The Wynn Resorts logo stands illuminated as people sit by the fountain at the Wynn Macau casino resort in Macau, China, Tuesday, July 24, 2018.
Pual Yeung | Bloomberg | Getty Images
Check out the companies making the biggest moves at noon:
Wynn Resorts — The casino operator’s stock rose 6.18%, building on its solid start to 2023. With Wednesday’s gain, the stock is up more than 11% this week. Earlier this week, Wells Fargo named the stock one of its top tactical investment ideas for the first quarter. The company said Wynn’s involvement in Macau means it should benefit from China’s move to reopen its economy.
Foreclosure — Shares of the cloud-based software company rose 3.57% after Salesforce announced it will cut 10% of its workforce and some office space as part of a restructuring plan.
Microsoft — The stock fell 4.37% after UBS downgraded it from “buy” to “neutral”. The company cited risks related to Office and Microsoft’s Azure business.
General Electric — Shares rose 5.86% after GE Healthcare Technologies became a separate public company on Wednesday. The new company is up 8.02% on the first day of trading. In 2021, GE announced plans to split into three companies to focus on its aviation business. The energy sector is to be spun off in 2024.
Chinese ADRs – Shares of Chinese companies listed in the US rose sharply after Ant Group received approval from China for an expanded capital plan, in what investors may see as a sign of a more relaxed regulatory environment. Ali Babawhich owns 22% of Ant, rose 12.98%, while JD.com gained 14.68% and Pinduo increased by 7.73%
carnival cruise – Carnival Cruise shares rose 9.66% after the company announced it would increase fares for US and European guests starting April 1. The move is in line with competitors like Norwegian Cruise, which pushed up prices on Jan. 1.
corning – Shares of the glass and materials technology company rose 4.82% after Credit Suisse upgraded the stock and raised sales estimates, noting headwinds could turn into tailwinds in 2023.
Micron technology — Micron was up 7.6% in midday trade. On Wednesday, Daiwa Capital Markets reiterated a Buy rating and price target of $65, up 29% from Tuesday’s close. The company believes earnings are likely to recover in the fourth quarter of fiscal 2023 as demand picks up.
Etsy — The e-commerce platform gained 3.13% after Needham upgraded the stock to a buy from hold. Needham said the company has been able to keep the majority of buyers safe from the pandemic and is solely focused on diversification and affordability.
Bank of America — Shares gained 1.88% after Wells Fargo named the stock a top pick for 2023 and said it should show “best-in-class” growth.
Celanese — The global chemicals and specialty materials company rose 6.73% after being upgraded by RBC Capital Markets to outperform the sector. Reasons given included the better than expected integration of the mobility and materials segments acquired from DuPont.
Pfizer – Shares of the pharma giant fell 2.2% after a downgrade to neutral by Bank of America, which cited uncertainty over the extent of the drop in sales for its Covid drugs Comirnaty and Paxlovid.
coin base — Shares of the cryptocurrency exchange rose 12.2% after the company reached a settlement agreement with the New York Treasury Department. Coinbase agreed to pay a $50 million penalty for past compliance issues and invest another $50 million in continuous improvements. The investigation had previously been disclosed to investors.
Honeywell — Honeywell’s shares fell 1.99% after being downgraded twice from buy to sell by UBS, citing the stock’s full valuation and the company’s expected order slowdown. UBS also lowered its target price from $220 to $193.
Maxeon Solar Technologies — Shares rose 15.6% after being upgraded by Raymond James to outperform the market. The firm cited the “precipitous fall in the solar company’s stock following the initial euphoria created by the Anti-Inflation Act.”
Bath and body works – The retailer’s stock gained 10.51% on Wednesday, a day after Piper Sandler raised its price target to $52 from $50. The Company believes that Bath & Body Works offers an attractive growth story and opportunities for international expansion and entry into other beauty and personal care sectors.
United Airlines – Airline shares rose as a group on the sharp fall in oil prices on Wednesday, with United Airlines shares gaining 6.75%. shares of American Airlines gained 6.67% while Delta Airlines Added 5.46%.
– CNBC’s Michael Bloom, Carmen Reinicke, Tanaya Macheel, Sarah Min, Alex Harring, Jesse Pound and Yun Li contributed coverage.