Let’s take a look at some of the companies making waves in midday trading. Cleanspark – The cryptocurrency miner’s shares plummeted more than 15%. Cleanspark released its August mining update, indicating it mined 478 bitcoin last month. That’s down from 494 in July of last year and 659 in August. Vaxcyte – Shares recently rose more than 36%, previously hitting an all-time high, after the vaccine company reported positive results in a Phase 1/2 trial of its 31-valent pneumococcal conjugate vaccine candidate. The drug aims to prevent invasive pneumococcal disease in adults over 50 years old. Leerink Partners said the results were “stunning” and that it expects the profile of the vaccine candidate to be a “category killer.” Unity Software – The video game maker’s shares rose about 2% after Morgan Stanley upgraded the company’s shares to overweight from equal weight. The firm noted that the company’s stock is now de-risked and that Unity’s position as a “definitive game engine.” Boeing – The aircraft maker’s shares fell more than 7% after Wells Fargo downgraded it to underweight from equal weight. The bank said it expects Boeing’s free cash flow per share to peak by 2027. Tuesday’s decline puts Boeing on track to suffer its biggest one-day loss since Oct. 26, 2022. Redfin – Real estate brokerage shares rose about 1% after B. Riley Securities upgraded it to buy from neutral. The investment firm said Redfin’s internal improvements and the possibility of lower interest rates should allow the company to get back on track for growth and improve profit margins in 2025. Semiconductor Stocks – Shares of major semiconductor manufacturers fell in the first trading session of the month. KLA and Nvidia both fell about 9.5%, leading the decline. Micron Technology and Advanced Micro Devices each fell about 8%, while Taiwan Semiconductor Manufacturing and Broadcom each fell more than 6%. Supermicro – Shares rose about 1% after CEO Charles Liang said in a letter to customers and partners that the Hindenburg Research report was “misleading.” He also said the delayed filing with the Securities and Exchange Commission “will not materially change our fourth quarter or fiscal 2024 financial results.” Shares fell 19% last week following news of the delayed filing and Hindenburg’s public disclosure of its short positions. Hindenburg claimed to have identified “new evidence of accounting manipulation” in the report. United States Steel – Shares fell about 6% after Vice President Kamala Harris spoke out against U.S. Steel’s planned sale to Japan’s Nippon Steel Corporation at a Labor Day rally for union members in Pittsburgh. Vice President Harris said U.S. Steel is “a historic American company, and preserving a strong American steel company is critical to our country.” — CNBC’s Lisa Kailai Han, Pia Xin, Jesse Pound, Fred Imbert and Michelle Fox contributed reporting.
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