Customers exit an Abercrombie & Fitch store in San Francisco, California.
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Check out the companies making headlines in midday trading.
Citigroup – Citigroup shares fell nearly 3%. The bank announced plans to spin off its Mexico business Banamex through an initial public offering after its efforts to find a buyer for the unit failed.
Palo Alto Networks – The cybersecurity company saw its shares jump nearly 8%. The action came a day after Palo Alto Networks posted a better-than-expected quarterly report and strong earnings guidance. The company reported adjusted earnings of $1.10 per share and revenue of $1.72 billion. Analysts polled by Refinitiv had estimated earnings of 93 cents per share and $1.71 billion in revenue.
Netflix — Shares rose 1.2%. On Tuesday, the company started notifying customers of its password-sharing rules in the U.S. Oppenheimer said the crackdown on account sharing should help the stock.
Analog Devices — Analog Devices dropped 8% in midday trading. The semiconductor manufacturing firm gave weaker-than-expected guidance for the fiscal third quarter, despite beating expectations on the top and bottom lines in its second quarter. Analog Devices expects adjusted earnings of about $2.52 per share in the third quarter, compared to analysts’ forecasts for $2.65 per share, according to FactSet. The company expects revenue of around $3.10 billion, less than the $3.16 billion estimate.
Tesla — Shares of Elon Musk’s electric vehicle maker dipped about 2% midday. Disappointing quarterly results from Chinese rival Xpeng sent EV stocks lower. Xpeng missed estimates on revenue and posted a wider loss than analysts expected, per Refinitiv. The company also forecasted a decline in vehicle deliveries.
Energy stocks — Shares of oil companies rose on Wednesday. The move came a day after Saudi Arabia’s energy minister indicated potential OPEC+ output reductions. The Energy Select Sector SDPR Fund (XLE) was up 0.3%. Marathon Oil and APA both gained roughly 1%.
Semiconductor stocks — Semiconductor shares declined on Wednesday. A spokesperson for China’s Ministry of Commerce spoke out against Japan’s chip export restrictions to China a day earlier. Shares of Microchip Technology were down 6%. NXP Semiconductors fell 4%, while On Semiconductor shed 3%. Nvidia also declined 2% ahead of its earnings announcement after the bell.
Moderna — The biotech company’s shares fell more than 4%. The drop marks a…
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