Check out the companies making the biggest moves midday: Semtech — The signal components maker rallied 8% after the company announced the launch of new optical receivers for artificial intelligence networks alongside Poet Technologies. On top of that, Oppenheimer upgraded the stock to outperform following a meeting with management. Credo Technology — Shares fell more than 1% after the connectivity components maker agreed to acquire the privately held Hyperlume, which ” provides microLED-based interconnects for use in hyperscale and AI-focused data centres.” UiPath — The automation stock gained 10% after the company announced partnerships with OpenAI, Snowflake and Nvidia. As part of the agreements, the companies will incorporate UiPath’s automation technology into their AI capabilities. Pfizer — The maker of Eliquis, a blood thinner, rose more than 3% after CNBC reported that the drugmaker and the Trump administration will announce an agreement to lower Medicaid drug prices. Pfizer would also win a three-year reprieve from planned pharmaceutical tariffs in return for expanding U.S. manufacturing. Spotify — Shares dropped 5% after the streaming platform said CEO Daniel Ek will step down from his position and move to the role of executive chairman. Separately, Goldman Sachs downgraded the stock to neutral from buy, saying it has little room to run after its runup. It’s up more than 54% this year. Firefly Aerospace — The space technology company’s stock fell 21% after one of its rocket boosters exploded during preflight testing at its Texas facility. Firefly Aerospace said no other facilities were affected and it is assessing the effect of the explosion. Wolfspeed — The semiconductor components maker’s stock jumped 44%, one day after surging almost 1,700%. Wolfspeed said Monday it successfully completed a financial restructuring and emerged from Chapter 11 bankruptcy protection. Progress Software — The maker of AI-powered infrastructure software earned third-quarter adjusted earnings of $1.50 per share on revenue of $250 million, topping the LSEG consensus estimate of adjusted earnings per share of $1.30 on revenue of $240 million. Progress also raised its full-year guidance. Shares moved 3.5% higher. Instacart — Shares of the grocery delivery company lost 6.5% after a downgrade at BTIG to neutral from buy. The investment bank cited stepped-up competition for the call. United Natural Foods — The grocery distributor rose 17% after a fiscal fourth-quarter loss of 11 cents per share topped analysts’ estimate of a loss of 18 cents per share, according to FactSet data. Revenue also beat expectations, coming in at $7.7 billion, versus the $7.64 billion consensus estimate. Freeport-McMoRan — Bank of America upgraded the copper miner to buy from neutral, saying it believes key risks around its halted mine in Indonesia are priced in and that its commodities team is bullish on the key metal. Shares of Freeport-McMoRan rose 3%. CoreWeave — The stock jumped 13% after CoreWeave announced an agreement to provide Meta with $14.2 billion of AI cloud infrastructure. — CNBC’s Sarah Min and Scott Schnipper contributed reporting.
