Stocks making the biggest moves midday: Citigroup, Adobe, Corteva and more

Market Insider

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David Wadhwani, senior vice president of digital media for Adobe Systems, speaks during the launch of Adobe Creative Cloud and CS6 in San Francisco on April 23, 2012.
David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

Redwire — The space infrastructure stock soared 14% on Wednesday after Roth MKM initiated research coverage of the company with a buy rating. The firm said Redwire, which went public via a special purpose acquisition company in 2021, has “several billions worth of pipeline revenue opportunity.”

Corteva — The seed and crop protection solutions provider added 1.8% during midday trading after launching reklemel, a new product that will help protect a variety of food and row crops from plant-parasitic nematode damage, according to a Wednesday press release from the company.

Moderna — Shares of the vaccine maker rose about 2.3%. The action comes a day after the Centers for Disease Control and Prevention cleared updated Covid vaccines from Pfizer and Moderna for Americans aged 6 months and up, following approvals from the Food and Drug Administration. The mRNA vaccines are designed to target a relatively new omicron subvariant called XBB.1.5.

Citigroup — Shares advanced 2% after the bank’s CEO Jane Fraser announced a corporate reorganization Wednesday amid a stock slump. The move will divide Citigroup into five main divisions, ridding the company of its two main divisions that catered to consumers and large institutional clients.

Airline stocks — American Airlines tumbled 4.7% after it slashed its third-quarter profit estimates due to higher fuel prices and costs from a new pilot labor agreement. Low-cost carrier Spirit Airlines fell 2.7% 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 dropped 2.1% and 3.6%, respectively, after the European Commission said it is launching an investigation into subsidies given to electric vehicle manufacturers in China.

Adobe — Stock in the software company added about 2% in midday trading ahead of quarterly results on Thursday. Analysts polled by FactSet forecast an adjusted $3.98 per share on $4.866 billion in revenue. Traders have also signaled bullish sentiment toward the stock ahead of earnings, thanks to the continued excitement over artificial intelligence.

Ford Motor, General Motors — The auto stocks advanced after UBS said both were buys. Ford added 2.8%, while General Motors climbed 1.3%. The firm noted that Ford’s pro business, its commercial segment, should show stronger-than-expected resiliency. 

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

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