Check out the companies making headlines in midday trading.
Alphabet — The Google parent company added 4.4% after launching its large language model, Bard AI, in Brazil and the European Union.
Cirrus Logic — The chipmaker fell more than 3% in midday trading after it announced in an 8K filing plans to slash 5% of its workforce.
Nvidia — Stock in the semiconductor and artificial intelligence powerhouse added 2.2%. Nvidia invested $50 million into Recursion to help drive AI-based drug discovery, the company said Wednesday.
Disney — Shares of the media giant rose less than 1% after the company said it will extend CEO Bob Iger’s deal two years, through 2026. Bank of America reiterated its buy rating on Disney following the news.
Carvana — Shares tumbled 7% after being downgraded to underweight from neutral by JPMorgan, which said the used-car dealer’s valuation has “disconnected materially from fundamentals.” Carvana has soared about 700% this year. The Wall Street firm’s price target of $10 suggests 74% downside from Wednesday’s close.
SoFi — The financial technology stock slipped 1.4% after Morgan Stanley downgraded it to underweight. Morgan Stanley said SoFi should be valued more like a bank and a fintech company.
ViaSat — ViaSat shares tanked 29% for their worst day on record after the company revealed a malfunction with its recently launched communications satellite. The company disclosed late Wednesday that an “unexpected event” occurred during reflector deployment that could affect the performance of its Viasat-3 Americas satellite.
Shopify — The online purchase processor added 5.5% in midday trading, building on its strong gain from the previous session, after chief executive Tobi Lutke announced in a video on Twitter plans for an AI assistant tool into its platform for entrepreneurs.
Amazon — Shares of the e-commerce giant climbed 2% after the company said its Prime Day was the “biggest ever” with online sales climbing to $12.7 billion.
Progressive — Shares of the insurance company fell about 11% after Progressive reported results for June and the full second quarter. While the company swung from a loss to a profit compared with last year, its combined ratio was above 100 for both the quarter and the month, meaning its profits came largely from investment gains and not underwriting activity. Additionally, the company’s $14.72 billion in net premiums written for the quarter was below the $15.04 billion expected, according to StreetAccount.
— CNBC’s Samantha Subin, Yun Li, Jesse Pound, Michelle Fox and Alex Harring contributed reporting.