American Airlines, MongoDB, and Other Stocks Making Big Moves Midday

Check out some of Wednesday's biggest mover stocks.

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MongoDB

As a result of Morgan Stanley upgrading MongoDB to overweight from equal weight, the company's shares jumped 9.4%, as the company has been recognized as a leader in cloud optimization. According to the firm, the shares of the company could gain about 27% over Tuesday's closing price if the firm's price target is raised to $270.

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Shopify

In response to JMP's upgrade of the Canadian e-commerce company to a market outperform rating from a market perform rating, shares of the company jumped nearly 5%. It is believed that Shopify is going to be able to gain market share with larger enterprise businesses in the near future. The price target set by JMP for its shares is $65 per share, which implies a 45% appreciation over Tuesday's closing price.

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American Airlines, Delta Air Lines, United Airlines

A new forecast by American Airlines dragged down shares of major airlines on Wednesday. An American filing with the Securities and Exchange Commission predicted adjusted earnings per share between 1 and 5 cents for the quarter. According to StreetAccount, that is higher than the previous guidance of breakeven. United fell about 2%, Delta nearly 6%, and American fell more than 9%.

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Abercrombie & Fitch

In a downgrade from buy to hold, Argus cited reduced consumer spending as a possible tailwind for the clothing retailer's earnings.

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CarMax

After the company beat earnings estimates for its fiscal fourth quarter, shares of the dealership saw a drop of more than 4% in price, giving back some of Tuesday's 9.6% gain while giving back some of Tuesday's gains. Earlier this morning, CarMax reported that it had earned 44 cents per share on revenue of $5.72 billion in its most recent earnings report. According to Refinitiv's survey of analysts, the firm is expecting a profit of $6.04 billion on earnings per share of 24 cents. There was a 15.5% drop in unit sales from last year to this year.

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Cirrus Logic

Following comments in a blog post from influential Apple analyst Ming-Chi Kuo, shares of the Apple supplier fell more than 12%. Kuo wrote that Cirrus Logic would be adversely affected by this change.

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Triton International

A take-private deal between Triton and Brookfield Infrastructure Partners boosted the shipping container company's shares by about 32%. A $13.3 billion enterprise value will be achieved by the transaction, which values Triton's equity at over $4 billion.

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Dow

According to Piper Sandler, Dow Chemical shares rose nearly 2% on the news that the investment firm upgraded Dow Chemical to overweight from neutral. The investment firm stated it expects a shift in global feedstock costs to produce positive earnings for Dow Chemical, and other U.S. chemical producers.

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JD.com, PDD Holdings

It was reported on Wednesday that several Chinese internet stocks listed on the New York Stock Exchange were down. A loss of over 6% was reported by JD.com, while a loss of 5.3% was reported by PDD Holdings. Within the Nasdaq 100, these two stocks have been notable losers. There is also a KraneShares CSI China Internet ETF (KWEB) that contains both of these companies. Although the KraneShares ETF is down nearly 4% Wednesday, it has fallen much more than 7% for the month thus far.

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