Stocks making the biggest moves midday: Wynn, SoFi, Diamondback Energy and more

Market Insider

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A worker cleans an escalator on Las Vegas Boulevard in Las Vegas, Nevada, U.S., on Tuesday, March 17, 2020.
Joe Buglewicz | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

Casino stocks — Casino stocks were under pressure for a second day Wednesday amid heightened scrutiny from the government of Macau and as Chinese health authorities reported a Covid-19 outbreak. Wynn Resorts fell nearly 8%, while MGM Resorts and Las Vegas Sands lost roughly 4%.

EOG Resources – Shares of the exploration and production company surged more than 6% as commodity prices rallied on Wednesday. Every component within the S&P 500 energy sector advanced at least 1%, with Occidental and Marathon Oil each up more than 5%. Diamondback Energy rose over 6%. West Texas Intermediate crude futures, the U.S. oil benchmark, gained about 3% following a larger than expected U.S. inventory draw.

Weber — Shares of the grill maker jumped more than 6% after reporting its first quarterly results since it began trading publicly in August. Weber recorded sales growth of 19% from a year earlier and projected full-year sales above current Wall Street forecasts.

Canadian National Railway — Shares of the railroad company rose 3.5% after the company said that its planned merger with Kansas City Southern was officially canceled, with Canadian National set to receive $1.4 billion in termination fees. Kansas City Southern has now entered into a new merger agreement with Canadian Pacific. Those stocks both rose slightly on Wednesday.

Just Eat Takeaway — Shares of the food delivery service company slipped more than 4%. The decline came after Amazon and Deliveroo announced a partnership that will offer free food delivery in the U.K. to Amazon Prime members.

SoFi — Shares of the fintech company rose more than 5% after Mizuho began coverage with a buy rating. The Wall Street firm assigned the stock a $28 price target compared to Tuesday’s close of $14.50. Mizuho said it sees a cycle of “increased engagement, boosting revenue and profits” for Sofi.

Sage Therapeutics — The drug maker’s stock jumped over 4% after the U.S. Food and Drug Administration granted it fast-track status for its experimental treatment of Huntington’s disease. Sage is expected to begin the second phase of a trial for the treatment before the end of the year.

Citrix Systems — Citrix shares rose more than 2% a day after Bloomberg News reported that the workplace software maker is working with advisers to consider a possible sale of the company. The company could end up deciding to remain independent but will gauge potential interest in the company over the next few weeks, according to the report.

Yum China — Yum China lost over 6% after it warning that the spread of the delta variant could hit its third-quarter profits by 50% to 60%. The restaurant operator closed or limited service at more than 500 restaurants in August, due to outbreak of the variant in China, it said.

 — CNBC’s Hannah Miao, Pippa Stevens, Maggie Fitzgerald, Jesse Pound and Yun Li contributed reporting

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