Amazon delivery package seen in front of a door.
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Find out which companies are making headlines in the midday business.
Alphabet — Google’s parent company added 4.4% after launching its big language model, Bard AI, in Brazil and in the European Union.
Cirrus Logic – The chipmaker fell more than 3% in midday trading after announcing in a 8K Rating plans to cut 5% of its workforce.
Nvidia — Shares of the semiconductor and artificial intelligence powerhouse rose 2.2%. Nvidia has invested $50 million in Recursion to help drive AI-based drug discovery, the company said on Wednesday.
disney – Shares of the media giant rose less than 1% after the company announced it would extend CEO Bob Iger’s contract for two yearsuntil 2026. Bank of America reiterated its buy rating on Disney following the news.
caravan — Shares fell 7% after being downgraded from neutral to underweight by JPMorgan, who said the used-car dealership’s valuation had become “materially disconnected from fundamentals”. Carvana has soared around 700% this year. The Wall Street firm’s price target of $10 suggests a 74% decline from Wednesday’s close.
SoFi — The fintech stock fell 1.4% after Morgan Stanley demoted him to underweight. Morgan Stanley said SoFi should be valued more as a bank and fintech company.
ViaSat – ViaSat shares fell 29% for their worst day on record after the company disclosed a malfunction with its recently launched communications satellite. The company revealed on Wednesday evening that an “unexpected event” occurred during the deployment of the reflector that could affect the performance of its Viasat-3 Americas satellite.
Shopify – The online shopping processor added 5.5% in midday trading, building on its strong gain from the previous session, after chief executive Tobi Lutke announced in a video on Twitter is planning an AI assistant tool in its platform for entrepreneurs.
Amazon – Shares of the e-commerce giant soared 2% after the company said its Prime Day was the “greatest of all timewith online sales soaring to $12.7 billion.
progressive – Shares of the insurance company fell about 11% after Progressive reported results for June and the full second quarter. While the company turned from a loss to a profit from a year ago, its combined ratio was over 100 for the quarter and month, meaning its profits were largely driven by investment gains. not underwriting activity. Additionally, the company’s $14.72 billion in net premiums written for the quarter was lower than the $15.04 billion expected, according to StreetAccount.
– CNBC’s Samantha Subin, Yun Li, Jesse Pound, Michelle Fox and Alex Harring contributed reporting.
