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

Check out the companies making headlines in midday trading.

Redwire — The space infrastructure stock soared 14% 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 ages 6 months and up, following approvals from the U.S. 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 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, due 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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