economy
Stocks making the biggest moves midday: Cerebras Systems, KB Home, Expedia, Exxon Mobil & more
Here are the companies making headlines in midday trading.
TL;DR
- Principal Financial Group fell 4% after a rating downgrade by Bank of America.
- Energy stocks, including APA Corp, Halliburton, and ConocoPhillips, declined as oil prices dropped.
- Travel stocks like Expedia Group and Booking Holdings rose as oil prices tumbled.
- Alphabet gained 1% after it was announced as a replacement for Verizon in the Dow Jones Industrial Average.
- Cerebras Systems dropped 16% following its first earnings report since going public, citing expected gross margin shrinkage.
- FedEx shares shed about 1% despite better-than-expected fiscal fourth-quarter results.
- Micron Technology and other memory stocks retreated, extending previous losses.
- KB Home added 17% after exceeding revenue expectations for its fiscal second quarter.
- Home improvement and building stocks, including the iShares U.S. Home Construction ETF, saw gains.
- Worthington Enterprises tumbled 9% after missing fiscal fourth-quarter expectations.
- Wendy's surged 26% amid discussion on the Reddit community r/Wallstreetbets, potentially indicating a short squeeze.