Here are some companies that are making headlines in intraday trading. Cognizant Technology Solutions — The information technology company’s stock rose more than 6%. Cognizant announced an expanded partnership with Google Cloud aimed at accelerating enterprise adoption of Gemini AI. U.S. Rare Earths — The mining company’s stock fell more than 7% after the Wall Street Journal reported that a group of Democratic lawmakers was expanding its investigation into the government’s $1.6 billion investment in U.S. rare earths. Specifically, the magazine reported that lawmakers are seeking information from Cantor Fitzgerald regarding potential conflicts of interest related to Commerce Secretary Howard Lutnick. Adobe — Shares soared more than 5% even after Bank of America resumed coverage of the software giant’s poor performance, saying the company is “undervalued but fundamentally challenged.” The company’s $190 price target represents a nearly 13% decline from Monday’s closing price. “We are warning of risks to its growth profile as generative AI lowers barriers to content creation and increases competition from lower-cost AI-native alternatives,” analyst Tal Liani said in a report on Tuesday. Software stocks — Stocks of software companies were a rare bright spot in the tech sector on Tuesday. The iShares Expanded High-Tech Software Sector ETF (IGV) rose slightly on the day, with shares of Palantir and Salesforce rising 2% and 3%, respectively. Workday’s stock price rose nearly 5%. Semiconductors — Chip stocks fell as investors reduced exposure to artificial intelligence stocks after mixed quarterly results from South Korean technology giant Samsung. Micron Technology stock fell 5%, and Lam Research stock fell nearly 7%. Korean stocks — The decline in global semiconductor stocks affected the Korean stock exchange, which is heavily weighted toward semiconductor companies. The Kospi index closed down nearly 5%. The iShares MSCI Korea ETF (EWY) fell more than 5%. GE Vernova — The energy equipment company’s stock plummeted 10% as a series of artificial intelligence infrastructure deals were sold. Fellow AI power stock BWX Technologies fell more than 4%, Vertiv’s stock fell nearly 7%, fiber optic and specialty glass company Corning’s stock fell nearly 6%, and photonics stock Lumentum’s stock fell 5%. SpaceX — Shares fell more than 5% Tuesday, the rocket company’s first day of trading as part of the Nasdaq 100. SpaceX became one of the fastest companies ever added to the benchmark following last month’s blockbuster initial public offering. Other space stocks also fell. Rocket Lab stock fell 10%, and Intuitive Machines and AST SpaceMobile shares each fell more than 6%. Caterpillar — Shares fell 6% after the industry giant agreed to buy Skycatch, a privately held company that uses drones to take pictures of large areas. Terms of the deal were not disclosed. Quantum Computing Trends — Companies related to quantum computing fell as the technology sector slumped. Shares of IonQ and Rigetti Computing each fell about 7%. DWave Quantum’s stock price fell more than 5%. Fiserv — Fintech stocks rose more than 2% after the Wall Street Journal reported, citing sources, that Fiserv is in talks with major U.S. banks, including JPMorgan and Bank of America, to sell its payments infrastructure business, which handles debit card transactions. T-Mobile — The wireless carrier’s stock rose 3%. Morgan Stanley reiterated that T-Mobile is a top choice for its U.S. communications and cable business, saying it “remains well-positioned to capture value in an evolving market.” Vertex Pharmaceuticals, Crinetics Pharmaceuticals — Vertex has agreed to acquire Crinetics in a $10 billion deal to expand its presence in the treatment of rare hormonal diseases, the companies announced Monday. Crinetics stock has nearly doubled. Vertex shares fell about 1%. Rivian — The electric car maker’s stock fell 14% after Rivian announced it would sell 75 million new shares in a major capital increase. Rivian also announced revenue and distribution guidance that beat FactSet consensus estimates. —CNBC’s Fred Imbert, Nick Wells, Michelle Fox and Darla Mercado contributed reporting.
