements with the Securities and Exchange Commission and BlackRock’s launch of a bitcoin exchange-traded fund.
MicroStrategy — Shares of the enterprise software company jumped more than 5%. The move coincides with a 7% pop in bitcoin. MicroStrategy has made a big bet in the cryptocurrency.
Tesla — The electric vehicle maker slid 4.2% following a downgrade to equal weight from overweight by Barclays. The firm said it may be time to take profits after recent outperformance. Rivian tumbled 6.7%, a day after the company said customers would have access to Tesla’s charging network beginning next year
GlaxoSmithKline — Shares moved 1.3% higher after the biopharma company said its respiratory syncytial virus vaccine to protect adults ages 60 and older remained effective across two RSV seasons.
Petrobras — U.S. shares of the Brazilian oil giant gained 4.2% after Goldman upgraded them to buy. The Wall Street bank said the company still has an attractive valuation and mitigated risks make the stock still worth buying despite its recent outperformance.
OneSpaWorld — The spa company traded up 1.1% on the back of an upgrade to buy from hold by Loop, which noted its exclusive rights to serve major cruise lines.
Walt Disney — Shares of the media giant fell 1.3%, putting them on track for their third straight session with a decline of more than 1%. Influential Needham analyst Laura Martin said in a note to clients that sentiment around Disney is becoming more negative, questioning the company’s long-term plans with CEO Bob Iger set to retire at the end of 2024.
Advanced Micro Devices — Shares of the chipmaker pulled back nearly 5%, on track for their biggest intraday loss in two weeks. AMD has had a huge run this year amid optimism towards artificial intelligence. The stock is still up more than 70%.
Palantir Technologies — Palantir Technologies slid 7% during midday trading along with other notable AI beneficiaries. On Tuesday, the software stock was downgraded to outperform from strong buy at Raymond James, which cited its recent rally. Palantir is higher by 128% this year.
Dollar Tree — Shares of Dollar Tree popped more than 3% after the discount retailer reiterated its fiscal second-quarter 2023 earnings guidance. The company expected quarterly earnings between 79 cents per share and 89 cents per share. It also maintained its full-year outlook for the fiscal year.
Uniqure — The Netherlands-based gene therapy stock dropped 38.7% after the company gave an update on a late-stage trial for a potential therapy for Huntington’s Disease. On Tuesday, the company said it hit a $100 million milestone related to its first commercial sale of Hemgenix, which is used in the treatment of adults with hemophilia B.
— CNBC’s Yun Li, Michelle Fox, Jesse Pound, Sarah Min and Brian Evans contributed reporting
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