By Check out the companies making headlines in midday trading.
Meta Platforms — Shares of the social media giant rose more than 2% even after a European Court ruled against Meta in an anti-trust case on Tuesday. Meta is expected to launch a new app this week called Threads that will be a competitor to Twitter.
C3.AI — The artificial intelligence stock added 4.5% in midday trading Wednesday. Shares have added about 19% over the past five sessions and 253% for the year.
Coinbase — Shares of the crypto services company fell more than 2% after Piper Sandler downgraded them, saying the recent increase in crypto prices following the SEC’s lawsuit against Coinbase hasn’t translated to an increase in trading volume. Piper Sandler said it expects Coinbase to report its lowest trading volumes and monthly transacting users in over two years for the third quarter.
Wolfspeed — Shares rallied 14% after the chip company announced it signed a decade-long supply deal with Renesas Electronics to provide silicon carbide bare and epitaxial wafers for $2 billion.
Moderna – The Massachusetts-based biotechnology company added 2.1% after announcing it reached an agreement with officials to manufacture and develop mRNA medicines in China.
General Motors — The legacy automaker added climbed nearly 1% after the company said U.S. sales increased 18.8% in the second quarter.
American Equity Investment Life Holding — Shares rose 2% after the company said it would be acquired by Brookfield Reinsurance for around $4.3 billion. Brookfield slid 2.1% in the session.
United Parcel Service — The package delivery company’s shares lost 2% as negotiations with the Teamsters union failed to make progress. The union said in a statement Wednesday that talks had collapsed after UPS “walked away” from negotiations. UPS responded that it had not walked away from negotiations and said it was encouraging the union to return to the table. The current contract, which covers about 340,000 workers, will expire at the end of July.
Digital World Acquisition — The Donald Trump-linked special acquisition company added more than 12% on news that the firm had reached an initial agreement with the Securities and Exchange Commission over 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.
