The Wynn Resorts logo is illuminated as people sit near the fountain at the Wynn Macau casino resort in Macau, China, Tuesday, July 24, 2018.
Paul Young | Bloomberg | Getty Images
Check out the companies making the biggest moves of the afternoon:
Wynn Resorts — The casino operator’s stock jumped 6.18%, building on its solid start to 2023. With Wednesday’s gains, the stock is up more than 11% for the week. Earlier this week, Wells Fargo named the stock a top strategic investment idea for the first quarter. The firm said Wynn’s exposure to Macau means it should benefit from China’s move to reopen its economy.
sales force — Shares of the cloud-based software company rose 3.57% after the Salesforce announcement is cutting 10% of its workforce and reducing some office space as part of the restructuring plan.
Microsoft – The stock sank 4.37% following UBS’ downgrade from buy to neutral. The firm cited risks related to Office and Microsoft’s Azure business.
general Electric — Shares rose 5.86% after GE Healthcare Technologies became separate public company wednesday, The new company popped 8.02% during its first day of trading. In 2021, GE revealed plans to break up into three companies so that it could focus on its aviation business. Its energy segment is expected to close in 2024.
Chinese ADRs – Shares of Chinese companies listed in the US rose after Ant Group received approval from China for an expanded capital plan, which investors may see as a Sign of a more relaxed regulatory environment, ali babawhich owns 22% of Ant, saw a jump of 12.98%, while JD.com increased by 14.68%, and pinduoduo up 7.73%
Carnival Cruise Shares of Carnival Cruises rose 9.66% after the company said it would raise prices for US and European guests from April 1. The move is in line with peers such as Norwegian Cruises, which raised prices on Jan.
corning — Shares of the glass and materials tech company gained 4.82% after Credit Suisse upgraded the stock and raised revenue estimates, saying headwinds could turn into tailwinds in 2023.
micron technology — Micron rose 7.6% in afternoon trade. Daiwa Capital Markets reiterated its buy rating and $65 price target on Wednesday, representing a 29% upside from Tuesday’s close. The firm feels earnings are likely to improve in Q4 FY2023 on demand recovery.
Etsy The e-commerce platform added 3.13% after Needham upgraded the stock to buy from hold. Needham said the company has been able to protect most buyers from the pandemic and is uniquely focused on diversification and affordability.
Bank of America – Shares gained m1.88% after Wells Fargo declared the stock a top 2023 pick and said it should show “best-in-class” growth.
Celanese – The global chemical and specialty materials company rose 6.73% after the sector was upgraded to outperform by RBC Capital Markets. Better-than-expected integration of the Dynamics and Materials segment acquired from DuPont was one of the reasons cited.
pfizer – Shares of the pharma giant fell 2.2% after a downgrade to neutral by Bank of America, which cited uncertainty over the magnitude of revenue decline for its Covid drugs, Komirneti and Paxlovid.
coinbase — Shares of the cryptocurrency exchange jumped 12.2% after the company reached a settlement agreement with the New York Department of Financial Services. Coinbase agreed to pay a $50 million fine for prior compliance issues and invest another $50 million in ongoing improvements. The investigation was first disclosed to investors.
honeywell Honeywell shares fell 1.99% after UBS double downgraded it from buy to sell, citing the stock’s absolute valuation and the company’s anticipated order slump. UBS also cut its price target to $193 from $220.
Maxion Solar Technologies Shares soared 15.6% after Raymond James upgraded the market to outperform. The firm cited the solar company stock’s “steep decline from the initial euphoria created by the Inflation Reduction Act.”
bath and body work — Shares of the retailer soared 10.51% on Wednesday, a day after Piper Sandler raised its price target from $50 to $52. The firm thinks Bath & Body Works offers an attractive growth story as well as upside opportunities for international expansion and entry into other beauty and personal care sectors.
United Airlines – Sharp fall in airline stocks as a group rose oil prices United Airlines shares gained 6.75% on Wednesday. shares of American Airlines While climbed 6.67% Delta Airlines Added 5.46%.
— CNBC’s Michael Bloom, Carmen Reinicke, Tanaya Machel, Sarah Min, Alex Harring, Jesse Pound and Yun Lee contributed reporting.