Check out the companies making headlines in midday trading. New Fortress Energy – Shares of the natural gas company popped 17% after New Fortress priced its underwritten public offering of roughly 46 million shares at $8.63 per share through Morgan Stanley. Deutsche Bank reduced its price target and downgraded New Fortress to sell on Tuesday, citing the pending dilution of equity and its view that the stock carries "too much risk inherent" to the company's business model.
Paychex – The stock rose more than 4%, hitting a new 52-week high, after the company reported better-than-expected fiscal first-quarter results. Paychex posted earnings of $1.16 per share, excluding items, on revenue of $1.32 billion. That's above the earnings of $1.14 per share on $1.31 billion in revenue that analysts were expecting, according to FactSet.