David Wadhwani, senior vice president of digital media at Adobe, speaks during the launch of Adobe Creative Cloud and CS6 on April 23, 2012 in San Francisco.

David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

Redwire – Space infrastructure shares rose 5.6% on Wednesday after Roth MKM initiated research coverage on the company with a buy rating. The company said Redwire, which went public in 2021 via a special purpose acquisition company, has “multibillion-dollar pipeline revenue opportunities.”

Corteva – The seed and crop protection solutions provider rose 0.7% following the launch of Reklemel, a new product that will help protect a variety of food and row crops from damage caused by plant parasitic nematodes, a press release said of the company on Wednesday.

Moderna – Shares of the vaccine maker rose 3.2%. The action comes a day after the Centers for Disease Control and Prevention cleared updated Covid vaccines from Pfizer and Moderna for Americans 6 months and older following approval from the US Food and Drug Administration. The mRNA vaccines target a relatively new Omicron subvariant called XBB.1.5.

Citigroup – Shares rose nearly 1.7% after the bank’s CEO Jane Fraser announced a corporate restructuring on Wednesday amid a share decline. The move will split Citigroup into five main divisions, stripping the company of its two main divisions that catered to consumers and large institutional clients.

Airline stocks – American Airlines fell 5.7% after the company cut its third-quarter profit estimates due to higher fuel prices and costs from a new pilot labor contract. Budget carrier Spirit Airlines fell about 6.3% after it also cut its summer profit estimates due to higher costs.

Xpeng, Nio – U.S.-based shares of Chinese electric vehicle makers Xpeng and Nio fell 3.1% and 4.7%, respectively, after the European Commission said it was opening an investigation into subsidies to electric vehicle makers in China.

Adobe – The software company’s shares rose about 2.1% in midday trading ahead of Thursday’s quarterly results release. Analysts polled by FactSet forecast adjusted earnings of $3.98 per share on revenue of $4.866 billion. Due to the ongoing excitement over artificial intelligence, traders have also signaled bullish sentiment on the stock ahead of quarterly results.

Ford Motor, General Motors – Auto stocks rose after UBS said both were buys. Ford rose 1.5%, while General Motors rose 0.6%. The company noted that Ford’s Pro business, its commercial segment, should show stronger-than-expected resilience.

—CNBC’s Alex Harring, Hakyung Kim, Brian Evans, Samantha Subin and Tanaya Macheel contributed reporting.

Source : www.cnbc.com

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