Companies Making Headlines in Midday Trading
eBay shares jumped 10% and touched 52-week highs after announcing that Meta is testing the use of its listings on Facebook Marketplace. The gain put the stock on track for its best day since late 2022.
Edison International lost 10.2% as thousands flee the Los Angeles area due to wildfires that have destroyed homes and infrastructure in the region. The decline put the California-based utility on track for its worst trading day since March 2020.
Getty Images shares plunged 17.6%, reversing course after soaring more than 24% in the previous session. On Tuesday, Getty announced a $3.7 billion merger with Shutterstock. Shutterstock shares tumbled 11.1% on Wednesday after gaining 14.8% in the previous session.
SolarEdge Technologies shares fell 14.8% after Citi downgraded the company to sell from neutral, saying it faces “stubbornly high” operating expenses despite restructuring efforts.
Quantum computing stocks fell after Nvidia CEO Jensen Huang said the technology is likely decades away. Rigetti Computing and D-Wave Quantum shares dropped more than 45% and 36%, respectively, while Quantum Computing slid more than 43%. IonQ shares declined 39%.
Maplebear, which does business as Instacart, jumped more than 4% ahead of its inclusion in the S&P MidCap 400 index, effective before the bell on January 14. Maplebear is set to replace Enovis in the index.
AAR Corp shares gained more than 8% on the back of an earnings and revenue beat for its fiscal second quarter. The company posted adjusted earnings of 90 cents per share on revenue of $686.1 million, beating analyst expectations.
Palantir Technologies shares shed 2.5%, building on their early 2025 slump. The stock fell 5% earlier in the week after Morgan Stanley assumed coverage with an underweight rating, citing a risk-reward profile that’s skewed to the downside. The company’s shares have fallen around 15% week-to-date.
Other notable movers included:
* Arcadium Lithium, which jumped more than 8% after receiving clearance from the Committee on Foreign Investment in the United States (CFIUS) for its proposed acquisition by Rio Tinto.
* Boston Scientific, which gained 4.3% after announcing it’s agreed to acquire Bolt Medical.
* Advanced Micro Devices, which lost 4.3% after being downgraded to reduce from buy at HSBC, which said the chipmaker’s AI roadmap is less competitive than previously thought.
* Cal-Maine Foods, which rose 1% following its latest quarterly results.
* Shell, which fell 1.8% after trimming its fourth-quarter liquified natural gas production outlook and saying it expects its oil and gas trading results to come in “significantly lower” than in the third quarter.
* Novo Nordisk, which popped nearly 3% after UBS upgraded the company to a buy rating from neutral.
* Accolade, which surged almost 105% after announcing it’s being acquired by Transcarent for $7.03 per share in cash. The deal is expected to close during the second quarter of 2025.
