A navigation map in the app of the Chinese ride-hailing giant Didi can be seen on a mobile phone in front of the app logo shown in this illustration image dated July 1, 2021.
Florence Lo | Reuters
Check out the companies that are making the headlines in midday trading.
Didi – The sell-off in the Chinese ride-hailing company continued, with shares falling more than 5%. Didi’s shares fell nearly 20% on Tuesday after Chinese regulators announced a cybersecurity review of the company, less than a week after Didi’s public debut on the New York Stock Exchange.
Nio, Pinduoduo, Baidu and Alibaba – The US-traded stocks of several other Chinese companies also continued to decline on Wednesday. Electric vehicle maker Nio lost more than 6%, online agriculture marketplace Pinduoduo lost about 3%, search giant Baidu lost 1.9% and Alibaba lost about 1%.
Diamondback Energy – The exploration and production company’s shares were down nearly 3% on the ongoing weakness in oil prices. West Texas Intermediate crude oil futures fell more than 2% during volatile trading on Wednesday, hurting the energy sector broadly. Valero, Occidental and Halliburton all lost over 2%.
Whirlpool – The household goods manufacturer’s shares rose 2.5% on Wednesday after JPMorgan named Whirlpool a top pick. The company issued a statement to its customers that Whirlpool was a “hated” stock on Wall Street but was poised to beat expectations in the quarters ahead, opening up upside for investors.
Beyond Meat – The plant-based meat substitute company’s shares fell 3% in midday trading after CRFA downgraded the stock from a buy rating to a hold rating. CFRA said in its downgrade the stock that it sees a “more balanced” risk / reward ratio in the current market environment.
Boston Beer – Boston Beer stocks rose 2.6% after Credit Suisse upgraded the stock from neutral to outperformance. The company found that the Truly Hard Seltzer brand could add performance to the stock. Credit Suisse also raised its target price to $ 1,490, which is roughly 61% above its stock’s closing price on Tuesday.
– CNBC’s Jesse Pound, Pippa Stevens, Yun Li, Tanaya Macheel and Tom Franck contributed to the coverage
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