The Nio EP9 self-driving idea electrical car (EV) is displayed throughout the media day of seventeenth Shanghai International Automobile Industry Exhibition on April 19, 2017 in Shanghai, China.
VCG | Getty Images
Check out the corporations making headlines in noon buying and selling.
Nio — Shares of the Chinese electrical car firm tumbled more than 6% after it announced a $2 billion stock offering. The Tesla rival stated it could use the proceeds to strengthen its stability sheet and for normal company functions.
Coinbase — Shares of the largest U.S. cryptocurrency change dropped more than 2% after revealing it received a notice of possible enforcement motion from the Securities and Exchange Commission. The regulator intends to sue Coinbase over the product, referred to as Coinbase Lend, the firm disclosed in a Tuesday night time blog post.
Citrix Systems — Shares of the software program firm rose roughly 3.5% after the Wall Street Journal reported that activist fund Elliott Management has built a stake of more than 10% in the inventory, placing its stake at roughly $1.3 billion or more. Elliott beforehand held a board seat at Citrix.
PayPal — PayPal shares retreated 1.4% noon. The digital funds platform stated it could acquire Japanese “buy now, pay later” company Paidy in a deal value $2.7 billion. The transfer is the newest in a flurry of “purchase now, pay later” performs. Square stated in August it could buy Australian firm Afterpay, and Amazon introduced a partnership with Affirm. Affirm shares fell almost 2% and Square misplaced over 3%.
Coupa Software — Shares of the software program title dipped more than 2% regardless of the firm beating top- and bottom-line estimates throughout the second quarter. Coupa earned 26 cents per share excluding objects, in comparison with the 6-cent loss analysts surveyed by Refinitiv had been anticipating. Revenue got here in at $179.2 million, additionally forward of the anticipated $163 million.
Chinese shares — A slew of Chinese shares offered off in unison on Wednesday amid the ongoing Beijing crackdown. Didi, the world’s largest ride-hailing firm, noticed its shares dropping over 7%, whereas Pinduoduo misplaced about 3.5% and Alibaba slid almost 3%. The authorities stepped up its oversight on many industries together with tech, schooling and gaming, whereas tightening guidelines for oversea listings. Hedge fund publicity to Chinese equities and indexes listed in the U.S. has dropped to a two-year low.
Chipmakers — Shares of chipmakers had been decrease Wednesday amid the ongoing world chip shortage, as demand for chips continues to increase past automobiles and computer systems, outstripping provide. Western Digital shares misplaced about 4.3%, whereas Micron Technology fell 2.7% and Nvidia slipped by 1.8%.
— CNBC’s Jesse Pound, Pippa Stevens, Maggie Fitzgerald, Hannah Miao and Yun Li contributed reporting
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