Midday trading saw numerous companies making headlines. Roth MKM initiated research coverage of Redwire—a space infrastructure stock—with a buy rating, causing its shares to soar 14%. Corteva, a provider of seed and crop protection solutions, launched a new product, Reklemel, which helps protect various food and row crops from damage due to plant-parasitic nematodes. Meanwhile, Moderna's stock rose 2.3% after the Centers for Disease Control and Prevention cleared newly updated Covid vaccines from Pfizer and Moderna for Americans aged 6 months and up.
Citigroup CEO Jane Fraser unveiled a corporate reorganization Wednesday, sending the company's shares up 2%. Meanwhile, American Airlines' stock declined 4.7% after it lowered its third-quarter profit estimates, and Spirit Airlines' fell 2.7% when it cut its summer profit outlook. Chinese electric vehicle makers Xpeng and Nio dropped 2.1% and 3.6%, respectively, after the European Commission began investigating subsidies given to EV manufacturers in China.
Adobe's stock rose 2% in midday trading ahead of their quarterly results, which are set to be released Thursday. Analysts have a favorable outlook for the company due to the ongoing excitement over artificial intelligence. Ford and General Motors also advanced, after UBS called them both buys. Ford rose 2.8% while General Motors climbed 1.3%. UBS commented that Ford's pro business, its commercial segment, should prove to be more resilient than expected.
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