Here are some of the top mid-day stock movers for Wednesday, July 8:
Shares of Twitter (TWTR) - Get Report popped 6.9% to $35.25 on rumors that the social media firm is building a subscription service. The rumors originated from a job post on Twitter's career page, which described a "subscription platform, one that can be reused by other teams in the future." Twitter's advertising revenue is expected to remain depressed for the second quarter owing to COVID-19.
Travel aggregator Expedia (EXPE) - Get Report continued its slide on Wednesday, falling 3.4% to $82.15 amid continuing concerns about COVID-19 infection rates in the U.S. and elsewhere. In April, Expedia sold a $1.2 billion stake in its business to private equity groups Apollo Global and Silver Lake, as part of a broader round of fundraising, to finance operations during an expected extended drop in travel.
Shares of Facebook (FB) - Get Report fell 1.1% on Wednesday to $238.13 amid ongoing scrutiny into its policies on hate speech, misinformation and voter suppression. On Tuesday, top Facebook management met with the organizers of a wide-ranging advertiser boycott, but the meeting reportedly failed to appease organizers. Facebook also released the results of a two-year audit of its platform from a civil rights perspective.
Payments giant PayPal (PYPL) - Get Report rose 1.7% to $180.28. In a note, Piper Sandler analyst Christopher Donat initiated coverage of PayPal with an Overweight rating and a $210 price target on shares, calling it “one of the best-positioned companies" to capture changing consumer behavior driven by COVID-19.
Finally, Nvidia (NVDA) - Get Report shares surged 1.6% to $401.25 amid expectations of elevated demand for graphics chips. Nvidia's market cap topped Intel's (INTC) - Get Report for the first time on Wednesday at $248 billion versus Intel's $247 billion; it is now the world's third-most valuable chip company by market cap, behind Taiwan Semiconductor (TSM) - Get Report and Samsung.