[ad_1]
See the companies making headlines at midday. Astera Labs – Shares gained more than 16% after the company, which sells data center connectivity chips, launched new fabric switches for artificial intelligence. Norwegian Cruise Line – Shares jumped 10% on the heels of a Citi upgrade to buy from neutral. Citi said the company is expected to see significant earnings per share growth, which could lead to higher earnings and margin expansion. Bayer – The life sciences company’s U.S.-traded shares fell about 7%. The Washington Supreme Court said it will review a case against the company that alleges several people at Sky Valley Education Center in Washington state were injured following exposure to products made by its Monsanto unit . Reddit – The social forum’s stock gained nearly 2% after Jefferies began covering the name with a buy rating. Analyst John Colantuoni said strong user growth and a narrowing monetization gap could give Reddit an advantage over its peers and boost its profits. Arcadium Lithium – The miner’s shares jumped nearly 31% after fellow miner Rio Tinto announced it was acquiring the company for $5.85 per share. Meanwhile, Rio Tinto shares fell slightly following the news. GitLab – The software stock rose more than 7% after Morgan Stanley initiated coverage with an overweight rating. The company believes GitLab can become a key consolidator in the market with its broad product offerings in the software delivery pipeline. Helen of Troy – Housewares stock soared more than 19% after the company’s second-quarter earnings beat Wall Street expectations. Helen of Troy reported earnings of $1.21 per share on revenue of $474.2 million, higher than the $1.05 per share and $458.9 million that analysts polled by FactSet had anticipated. Chewy – The online pet products retailer saw its shares rise 3% after TD Cowen initiated coverage on the stock with a buy rating. The Wall Street firm said Chewy is the leading pure-play e-commerce offering in the $144 billion U.S. pet industry. Boeing – Shares of the aerospace giant fell another 2% on Wednesday as a machinists’ union strike continues. On Tuesday, Boeing withdrew its contract offer to the union after negotiations failed to reach an agreement. S&P Global Ratings also issued a negative outlook for the company’s credit rating. Alphabet – The mega-cap tech stock fell nearly 2% after the Justice Department revealed it was exploring a possible split from Google. It comes after a US judge ruled in August that Google has a monopoly on search and text advertising. — CNBC’s Alex Harring, Yun Li, Lisa Kailai Han and Jesse Pound contributed reporting.