Here’s a look at some of the stocks making the biggest moves on Wednesday.
MongoDB — Shares jumped 6.9% after Morgan Stanley upgraded MongoDB to overweight from equal weight, citing the software company’s leadership in cloud optimization initiatives. The firm raised its price target to $270, which suggests shares could gain about 27% from Tuesday’s closing price.
Shopify — Shares of the Canadian e-commerce startup gained 1.2% after JMP upgraded the stock to market outperform from market perform. The Wall Street firm is bullish on Shopify’s ability to gain market share with larger enterprise businesses. JMP’s price target of $65 per share implies a 45% upside from Tuesday’s close.
American Airlines, Delta Air Lines, United Airlines — Shares of the major airline companies were under pressure on Wednesday after American Airlines updated its first-quarter guidance. American said it expected adjusted earnings per share of 1 cent to 5 cents for the quarter, according to a filing with the Securities and Exchange Commission. That is above prior guidance of breakeven, but the average analyst projection was for 5 cents, according to StreetAccount. Shares of American fell more than 9%, while United dropped 2.4% and Delta shed 6.5%.
Abercrombie & Fitch — The clothing retailer’s shares declined 6.7% after Argus downgraded it to hold from buy, citing potential tailwinds from reduced consumer spending on sales growth.
CarMax — Shares of the used car dealership dropped 5%, giving back some of Tuesday’s gain of 9.6% that came after the company beat earnings estimates for its fiscal fourth quarter. On Tuesday morning, CarMax reported 44 cents in earnings per share on $5.72 billion of revenue. Analysts surveyed by Refinitiv were looking for 24 cents per share on $6.04 billion of revenue. Unit sales were down 15.5% year over year.
Cirrus Logic — Shares of the Apple supplier fell more than 12% after influential Apple analyst Ming-Chi Kuo said in a blog that the tech giant was considering changing the buttons on high-end iPhone 15 units. The change would be “particularly unfavorable” for Cirrus Logic, Kuo wrote.
Triton International — Shares of the shipping container company jumped about 32% after Triton and Brookfield Infrastructure Partners announced a take-private deal. The transaction will value Triton’s equity at more than $4 billion, with an enterprise value of $13.3 billion.
Dow — Shares of the chemical company rose more than 1% after Piper Sandler upgraded Dow to overweight from neutral. The investment firm said Dow and other U.S. chemical producers could see earnings upside from a shift in global feedstock costs.
JD.com, PDD Holdings – Several U.S.-traded Chinese internet stocks dropped on Wednesday. JD.com lost more than 7%, while PDD Holdings shed 5.2%. The two stocks are notable losers within the Nasdaq 100. They are also constituents in the KraneShares CSI China Internet ETF (KWEB), which was off by 4.5%.
Correction: CarMax reported earnings for its fiscal fourth quarter on Tuesday morning. An earlier version misstated the day.
–CNBC’s Pia Singh, Hakyung Kim, Yun Li and Darla Mercado contributed to this report.
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