Midday Market Movers: Wynn Resorts, Microsoft, Honeywell, Salesforce and More

Wynn Resorts' stock jumped nearly 7% on Wednesday, building on its solid start to the year. With Wednesday's gain, the stock is up more than 11% for the week. Earlier this week, Wells Fargo named Wynn Resorts a top tactical investing idea for the first quarter, citing the company's exposure to Macao and the potential benefits from China's move to reopen its economy.

Salesforce is cutting 10% of its personnel and reducing some office space as part of a restructuring plan. This news caused the company's shares to jump more than 3%.

Microsoft's stock took a 4% hit after UBS downgraded it from "buy" to "neutral." The firm cited risks related to Office and Microsoft's Azure business as reasons for the downgrade.

General Electric's shares rose 3.2% after GE Healthcare Technologies became a separate public company on Wednesday. The new company saw its shares jump 6% during its first day of trading. In 2021, GE announced plans to break up into three companies, with a focus on its aviation business. Its energy segment is expected to be spun off in 2024.

After Ant Group received approval from China for an extended capital plan, shares of Chinese companies listed in the U.S. surged. This may be seen by investors as a sign of a more relaxed regulatory environment. Alibaba, which owns 22% of Ant, jumped 11.6%, while JD.com gained 14%, and Pinduoduo rose more than 8%.

Carnival Cruise shares rose 8.6% after the company said it would raise prices for U.S. and European guests starting April 1. The move is in line with peers such as Norwegian Cruise, which boosted prices Jan. 1.

Corning's stock rose by more than 4% after Credit Suisse upgraded the company and raised their revenue estimates. They noted that headwinds could change to tailwinds in 2023.

Micron Technology is seeing a surge in its stock prices, with a 7% increase in midday trading. This comes after Daiwa Capital Markets reiterated its buy rating and $65 price target for the company. According to the firm, Micron's earnings are likely to recover in the fiscal 2023 fourth quarter on the back of increased demand.

Etsy's stock rose nearly 3% after Needham upgraded it to a "buy" rating. Needham said the company has been able to keep most of its buyers during the pandemic and is uniquely focused on diversification and affordability.

Bank of America's stock rose by more than 3% after Wells Fargo named it a top pick for 2023 and said it should show "best-in-class" growth.

Celanese surged more than 6% after being upgraded by RBC Capital Markets to outperform from sector perform. The better-than-expected integration of the mobility and materials segment it acquired from DuPont was among the reasons cited.

Pfizer's shares fell by almost 2% following a downgrade to neutral by Bank of America. The bank cited uncertainty over the magnitude of the revenue decline for Pfizer's Covid drugs, Comirnaty and Paxlovid, as the reason for the downgrade.

Coinbase has reached a settlement agreement with the New York Department of Financial Services, agreeing to pay a $50 million penalty for prior compliance issues and invest another $50 million in continued improvements. The investigation had previously been disclosed to investors.

Honeywell's stock price dropped by nearly 2% after the company was double downgraded by UBS. UBS cited the stock's full valuation and the company's anticipated order slowdown as the reasons for the downgrade. The investment bank also lowered its price target for Honeywell's stock to $193 from $220.

Raymond James upgraded Maxeon Solar Technologies to outperform from market perform, sending shares up 12%. The firm cited the solar company's stock as being undervalued after its recent drop from the initial euphoria created by the Inflation Reduction Act.

Bath & Body Works' stock gained more than 8% in midday trading, a day after Piper Sandler increased its price target to $52 from $50. The firm thinks Bath & Body Works offers an attractive growth story, as well as upside opportunity for international expansion and entrance into other beauty and personal care areas.

Airline stocks rose on Wednesday as oil prices fell sharply. United Airlines was up 5.5%, while American Airlines and Delta Air Lines were both up more than 5%.