Check out the companies making the biggest moves in midday trading: SpaceX, Apple, PayPal, Cava, Progressive, Micron, and more:
SpaceX — Shares of the rocket maker fell for the fourth-straight session, dipping below its $135 initial public offering price for the first time. Apple, Alibaba, and Baidu — Apple shares rose about 4% to a fresh high after its Apple Intelligence cleared a major regulatory hurdle in China, which will allow the service to be used on iPhones in the country. No launch date is set yet, but the news also lifted shares of Alibaba and Baidu, which will partner with Apple on the effort. Alibaba gained 5%, while Baidu added 2%.
Memory stocks — The group was pulling back in midday trading Wednesday after big gains in the prior session. Micron, Seagate, and Western Digital shares each fell around 8%, while Sandisk tumbled more than 11%. The move comes amid some speculation that competition with Chinese memory chipmakers could be poised to intensify.
Cava — Shares of the fast-casual food chain climbed 5.5% following an upgrade to overweight from equal weight by Morgan Stanley.
Lionsgate — The movie studio's stock jumped more than 6% after Reuters reported that Lionsgate is exploring a sale.
Insurance stocks — Shares of Progressive fell more than 7% after the insurer reported a 31% drop in income in June versus a year ago.
Lucid Group — Shares rebounded 19% after the electric vehicle maker denied reports that it is considering filing for bankruptcy court protection.
BlackRock — The investment management company jumped more than 7% after it reported better-than-expected earnings.
PayPal — The digital payments platform surged 17% after reports that payments firm Stripe and private equity company Advent offered to buy PayPal.
Bank of New York Mellon — Shares rose nearly 3% after the bank reported an earnings and revenue beat in the second quarter.
