Microsoft, Enphase Energy, Salesforce and more
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These are the top companies in Wednesday’s midday trading.
Salesforce, Adobe — The software stocks fell more than 4% each after UBS downgradedBoth companies will neutralize from buying. UBS reported that Adobe and Salesforce saw slower growth in 2022 due to increased enterprise tech spending.
Enphase Energy — Shares of Enphase dropped 7.5% after Bank of America downgraded the stock to neutral from buy. Wall Street firm also reduced its price target by $187 per share, from $297 per.
Microsoft — Some software, technology and chip stocks continued to fall after Tuesday’s sell-off. Okta fell 2.8%, DocuSign dropped 2% and Snowflake lost 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. According to a regulatory filing, Tuesday’s disclosure showed that Daily Journal has 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. Beyond Meat’s fried chicken has been in development for many years. It will only be on sale for a short time. according to KFC.
Pinterest– Shares of the image-sharing site rose nearly 2% after Piper Sandler upgradedThe stock could be overweight or neutral. Wall Street’s firm stated that Pinterest’s stock price could recover by 60% following a 50% drop in shares over the past year. The Wall Street firm believes concerns about user growth are exaggerated.
Pfizer — Shares of the Covid-19 vaccine maker jumped 1.8% following an upgradeBank of America offers the option to buy neutral. It was noted by the firm that Covid’s financial success and its oral treatments have placed it on solid ground for many years to come.
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.
— with reporting from CNBC’s Jesse Pound, Hannah Miao, Yun Li and Tanaya Macheel.