Take a look at the companies making headlines in afternoon trading: Technology Stocks – Major technology names rose a day after the Federal Reserve’s massive rate cut decision. Tesla and Meta rose about 7% and 4% respectively, while chip enthusiasts Nvidia and ASML advanced more than 5% each. Edgewise Therapeutics – Shares skyrocketed more than 54% after the biopharmaceutical company announced positive topline trial data for a heart disease treatment. The data showed improved function in patients with hypertrophic cardiomyopathy. Mobileye Global – The stock rose more than 16%. Intel said Thursday it has no plans to divest its majority stake in Mobileye. Coursera – The online education platform rose by more than 8% thanks to the introduction of Bank of America with a buy recommendation. The bank said Coursera could see margins continue to grow and revenue accelerate again. Darden Restaurants – Shares rose more than 8% after the operator of restaurants like Olive Garden and Cheddar’s Scratch Kitchen announced a multi-year partnership with Uber for on-demand delivery starting later this year. This news offset weaker-than-expected earnings and revenue from Darden in its latest quarterly report. Uber shares rose 3%. Progyny – Shares fell more than 30% after the fertility benefits provider said it lost a “key” customer. The unnamed customer represented 12% and 13% of Progyny’s revenue for the six-month period ended June 30 and the 12-month period ended December 31, 2023, respectively, the company said in a postmarket filing on Wednesday. DoorDash – The stock rose about 4% following an upgrade to buy from neutral at BTIG. The company sees more growth for DoorDash in the third quarter as it doesn’t believe weaker consumers will hurt demand for delivery services. NextEra Energy Partners – The stock rose more than 3% after Jefferies initiated coverage with a buy rating. The investment firm said the market has already “digested” concerns over the handling of $3.75 billion in buyouts related to its convertible equity portfolio. Crypto Stocks – Stocks tied to the price of Bitcoin rose as the cryptocurrency rose more than 4% following the Fed’s rate cut on Wednesday. MicroStrategy gained more than 10%, while Coinbase rose about 6%. Five Below – Shares lost nearly 3% after JPMorgan downgraded the discount retailer to an underweight rating, citing ongoing concerns about margins and sales. Alibaba – Shares of the Chinese e-commerce giant rose nearly 4% after Alibaba launched more than 100 open-source artificial intelligence models, known as Qwen 2.5, and boosted the capabilities of its proprietary technology in a bid to compete with domestic companies to increase. rivals. The company also announced a new text-to-video tool based on its AI models. – CNBC’s Alex Harring, Samantha Subin, Lisa Kailai Han, Pia Singh and Michelle Fox contributed reporting.
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