The GM logo can be seen on the facade of General Motors' headquarters in Detroit, Michigan on March 16, 2021.
Rebecca Cook | Reuters
Check out the companies that are making the headlines in midday trading.
Dow Inc. – The chemical company's stocks fell more than 4%, dragging the blue-chip Dow Jones Industrial Average down. The decline in Dow stock came after the company's Investor Day event, which unveiled plans to increase earnings growth and the path to carbon-free emissions.
General Motors – GM shares fell more than 1% after the automaker announced it would double its annual sales to $ 280 billion by 2030 if it switched to all-electric vehicles and expanded its new software and data-driven operations. The announcement was made before the company's investor presentation.
U.S. Steel, Nucor – Steel maker stocks fell Wednesday after Goldman Sachs downgrades. The investment firm said it expected steel prices to decline sharply from abnormally high levels early next year. The shares of U.S. Steel fell 8.1% while Nucor lost around 3.9%.
American Airlines, JetBlue – The airline's shares fell after Goldman Sachs was downgraded. The company said a slowdown in travel recovery and higher fuel prices could weigh on airlines. American Airlines shares were down 4.4% and JetBlue down 4.2%.
Palantir – The data firm, known for its many government contracts, rose more than 1% after it was revealed that it had signed a $ 823 million contract.
Coinbase – The crypto-services firm's shares rose more than 4% after Goldman Sachs reiterated its buy rating on the stock and said it expected a top-line hit in November earnings announcement. Bitcoin price also rose to a five-month high of $ 55,000. Coinbase trades in parallel with Bitcoin price due to its reliance on trading revenues.
Manchester United – Manchester United shares fell 14.3% after the Glazer family, which controls the football club, announced an offer of 9.5 million shares. Manchester United will not receive any proceeds from the sale.
HSBC Holdings – HSBC shares rose 2.1% after UBS upgraded the stock from neutral to a buy rating. UBS cited an attractive valuation and optimistic expectations for HSBC's financial performance over the next year.
Seagate Technology, CDW – Shares in the technology company fell after Morgan Stanley was downgraded. The company downgraded both Seagate Technology and CDW from overweight to equal weight and lowered target prices for each stock. Seagate Technology lost 5.9% while CDW lost 5.6%.
– CNBC's Tanaya Macheel, Jesse Pound and Yun Li contributed to the coverage
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