The GM brand is seen on the facade of the General Motors headquarters in Detroit, Michigan, March 16, 2021.
Rebecca Cook | Reuters
Check out the businesses making headlines in noon buying and selling.
Dow Inc. — Shares of the chemical compounds firm dropped greater than 4% to guide the blue-chip Dow Jones Industrial Average decrease. The decline in Dow's share value got here after the corporate's investor day occasion, the place it outlined plans to drive earnings progress and its path to zero-carbon emissions.
General Motors — GM shares fell greater than 1% after the automaker mentioned it plans to double its annual gross sales to $280 billion by 2030 because it transitions to all-electric automobiles and grows its new software- and data-focused operations. The announcement got here forward of the corporate's investor presentation.
U.S. Steel, Nucor — Shares of the metal producers fell on Wednesday after downgrades from Goldman Sachs. The funding agency mentioned that it anticipated the value of metal to tug again sharply from its abnormally excessive ranges early subsequent yr. Shares of U.S. Steel fell 8.1%, whereas Nucor misplaced roughly 3.9%.
American Airlines, JetBlue — The airline shares retreated after downgrades from Goldman Sachs. The agency mentioned a slowdown in journey restoration and better gasoline costs might weigh on the airways. American Airlines shares dipped 4.4% and JetBlue fell 4.2%.
Palantir – Shares of the info firm, identified for its many authorities contracts, gained greater than 1% following information that it gained an $823 million contract with the U.S. Army to ship its intelligence information material and analytics basis utilizing Palantir's Gotham working system.
Coinbase – Shares of the crypto companies agency jumped greater than 4% after Goldman Sachs reiterated its purchase score on the inventory and mentioned it expects a top-line beat when it experiences earnings in November. The value of bitcoin additionally rallied to a close to five-month excessive of $55,000. Coinbase trades in tandem with the bitcoin value because of its reliance on buying and selling income.
Manchester United — Manchester United shares sunk 14.3% after the Glazer household, which controls the soccer membership, introduced a 9.5 million share providing. Manchester United won't obtain any proceeds from the sale.
HSBC Holdings — HSBC shares added 2.1% after UBS upgraded the inventory to a purchase score from impartial. UBS cited a horny valuation and optimistic expectations for HSBC's monetary efficiency subsequent yr.
Seagate Technology, CDW — Shares of the expertise firms fell after downgrades from Morgan Stanley. The agency downgraded each Seagate Technology and CDW to equal weight from chubby and discount targets for every inventory. Seagate Technology misplaced 5.9% whereas CDW shed 5.6%.
— CNBC's Tanaya Macheel, Jesse Pound and Yun Li contributed reporting
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