Check out the companies making headlines in midday trading.
Uber, DoorDash – Shares of Uber slumped 4.6% and DoorDash fell 9% on news that Amazon agreed to take a stake in Grubhub in a deal that will give Prime subscribers a one-year membership to the food delivery service.
Coinbase – Coinbase slipped 3.1% after Atlantic Equities downgraded the crypto exchange to neutral and slashed its price target, citing increased volatility in the industry.
Netflix – Netflix dropped 2.1% after Barclays slashed its price target for the streaming service to $170 from $275, anticipating a subscriber loss in the second quarter amid increased competition.
Rocket Companies – Shares of the consumer fintech company jumped 5.5% after Wells Fargo upgraded it to an overweight rating and said Rocket’s set up for a big comeback after tumbling more than 42% this year. Despite a “tough mortgage backdrop,” Rocket will “continue to take market share from its peers,” Wells Fargo said.
Rivian — The electric vehicle maker surged more than 10% after saying it’s on track to deliver 25,000 vehicles this year. In its most recent quarter, Rivian said it produced 4,401 vehicles, and delivered 4,467, in line with the company’s expectations.
Energy stocks – Energy stocks slid Wednesday as oil continued its slump from Tuesday, slipping to about $95 a barrel. The S&P 500 Energy sector fell 4% with shares of Marathon Oil, Conocophillips and Halliburton falling 5.1%, 3.9% and 4.1%, respectively. Occidental Petroleum weakened 2.5%, while Exxon Mobil fell 3.8%.
Cruise stocks – Norwegian Cruise Line Holdings slumped 9.6%, Royal Caribbean fell 5.9%, and Carnival eased 6.7% on concern about second-half cruise ship demand. Norwegian said it would no longer require guests to test for Covid-19 before joining a cruise, unless required by local regulations.
— CNBC’s Tanaya Macheel, Samantha Subin and Sarah Min contributed reporting.