Dow Inc, General Motors, US Steel and more

Find out which companies are making headlines in midday trading.

Dow Inc. – Shares of the chemicals company fell more than 4% to drive the Dow Jones Industrial Average lower. The decline in Dow’s stock price came after the company’s Investor Day event, where it outlined its plans to boost earnings growth and its path to zero carbon emissions.

General Motors – GM shares fell more than 1% after the automaker announced plans to double annual sales to $ 280 billion by 2030 as it switches to all-electric vehicles and expands its news software and data driven operations. The announcement came before the company was presented to investors.

US Steel, Nucor – Shares of steel producers fell on Wednesday after Goldman Sachs downgrades. The investment firm said it expects the price of steel to fall sharply from its abnormally high levels early next year. US Steel shares fell 8.1%, while Nucor lost about 3.9%.

American Airlines, JetBlue – Airline stocks fell after Goldman Sachs downgrades. The company said a slowing travel recovery and rising fuel prices could weigh on airlines. American Airlines shares fell 4.4% and JetBlue fell 4.2%.

Palantir – Shares of the data firm, known for its many government contracts, gained more than 1% after it was announced that it won an $ 823 million contract with the US military to provide its database and intelligence data analysis using Palantir’s Gotham operating system.

Coinbase – Crypto services firm shares jumped more than 4% after Goldman Sachs reiterated its buy rating on the stock and said it expects a better result when it publishes its results in November. The price of bitcoin also hit an almost five-month high at $ 55,000. Coinbase trades in tandem with the price of bitcoin due to its reliance on trading income.

Manchester United – Manchester United shares fell 14.3% after the Glazer family, which controls the football club, announced an offer of 9.5 million shares. Manchester United will not receive any proceeds from the sale.

HSBC Holdings – HSBC shares rose 2.1% after UBS upgraded the stock from neutral to a buy rating. UBS cited an attractive valuation and optimistic expectations for HSBC’s financial performance next year.

Seagate Technology, CDW – Shares of technology companies fell after Morgan Stanley downgrades. The company downgraded both Seagate Technology and CDW on a par for the overweight and lowered price targets for each stock. Seagate Technology lost 5.9% while CDW lost 5.6%.

– CNBC’s Tanaya Macheel, Jesse Pound and Yun Li contributed reporting