Check out the companies making the biggest moves midday: PDD Holdings — U.S.-listed shares of the international ecommerce company jumped more than 18% after PDD posted a big earnings and revenue beat . PDD, the parent of Pinduoduo and Temu, reported a whopping 94% year-over-year increase in revenue for its third quarter. The company moved its headquarters to Ireland from China earlier this year. Micron Technology — Micron Technology’s stock fell nearly 3% even after the memory chipmaker boosted its revenue guidance for its fiscal first-quarter. The company said it now expects revenue to approach $4.7 billion, ahead of its previous $4.4 billion guidance, but noted it expects higher adjusted operating expenses. Micron anticipates non-GAAP operating expenses to come in around $990 million, versus its prior guidance of $900 million. Boeing — Shares of the aircraft maker were up about 2% on Tuesday following an upgrade to outperform from RBC Capital Markets. As a catalyst for the move, analyst Ken Herbert cited improving sentiment around the stock as strong demand bolsters investor confidence. Twilio — The enterprise software stock jumped nearly 4% after CNBC reported activist investor Anson Funds has built a stake in Twilio. Anson also sent a letter to Twilio’s board pushing for the sale of the entire business, a person familiar with the matter told CNBC. Crocs — The soft footwear maker climbed 4.5% on the back of an upgrade to strong buy from Raymond James. The firm said it’s more confident in the business structure entering 2024, while the price-to-earnings ratio is discounted when considering revenue growth expectations. U.S. Steel — Shares added 1.7% in midday trading. CNBC’s David Faber reported U.S. Steel has attracted five bidders in an auction to buy the company. Cleveland-Cliffs and ArcelorMittal are known bidders for U.S. Steel. Final bids are due Friday. SpringWorks Therapeutics — The stock popped 21.6% after the Food and Drug Administration late Monday approved SpringWorks Therapeutics’ drug Ogsiveo for a rate type of non-cancerous tumor. The biopharmaceutical company said Ogsiveo will be available in the United States in five to ten business days. Carlyle Group — Shares of the investment firm rose 5% on Tuesday after S & P Dow Jones Indices announced that Carlyle will be joining the S & P MidCap 400. The move will be effective before trading opens on Thursday. Affirm — Shares of the “buy now pay later” services provider surged more than 7% following an upgrade to hold from underperform by Jefferies. The firm cited the stabilization of the cost of capital and capital markets activity, stabilizing credit performance and ongoing adoption rates for buy now pay later as catalysts for the call. nLight — The stock rose 5% following an upgrade by Benchmark to a speculative buy. The upgrade came on the heels of nLight’s new $35 million Army contract to produce a high-energy laser. The company makes semiconductor lasers, fiber lasers and optical fiber. — CNBC’s Alex Harring, Samantha Subin, Lisa Han, Spencer Kimball and Jesse Pound contributed reporting.
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