Check out the companies making headlines in midday trading. Generac Holdings — Shares of the maker of power generators surged 8% as Hurricane Milton intensified into a Category 5 storm . Amazon — The e-commerce stock lost 2.9% after Wells Fargo downgraded shares to equal weight from overweight and cut its price target, citing slowing growth and competition from Walmart. Pfizer — Shares of the drugmaker gained nearly 3%.
reported that activist investor Starboard Value has amassed a nearly $1 billion stake as it pursues a turnaround at the company. Insurance stocks — Property and casualty insurers saw shares under pressure as Hurricane Milton strengthened into a Category 5 storm with Florida preparing for evacuations. Allstate and Travelers both saw their shares fall more than 3%, along with Progressive and Chubb.
reported that Mantle Ridge has attained a stake in the company exceeding $1 billion, citing a person familiar with the matter. Garmin — U.S. shares of the fitness device maker dropped 4.7% in the wake of a downgrade to underweight from equal weight by Morgan Stanley. The firm pointed to a deceleration in growth and decompression in margins, while noting Garmin has been a top-performing hardware stock this year.
's Yun Li, Hakyung Kim, Alex Harring, Jesse Pound, Michelle Fox, Sean Conlon and Pia Singh contributed reporting
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