A navigation map on Chinese carpooling giant Didi’s app can be seen on a mobile phone in front of the app’s logo displayed in this illustrative photo taken on July 1, 2021.
Florence Lo | Reuters
Find out which companies are making the midday headlines.
Have I got – The sale of the Chinese rideshare company continued, with shares falling more than 5%. On Tuesday, Didi stock fell nearly 20% after Chinese regulators announce cybersecurity review of the company, less than a week after Didi’s public debut on the New York Stock Exchange.
Nio, Pinduo, Baidu and Ali Baba – US-traded shares of several other Chinese companies also continued to decline on Wednesday. Electric vehicle company Nio fell more than 6%, agriculture technology platform Pinduoduo fell about 3%, search giant Baidu is down 1.9%, and Alibaba slipped from about 1%.
Diamondback Energy – Shares of the exploration and production company slipped nearly 3% amid persistent weakness in oil prices. West Texas Intermediate crude futures fell more than 2% in volatile trading on Wednesday, weighing on the energy sector as a whole. Valero, Western and Halliburton all lose more than 2%.
Whirlpool – Shares of the home products company rose 2.5% on Wednesday after JPMorgan named Whirlpool as the top pick. The firm said in a note to customers that Whirlpool was a “hated” stock on Wall Street, but was poised to beat expectations in the quarters to come, creating upside potential for investors.
Beyond meat – Shares of plant-based meat substitute maker fell 3% midday after CRFA downgraded the action to a sustaining rating from a purchase note. The CFRA said in its downgrade of the stock that it sees a more “balanced” risk / reward in the current market environment.
Boston beer – Boston Beer shares rose 2.6% after Credit Suisse upped stock to outperform neutral. The company noted that the Truly hard seltzer brand could improve the stock’s performance. Credit Suisse also raised its price target to $ 1,490, about 61% above the stock’s close on Tuesday.
– CNBC’s Jesse Pound, Pippa Stevens, Yun Li, Tanaya Macheel and Tom Franck contributed reporting
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