Learn more about the companies that are making headlines in mid-day trading.
Nio – Shares of the Chinese electric vehicle company fell more than 6% after announcing a $ 2 billion stock offering. Tesla’s rival has said it will use the proceeds to bolster its balance sheet and for general corporate purposes.
Coinbase – Shares of America’s largest cryptocurrency exchange fell more than 2% after it was revealed that it was made aware of potential enforcement action by the Securities and Exchange Commission. The company revealed in a blog post Tuesday night that the regulator intends to sue Coinbase for a product called Coinbase Lend.
Citrix Systems – Shares of the software company rose nearly 3.5% after the Wall Street Journal reported that activist fund Elliott Management took more than 10% stake, taking its stake to around 1.3 billion dollars or more. Elliot previously held a seat on the Citrix board of directors.
PayPal – Shares of PayPal fell 1.4% in the afternoon. The digital payments platform has announced that it will acquire Japanese company Pedi to “buy now, pay later” in a $ 2.7 billion deal. The move is the latest in a series of “Buy Now, Pay Later” games. Square announced in August that it would acquire Australian company Afterpay, and Amazon announced a partnership with Affirm. Affirm shares fell about 2% and Square more than 3%.
Coupa Software – Shares of the software name fell more than 2% in the second quarter despite both higher and lower estimates from the company. Coupa gained 26 cents per share excluding commodities, compared to a loss of 6 cents expected by analysts polled by Refinitiv. Revenue rose to $ 179.2 million, well ahead of the expected $ 163 million.
Chinese stocks – Amid the ongoing action in Beijing, many Chinese stocks were sold together on Wednesday. Didi, the world’s largest rideshare company, saw its shares fall more than 7%, while Pinduoduo lost almost 3.5% and Alibaba almost 3%. The government has stepped up its oversight over several sectors, including technology, education and games, while tightening the rules for overseas registrations. The exposure of hedge funds to Chinese stocks and indices listed in the United States fell to its lowest level in two years.
Chipmakers – Shares of chipmakers were down on Wednesday amid a global chip shortage, as demand for chips continues to outpace cars and computers, outpacing supply. Western Digital shares fell about 4.3%, while Micron Technology lost 2.7% and Nvidia lost 1.8%.
– CNBC’s Jesse Pound, Pippa Stevens, Maggie Fitzgerald, Hannah Miao and Yun Lee contributed reporting
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