Stocks making the biggest moves midday: SpaceX, GE Vernova, Crinetics Pharmaceuticals, Rivian & more
Here are some of the companies making headlines in midday trading. Cognizant Technology Solutions — The information technology company’s stock gained more than 6%. Cognizant said it will expand its partnership with Google Cloud, aimed at accelerating enterprise adoption of Gemini AI. USA Rare Earth — Shares of the mining company lost more than 7% after The Wall Street Journal reported that a group of Democratic lawmakers is expanding its inquiry into the government’s $1.6 billion investment in USA Rare Earth. In particular, the lawmakers are seeking information from Cantor Fitzgerald regarding potential conflicts of interest tied to Commerce Secretary Howard Lutnick, the Journal reported. Adobe — Shares popped more than 5% even after Bank of America reinstated coverage of the software giant as underperform and said it was “cheap, but fundamentally challenged.” The firm’s price target of $190 calls for a decline of nearly 13% from Monday’s close. “We are flagging risk to the growth profile as generative AI lowers barriers to content creation and increases competition from lower-cost and AI-native alternatives,” analyst Tal Liani wrote in a Tuesday report. Software stocks — Shares of software companies were a rare bright spot in the tech sector Tuesday. The iShares Expanded Tech-Software Sector ETF (IGV) was slightly higher on the day, while shares of Palantir and Salesforce added 2% and 3%, respectively. Shares of Workday were up almost 5%. Semiconductors — Chip stocks slid after mixed quarterly results from South Korean tech giant Samsung overnight led investors to pare exposure to artificial intelligence-related stocks. Shares of Micron Technology dropped 5%, and shares of Lam Research tumbled nearly 7%. Korea stocks — A global chip stock sell-off affected Korea’s stock exchanges, which are heavily weighted toward semiconductor companies. The Kospi Index closed down almost 5%. The iShares MSCI South Korea ETF (EWY) dropped more than 5%. GE Vernova — The energy equipment company’s stock tanked 10% as a slate of artificial intelligence infrastructure plays sold off. Fellow AI power stock BWX Technologies lost more than 4%, Vertiv ‘s stock slumped nearly 7%, shares of fiber optic and specialty glass company Corning lost nearly 6% and shares of photonics stock Lumentum dropped 5%. SpaceX — Shares dropped more than 5% on Tuesday, the rocket company’s first day trading as part of the Nasdaq-100 . SpaceX became one of the quickest additions ever to the benchmark following its blockbuster initial public offering last month. Other space stocks also fell. Rocket Lab ‘s stock lost 10% while shares of Intuitive Machines and AST SpaceMobile declined more than 6% each. Caterpillar — Shares slid 6% after the industrial giant agreed to buy privately-held Skycatch, which takes photos of large areas with drones. Terms of the deal were not disclosed. Quantum computing plays — Companies linked to quantum computing tumbled as the tech sector slid. Shares of IonQ and Rigetti Computing lost about 7% each. D-Wave Quantum’s stock lost more than 5%. Fiserv — The fintech stock rose more than 2% after the Wall Street Journal reported, citing sources , that Fiserv has talked with major U.S. banks — including JPMorgan and Bank of America — to sell its payments infrastructure business that handles debit card transactions. T-Mobile — The wireless carrier’s stock added 3%. Morgan Stanley reiterated T-Mobile as its top pick in its U.S. telco/cable coverage, saying it “remains best positioned to capture value in an evolving marketplace.” Vertex Pharmaceuticals , Crinetics Pharmaceuticals — Vertex agreed to buy Crinetics in a $10 billion deal to expand its presence in treatments for rare hormonal diseases, the two companies said Monday. Crinetics shares roughly doubled. Vertex shares dipped about 1%. Rivian — The electric vehicle maker’s shares slid 14% after Rivian said it’s selling 75 million new shares in a big capital raise. Rivian also issued revenue and delivery guidance that topped a FactSet consensus forecast. — CNBC’s Fred Imbert, Nick Wells, Michelle Fox and Darla Mercado contributed reporting.
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