Check out the companies making headlines in midday trading: Tech stocks — Key tech names rallied a day after the Federal Reserve’s supersized rate cut decision. Tesla and Meta jumped around 7% and 4%, respectively, while chip darlings Nvidia and ASML each advanced more than 5%. Edgewise Therapeutics — Shares skyrocketed more than 54% after the biopharmaceutical company announced positive top-line trial data for a heart disease treatment. The data showed improved function in patients with hypertrophic cardiomyopathy. Mobileye Global — The stock surged more than 16%. On Thursday, Intel said it had no plans to divest its majority stake in Mobileye. Coursera — The online education platform jumped more than 8% on the back of Bank of America’s initiation at a buy rating. The bank said Coursera could see margins continue growing and revenue reaccelerate. Darden Restaurants — Shares rose more than 8% after the operator of restaurants such as Olive Garden and Cheddar’s Scratch Kitchen announced a multiyear collaboration with Uber for on-demand delivery starting later this year. This news balanced out Darden’s weaker-than expected earnings and revenue in its latest quarterly report. Uber shares rose 3%. Progyny — Shares sank more than 30% after the fertility benefits provider said it was losing a “significant” client. The unnamed client comprised 12% and 13% of Progyny’s revenue for the six-month period that ended June 30, and the 12-month period that ended Dec. 31, 2023, respectively, the company said in a filing postmarket Wednesday. DoorDash — The stock moved about 4% higher due to an upgrade to buy from neutral at BTIG. The firm sees more growth for DoorDash in the third quarter as it does not believe a weaker consumer will hurt delivery demand. NextEra Energy Partners — The stock rose more than 3% on the heels of Jefferies initiating coverage with a buy rating. The investment firm said the market has already “digested” concerns about handling $3.75 billion in buyouts tied to its convertible equity portfolio. Crypto stocks — Stocks tied to bitcoin’s price climbed as the cryptocurrency moved more than 4% higher following the Fed’s rate cut on Wednesday. MicroStrategy gained more than 10%, while Coinbase rose around 6%. Five Below — Shares lost nearly 3% after JPMorgan downgraded the discount retailer to an underweight rating, citing ongoing margin and sales concerns. Alibaba — Shares of the Chinese e-commerce giant rose nearly 4% after Alibaba launched more than 100 open-source artificial intelligence models , known as Qwen 2.5, and boosted the capabilities of its proprietary technology in an effort to increase competition with domestic rivals. The firm also announced a new text-to-video tool based on its AI models. — CNBC’s Alex Harring, Samantha Subin, Lisa Kailai Han, Pia Singh and Michelle Fox contributed reporting.
Source: www.cnbc.com