Here’s a look at the companies making headlines in midday trading: SolarEdge Technologies – shares fell more than 20% after announcing it would issue $300 million in convertible notes due 2029. The SEC filing revealed that customers would be unable to pay approximately $11.4 million in debt after filing for bankruptcy. Poor & Poor’s Corp. – Shares of Poor’s Corp. tumbled more than 7% after the stock updated its full-year profit guidance after the bell on Monday. The wholesale pool supply distributor expects full-year earnings per share in a range of $11.04 to $11.44. That was below previous guidance of $13.19 to $14.19 per share and below the FactSet consensus of $13.05. Pentair and Leslie’s underperformed after the revision, falling about 6% each. Carnival — Shares of Carnival rose nearly 8% after the cruise line reported better-than-expected second-quarter profit and revenue. Carnival reported profit excluding items of 11 cents per share on revenue of $5.78 billion, while analysts polled by LSEG expected a loss of 2 cents per share on revenue of $5.68 billion. Carnival also offers a strong third-quarter and full-year outlook. Sea Limited — U.S. shares of the Singapore-based consumer internet stock fell 3.2% after JPMorgan downgraded its rating to neutral from overweight. The bank said Sea could be harmed by more competition. Penn Entertainment — Shares of the casino operator and online gambling platform fell 5% after Raymond James downgraded the company to market perform from outperform. The company considers its current valuation “appropriate” and believes upside is limited to around $20 per share. The stock surged more than 14% in a month. Airbus — Shares in Airbus fell more than 9% in France after announcing a deep cut to its 2024 financial targets. Nvidia — Shares of the chipmaker rose 5% after falling more than 6% in the previous session. Monday’s selloff marked the biggest one-day drop since April 19. Enovix will receive a one-time payment for tooling to support battery pack sizes, and will receive additional payments for delivery of samples and production quantities. Novo Nordisk — Shares of Novo Nordisk rose about 3% after news that its weight-loss drug Wegovy has been approved for long-term weight management in China. The drug will initially be indicated for patients with a body mass index of 30 (the threshold for obesity) and at least one weight-related comorbidity. Rivian — The electric vehicle stock rose 6% after Guggenheim initiated a buy rating. Rivian’s margins and cash burn appear to be improving, the investment firm said. Spirit AeroSystems Holdings — Shares of the Boeing supplier fell more than 6% after Bloomberg reported the company was switching its takeover offer from cash to stock. The bid to acquire the company was reportedly around $35 per share. —CNBC’s Alex Harring, Lisa Kailai Han and Jesse Pound contributed reporting.
