By Check out the companies making headlines in midday trading.
Fluor Corporation — The engineering and construction company gained 2.4% after UBS upgraded Fluor shares to buy. The Wall Street firm is bullish on Fluor after reaching agreements to complete new projects.
Carnival — Cruise line stocks rose as a group during midday trading. Carnival and Norwegian Cruise Line added 2.8% and 3.9%, respectively. Royal Caribbean shares gained nearly 3%. Those moves followed a steep decline in oil prices.
Sunnova Energy, Sunrun — Sunnova Energy added 2.2%, while Sunrun declined 1.1% after Truist downgraded the solar stocks to hold from buy ratings, citing near-term concerns from elevated interest rates.
Cal-Maine Foods — Shares slipped 7.3% after the egg producer provided a weak earnings report, citing a dynamic market environment. The company reported fiscal first-quarter earnings of 2 cents per share, missing the consensus estimate of 33 cents per share from analysts polled by FactSet.
Intel — The chipmaker rose slightly by 0.7% after Intel said its programmable chip unit will be a stand-alone business, with an initial public offering planned within the next two to three years.
DexCom, Insulet — Diabetes names DexCom and Insulet fell 3.5% and 3%, respectively, after a study released Tuesday suggested a class of popular weight loss drugs GLP-1 could affect the need for basal insulin. Separately, Insulet said on Tuesday that Wayde McMillan would step down as chief financial officer.
Energy stocks — Energy stocks fell as a group during midday trading Wednesday as oil prices slid more than $3 a barrel. Marathon Petroleum shares were down 3.7%, while Phillips 66 shares dropped 4.5%.
— CNBC’s Alex Harring and Samantha Subin contributed reporting.
