The Nio EP9 self-driving concept electric vehicle (EV) is displayed during the media day of the 17th Shanghai International Automobile Industry Exhibition on April 19, 2017 in Shanghai, China.
VCG | Getty Images
Check out the companies that make headlines during afternoon trading.
Nio – Shares of the Chinese electric vehicle company plunged more than 6% after it announced a $2 billion equity offering. The Tesla rival said it would use the proceeds to strengthen its balance sheet and for general corporate purposes.
Coinbase – Shares of the largest US cryptocurrency exchange fell more than 2% after it was revealed it had received a notice of possible enforcement action from the Securities and Exchange Commission. The regulator plans to sue Coinbase over the product, called Coinbase Lend, which the company disclosed in a Tuesday night blog post.
Citrix Systems – Shares of the software company rose about 3.5% after the Wall Street Journal reported that activist fund Elliott Management has built up a stake of more than 10% in the stock, raising its stake to about $1.3 billion or more comes. Elliott previously held a board seat at Citrix.
PayPal – PayPal stocks retreated 1.4% in the afternoon. The digital payments platform said it would acquire Japanese “buy now, pay later” company Paidy in a $2.7 billion deal. The move is the latest in a flurry of “buy now, pay later” play. Square said in August it would buy Australian company Afterpay, and Amazon announced a partnership with Affirm. Affirm shares fell nearly 2% and Square lost more than 3%.
Coupa Software – Shares of the software name fell more than 2%, despite the company beating top and bottom-line estimates in the second quarter. Coupa earned 26 cents per share excluding items, compared to the 6 cents analysts had expected after a survey by Refinitiv. Revenue came in at $179.2 million, also ahead of the expected $163 million.
Chinese stocks – A slew of Chinese stocks sold simultaneously on Wednesday amid the ongoing crackdown in Beijing. Didi, the world’s largest ride-hailing company, saw its shares fall more than 7%, while Pinduoduo lost about 3.5% and Alibaba fell nearly 3%. The government has stepped up its oversight of many sectors, including technology, education and gaming, while tightening rules for overseas listings. Hedge fund exposure to US-listed Chinese stocks and indices has fallen to its lowest level in two years.
Chipmakers – Shares of chipmakers were lower on Wednesday amid the ongoing global chip shortage, as demand for chips extends beyond cars and computers and outstrips supply. Western Digital shares lost about 4.3%, while Micron Technology fell 2.7% and Nvidia fell 1.8%.
— The Washington City Times’s Jesse Pound, Pippa Stevens, Maggie Fitzgerald, Hannah Miao and Yun Li contributed to the report
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