Check out the companies making headlines in midday trading Wednesday:
Salesforce, Adobe — The software stocks fell more than 4% each after UBS downgraded both companies to neutral from buy. UBS said that enterprise tech spending was pulled forward by the pandemic, leading to slower growth for Salesforce and Adobe in 2022.
Enphase Energy — Shares of Enphase dropped 7.5% after Bank of America downgraded the stock to neutral from buy. The Wall Street firm also slashed its price target to $187 per share from $297 per share.
Microsoft — Some software, technology and chip stocks continued to fall after Tuesday’s sell-off. Okta lost 2.8%, DocuSign fell 2% and Snowflake slipped 3%. Microsoft lost 2.1%.
Alibaba — Shares of the Chinese e-commerce giant jumped almost 5% after Charlie Munger’s Daily Journal nearly doubled its stake in the stock. A regulatory filing Tuesday showed that Daily Journal now owns more than 600,000 shares of Alibaba.
Beyond Meat — Shares of the alternative meat company jumped 3% after KFC announced it will add Beyond Meat’s plant-based chicken to its menus starting Monday. The two companies have been testing the product for years, and the Beyond Meat fried chicken will be available for a limited time, according to KFC.
Pinterest– Shares of the image-sharing site rose nearly 2% after Piper Sandler upgraded the stock to overweight from neutral. The Wall Street firm said Pinterest’s share price could rebound by 60% after a 50% sell-off over the past year as concerns about user growth appear to be overblown.
Pfizer — Shares of the Covid-19 vaccine maker jumped 1.8% following an upgrade to buy from neutral from Bank of America. The firm noted that the financial success of the company’s Covid vaccines and oral treatments puts it on strong footing for years ahead.
Nikola — Shares of the electric truck maker added more than 3% in midday trading after logistics company USA Truck announced a deal to buy 10 electric Nikola trucks.
Garmin — Shares of Garmin rose 3% after Deutsche Bank upgraded the stock to buy from hold. The Wall Street firm said it likes Garmin’s “high quality” financials.
— with reporting from CNBC’s Jesse Pound, Hannah Miao, Yun Li and Tanaya Macheel.
