By Check out the companies making headlines in midday trading: Generac Holdings — Shares of the maker of power generators surged 8% as Hurricane Milton intensified into a Category 5 storm . Amazon — The e-commerce stock lost 2.9% after Wells Fargo downgraded shares to equal weight from overweight and cut its price target, citing slowing growth and competition from Walmart. Pfizer — Shares of the drugmaker gained nearly 3%. Citing sources families with the matter, CNBC reported that activist investor Starboard Value has amassed a nearly $1 billion stake as it pursues a turnaround at the company. Insurance stocks — Property and casualty insurers saw shares under pressure as Hurricane Milton strengthened into a Category 5 storm with Florida preparing for evacuations. Allstate and Travelers both saw their shares fall more than 3%, along with Progressive and Chubb. These insurance companies have weather catastrophe exposure, so they could be exposed to potential insured losses tied to Hurricane Milton. Fort Lauderdale, Florida-based Universal Insurance plunged more than 15%. Air Products and Chemicals — Shares of the industrial gas supplier popped nearly 8%. CNBC reported that Mantle Ridge has attained a stake in the company exceeding $1 billion, citing a person familiar with the matter. Garmin — U.S. shares of the fitness device maker dropped 4.7% in the wake of a downgrade to underweight from equal weight by Morgan Stanley. The firm pointed to a deceleration in growth and decompression in margins, while noting Garmin has been a top-performing hardware stock this year. Coty — The beauty company rallied more than 3% following an upgrade to buy from hold by Jefferies. Analyst Ashley Helgans highlighted ongoing growth in the fragrance segment and an attractive valuation. Arcadium Lithium PLC — Shares of the lithium producer jumped 33% after Arcadium said in a press release that it has been approached by Rio Tinto about a potential acquisition. The approach is nonbinding, according to the release. Hershey — Shares fell 2% after the chocolate maker was downgraded to neutral at UBS and to market perform at Bernstein. UBS anticipates that gross margin compression will persist in 2025 due to cocoa inflation, while Bernstein sees GLP-1 drug usage affecting U.S. chocolate volumes. KB Home — Shares shed 2% following a downgrade to underperform from equal weight at Wells Fargo. The bank believes the homebuilder could lag peers in the next phase of the cycle. Duckhorn Portfolio — Shares more than doubled after private equity firm Butterfly Equity announced it would take over the California-based luxury wine company in a deal worth $1.95 billion. Mobileye Global — The maker of driver-assisted technology slumped more than 3%. JPMorgan downgraded shares to underweight from neutral, citing dwindling confidence in the Israel-based company as it grapples with share loss concerns and volume challenge. Ciena — The networking stock lost 3.5%. JPMorgan downgraded shares to neutral, citing limited earnings per share upside from here. Apple — Shares dipped about 1% on a Jefferies downgrade to hold from buy. The firm said near-term expectations for the iPhone 16 and iPhone 17 are too high after weaker-than-expected initial demand, and that Apple’s artificial intelligence capabilities for its smartphones are a “premature” catalyst as they are not likely to reach commercialization for another two to three years. — CNBC’s Yun Li, Hakyung Kim, Alex Harring, Jesse Pound, Michelle Fox, Sean Conlon and Pia Singh contributed reporting.
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- Trump might name Kevin Warsh as Treasury chief then Fed chair later, report says
- Trump and Fed Chair Powell could be set on a collision course over rates
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- Trump picks Brooke Rollins to be agriculture secretary
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- Trump picks congresswoman Lori Chavez-Deremer to be labor secretary
- Former NY cop pleads guilty to foreign exchange fund fraud conspiracy
