JD.com is one of China’s largest e-commerce and logistics firms. Getty Images | Zhang Peng | LightRocket Take a look at the companies that are making news in noon trade. ‘Didi,’ I said. Shares of Didi Chuxing, the Chinese ride-hailing giant, fell more than 20% after China said that new customers in the nation will be unable to download the app while the business undergoes a cybersecurity review. The probe was launched less than a week after the Chinese app was listed on the NYSE. Tencent Music — Shares of many Chinese companies traded on the New York Stock Exchange took a knock on Tuesday after the country’s regulators initiated an investigation into Didi’s security. Tencent Music’s stock dropped more than 8%, while Baidu and JD.com’s stock dropped more than 4%. Kanzhun and Full Truck Alliance, two smaller companies that are also being investigated by regulators, have seen their stock prices decline by 16 percent and 17 percent, respectively. Nov — As oil prices fell, shares of the energy company fell by more than 6%. Early in the session, West Texas Intermediate oil futures touched their highest level in more than six years before turning negative, putting pressure on the energy sector as a whole. Occidental and Halliburton were both down more than 6%, while Diamondback Energy was down around 6%. Despite the stock market’s overall weakness, Amazon’s stock rose more than 3%, leading Big Tech shares higher. On Monday, Andy Jassy was named CEO, and Jeff Bezos was named executive chairman of the board. This marks the end of Bezos’ illustrious tenure as CEO of Amazon, which began in 1994. 3M — The industrial products company’s stock dropped more than 1% after Credit Suisse downgraded it from outperform to neutral, citing two “difficult to quantify liabilities” weighing on the company, including legal challenges. “We believe it will be tough for 3M to restore its premium multiple at this point in the cycle, despite fundamental upside from a cyclical upturn in global IP and anticipated inventory restocking,” analyst John Walsh said. Pfizer’s stock dropped more than 1.5 percent after Israel’s health ministry said the Covid-19 vaccine was less successful in avoiding infection and symptomatic sickness as the highly contagious delta form spreads over the world, including in Israel. The Pfizer vaccine, according to Israel, is still effective in avoiding serious sickness. Apple’s stock rose 0.6 percent after JPMorgan boosted its price target on the stock to $170 from $165 and advised investors to “resume buying shares.” Despite underperformance in the first half, Apple’s stock has typically outperformed the overall market from July to September, leading up to fall iPhone debuts, according to the firm, which expects shares to do so again in 2021. Tesla — Despite JPMorgan upping its price estimate on the company on Tuesday morning, Tesla shares slumped 3.7 percent. This occurred after Tesla announced on Friday that global deliveries of its model were slightly ahead of schedule. Frontier Communications’ stock is up 4% after Goldman Sachs launched covering with a buy rating, stating that the business has “an opportunity to create meaningful value as it delivers and drives penetration of its fiber network.” Pippa Stevens, Yun Li, Jesse Pound, and Hannah Miao of CNBC contributed to this report. CNBC Pro can help you become a better investor. Get stock recommendations, analyst calls, exclusive interviews, and CNBC TV access. To begin your free trial, fill out the form below./n
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