Let’s take a look at the companies making waves in midday trading. Trump Media & Technology – Shares fell more than 10% following Tuesday’s debate between major shareholder former President Donald Trump and Democratic Vice President Kamala Harris. On Wednesday, Trump Media hit its lowest intraday level since listing on the Nasdaq in late March. Rentokil Initial – Shares plunged 21% after pest control company Rentokil said it expects second-quarter organic sales growth in North America to slow to about 1%. GameStop – The meme stock plunged 12% after the video game retailer reported a big decline in second-quarter sales compared to the same period last year. GameStop also announced an “at-the-market” initial public offering of up to 20 million shares. Novartis – The Swiss pharmaceutical company’s U.S.-listed shares fell more than 1% shortly after Bank of America downgraded its investment rating to “hold” from “buy”. The bank said it sees few growth drivers. Viking Therapeutics — Shares rose 11% after JPMorgan began covering the biotech company with an overweight rating. The bank cited upcoming data release in November as a positive catalyst for Viking Therapeutics, a competitor in the GLP-1 space. Crypto Stocks — Crypto stocks fell after bitcoin prices dipped slightly overnight as crypto traders weighed Japan’s central bank policy. Coinbase shares fell nearly 1%, while MicroStrategy shares were slightly lower. Bitcoin miner Riot Platforms fell 2%. Morgan Stanley — Bank stocks were up slightly on the day despite losses after Goldman Sachs downgraded the company to neutral from buy. Goldman cited Morgan Stanley’s expensive valuation of peers as the reason for the downgrade. Bank of America — Shares fell less than 1% after Warren Buffett’s Berkshire Hathaway disclosed in a filing on Tuesday that it had further sold shares in the bank, reducing its holding to 11%. The latest sales totaled 5.8 million shares and took place on Friday, Monday and Tuesday. This brings Berkshire’s total sales since mid-July to more than $7 billion. Solar Stocks — Solar stocks broadly rose as Vice President Kamala Harris’ performance in Tuesday’s debate boosted confidence in a Democratic victory in the U.S. presidential election. The Invesco Solar ETF (TAN) rose 6%, while the iShares Global Clean Energy ETF (ICLN) rose 3.5%. First Solar shares rose more than 15%, while SolarEdge Technology shares rose more than 8%. Sunnova Energy shares rose 6%, and Sunrun shares rose 11%. —CNBC’s Sean Conlon, Michelle Fox, Alex Harring, Yun Lee, Sarah Ming and Samantha Subin contributed reporting.
Biggest movers midday: GME, VKTX, DJT
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