Check out the companies making the biggest moves in midday trading: SpaceX — Shares of the rocket maker fell for the fourth-straight session, dipping below its $135 initial public offering price for the first time. Apple , Alibaba and Baidu — Apple shares rose about 4% to a fresh high after its Apple Intelligence cleared a major regulatory hurdle in China, which will allow the service to be used on iPhones in the country. No launch date is set yet, but the news also lifted shares of Alibaba and Baidu, which will partner with Apple on the effort. Alibaba gained 5%, while Baidu added 2%. Memory stocks — The group was pulling back in midday trading Wednesday after big gains in the prior session. Micron , Seagate and Western Digital shares each fell around 8%, while Sandisk tumbled more than 11%. The move comes amid some speculation that competition with Chinese memory chipmakers could be poised to intensify. These fears were stoked by reports that rival ChangXin Memory Technologies , also known as CXMT, is seeing strong demand for its Shanghai listing. Cava — Shares of the fast-casual food chain climbed 5.5% following an upgrade to overweight from equal weight by Morgan Stanley. The bank said Cava has a “defensible” valuation and is “one of the strongest fundamental stories in restaurants.” Lionsgate — The movie studio’s stock jumped more than 6% after Reuters reported , citing three people familiar with the matter, that Lionsgate is exploring a sale and has seen some interest from France’s Bollore Group. The report also said Banijay Group is a potential suitor as well. Insurance stocks — Shares of Progressive fell more than 7% after the insurer reported a 31% drop in income in June versus a year ago. Progressive also saw a steep increase in its combined ratio last month, as it rose to 90% from 86.6% a year ago. Other insurance stocks were down in sympathy, including Allstate , which fell 4%; AON , which slipped less than 1%; and Travelers , which fell almost 2%. Lucid Group — Shares rebounded 19% after the electric vehicle maker denied reports that it is considering filing for bankruptcy court protection or exploring a take-private transaction. Management said it has sufficient liquidity to fund its operation into next year and called the reports “completely false.” BlackRock — The investment management company jumped more than 7% after it reported better-than-expected earnings. BlackRock delivered adjusted earnings of $13.91 per share, topping an LSEG estimate of $12.59 per share. Revenue also beat estimates. Pentair — Shares tumbled more than 17% after the water-treatment equipment maker issued preliminary second-quarter results that missed Wall Street expectations. The company said it expects adjusted earnings of $1.12 a share, well below the $1.48 analysts were expecting, according to FactSet. Morgan Stanley — Shares were up up slightly after the bank delivered record quarterly revenue and profits in the second quarter. Earnings came in at $3.46 per share compared with analyst expectations for $2.94. PayPal — The digital payments platform surged 17% after Reuters reported that payments firm Stripe and private equity company Advent offered to buy PayPal for $53 billion. Citing two people familiar with the matter, Reuters said the deal would price PayPal at $60.50 per share, and that the offer was submitted earlier this month. Elevance Health — The stock tumbled 10% despite Elevance Health reporting revenue for the second quarter that was above consensus estimates. Elevance also raised its full-year earnings guidance, which came in slightly above expectations. Bank of New York Mellon — Shares rose nearly 3% after the bank reported an earnings and revenue beat in the second quarter. It also expects revenue to now grow double-digits in 2026, but the bank also sees greater expenses than previously anticipated. — CNBC’s Alex Harring and Fred Imbert contributed reporting
Stocks making the biggest moves midday: SPCX, AAPL, PYPL, CAVA, PGR, MU
