Stocks making the biggest moves midday: Citigroup, Adobe, Corteva and more

Check out the companies making headlines in midday trading.

Redwire — The space infrastructure stock soared 14% Wednesday after Roth MKM initiated research coverage of the company with a buy rating. The firm said Redwire, which went public via a special purpose acquisition company in 2021, has “several billions worth of pipeline revenue opportunity.”

Corteva — The seed and crop protection solutions provider added 1.8% during midday trading after launching Reklemel, a new product that will help protect a variety of food and row crops from plant-parasitic nematode damage, according to a Wednesday press release from the company.

Moderna — Shares of the vaccine maker rose about 2.3%. The action comes a day after the Centers for Disease Control and Prevention cleared updated Covid vaccines from Pfizer and Moderna for Americans ages 6 months and up, following approvals from the U.S. Food and Drug Administration. The mRNA vaccines are designed to target a relatively new omicron subvariant called XBB.1.5.

Citigroup — Shares advanced 2% after the bank’s CEO Jane Fraser announced a corporate reorganization Wednesday amid a stock slump. The move will divide Citigroup into five main divisions, ridding the company of its two main divisions that catered to consumers and large institutional clients.

Airline stocks — American Airlines tumbled 4.7% after it slashed its third-quarter profit estimates due to higher fuel prices and costs from a new pilot labor agreement. Low-cost carrier Spirit Airlines fell 2.7% after it also cut its summer profit estimates due to higher costs.

Xpeng, Nio — U.S.-based shares of Chinese electric vehicle makers Xpeng and Nio dropped 2.1% and 3.6%, respectively, after the European Commission said it is launching an investigation into subsidies…