Stocks making the biggest moves midday: Abercrombie & Fitch, Palo Alto Networks, Moderna and more

Check retired the companies making headlines successful midday trading.

Citigroup – Citigroup shares fell astir 3%. The slope announced plans to spin disconnected its Mexico business Banamex done an archetypal nationalist offering aft its efforts to find a purchaser for the portion failed.

Palo Alto Networks - The cybersecurity institution saw its shares leap astir 8%. The enactment came a time aft Palo Alto Networks posted a better-than-expected quarterly study and beardown net guidance. The institution reported adjusted net of $1.10 per stock and gross of $1.72 billion. Analysts polled by Refinitiv had estimated net of 93 cents per stock and $1.71 cardinal successful revenue.

Netflix — Shares roseate 1.2%. On Tuesday, the institution started notifying customers of its password-sharing rules successful the U.S. Oppenheimer said the crackdown connected relationship sharing should assistance the stock.

Analog Devices — Analog Devices dropped 8% successful midday trading. The semiconductor manufacturing steadfast gave weaker-than-expected guidance for the fiscal 3rd quarter, contempt beating expectations connected the apical and bottommost lines successful its 2nd quarter. Analog Devices expects adjusted net of astir $2.52 per stock successful the 3rd quarter, compared to analysts' forecasts for $2.65 per share, according to FactSet. The institution expects gross of astir $3.10 billion, little than the $3.16 cardinal estimate.

Tesla — Shares of Elon Musk's electrical conveyance shaper dipped astir 2% midday. Disappointing quarterly results from Chinese rival Xpeng sent EV stocks lower. Xpeng missed estimates on gross and posted a wider nonaccomplishment than analysts expected, per Refinitiv. The institution besides forecasted a diminution successful conveyance deliveries.

Energy stocks — Shares of lipid companies roseate connected Wednesday. The determination came a time aft Saudi Arabia's vigor curate indicated potential OPEC+ output reductions. The Energy Select Sector SDPR Fund (XLE) was up 0.3%. Marathon Oil and APA some gained astir 1%.

Semiconductor stocks — Semiconductor shares declined connected Wednesday. A spokesperson for China's Ministry of Commerce spoke retired against Japan's spot export restrictions to China a time earlier. Shares of Microchip Technology were down 6%. NXP Semiconductors fell 4%, portion On Semiconductor shed 3%. Nvidia besides declined 2% up of its net announcement aft the bell. 

Moderna — The biotech company's shares fell much than 4%. The driblet marks a crisp reversal for the stock, which has popped successful caller days amid quality of the caller XBB variant question of Covid cases successful China. Beijing officials reportedly estimate this could effect successful 65 cardinal caller play cases by the extremity of June.

Abercrombie & Fitch – Shares of the apparel retailer soared 26% aft the institution reported fiscal first-quarter earnings and gross that bushed analysts' estimates, according to Refinitiv. The apparel retailer besides issued beardown guidance for the fiscal 2nd 4th and afloat year.

Urban Outfitters — Shares of the retail institution spiked astir 16%. On Tuesday, Urban Outfitters issued a fiscal first-quarter report that bushed expectations connected the apical and bottommost lines. The institution generated 56 cents successful net per stock connected $1.11 cardinal of revenue. Analysts surveyed by Refinitiv had penciled successful 35 cents of net per stock connected $1.09 cardinal of revenue. Barclays upgraded the banal to overweight from adjacent weight aft the net report.

Accolade — Shares jumped astir 7% pursuing an upgrade to bargain from neutral from Bank of America. The steadfast said the wellness benefits assistance institution has a "steady maturation engine."

Stem — Stem shares climbed 5%. Evercore ISI initiated sum of the banal with an outperform rating, saying the vigor retention institution is simply a person successful a rapidly increasing marketplace fixed the emergence successful cleanable vigor technologies. The steadfast said successful a Tuesday enactment that Stem is "well-positioned to seizure a important marketplace share," and is simply a "growth story."

Corning — Shares gained 2% a time aft it announced it would hike prices for its show solid products by 20%. The institution said the terms accommodation is intended to offset ongoing precocious vigor and materials costs. Corning said it expects request to turn successful the 2nd fractional of 2023. 

Kohl's – The retail elephantine got a 5% assistance successful its shares aft it reported an unexpected first-quarter profit connected Wednesday and reaffirmed its full-year outlook. The institution said its stores person improved productivity and noted sustained momentum astatine Sephora astatine Kohl's.

Agilent Technologies — Shares of the laboratory exertion institution declined astir 8%. On Tuesday, Agilent posted guidance for net and gross successful the fiscal 3rd 4th was little than anticipated, according to Refinitiv. However, the institution posted beats connected the apical and bottommost lines for the erstwhile quarter.

Intuit — The taxation bundle company's shares declined 7% a time aft Intuit issued quarterly results. While Intuit's fiscal third-quarter net came supra analysts' estimates, the institution reported a gross miss, according to Refinitiv data. The company's net outlook for the existent 4th besides missed analysts' expectations. 

— CNBC's Samantha Subin, Alex Harring, Yun Li, Brian Evans, Jesse Pound and Tanaya Macheel contributed reporting