Take a look at the companies making headlines in midday trading. Technology stocks – Major technology stocks rose one day after the Federal Reserve decided to cut interest rates sharply. Tesla and Meta are up about 7% and 4% respectively, while chip darlings Nvidia and ASML are both up more than 5%. Edgewise Therapeutics – Shares of Edgewise Therapeutics soared more than 54% after the biopharmaceutical company announced positive top-line trial data for its heart disease treatment. Data show functional improvements in patients with hypertrophic cardiomyopathy. Mobileye Global – shares soared more than 16%. On Thursday, Intel said it had no plans to divest its majority stake in Mobileye. Coursera – Shares of the online education platform rose more than 8% after Bank of America initiated its buy rating. The bank said Coursera’s margins are likely to continue to grow and revenue to re-accelerate. Darden Restaurant – The restaurant operator including Olive Garden and Cheddar’s Scratch Kitchen announced a multi-year partnership with Uber for on-demand delivery starting later this year, sending shares up more than 8%. The news offset Darden’s lower-than-expected profit and revenue in its latest quarterly report. Uber shares rose 3%. Progyny – shares fell more than 30% after the fertility benefits provider said it was losing an “important” client. The unnamed customer accounted for 12% and 13% of Progyny’s revenue for the six months ended June 30 and the 12 months ended December 31, 2023, respectively, the company said in a post-market filing on Wednesday. . DoorDash – The stock rose about 4% as BTIG upgraded it to buy from neutral. The company expects DoorDash to see more growth in the third quarter, as it doesn’t believe consumer weakness will hurt delivery demand. NextEra Energy Partners – shares rose more than 3% after Jefferies initiated a buy rating. The investment firm said the market had “priced in” concerns about its handling of a $3.75 billion acquisition related to its convertible stock portfolio. Crypto Stocks – Stocks linked to the price of Bitcoin rose more than 4% after the Federal Reserve cut interest rates on Wednesday. MicroStrategy rose more than 10% and Coinbase gained about 6%. Five Fives Below – JPMorgan downgrades the discount retailer to underweight, citing ongoing margin and sales concerns, sending shares down nearly 3% Alibaba – Alibaba launches more than 100 open source AI models Shares of the Chinese e-commerce giant rose nearly 4% after Qwen, dubbed Qwen 2.5, bolstered its capabilities with proprietary technology to increase competition with domestic rivals. The company also announced a new text-to-video tool based on its artificial intelligence model. —CNBC’s Alex Harring, Samantha Subin, Lisa Kailai Han, Pia Singh and Michelle Fox contributed reporting.
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