Midday movers: America Movil, Cummins, Gigamon & More

Traders on the floor of the New York Stock Exchange.
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Traders on the floor of the New York Stock Exchange.

Take a look at some of Wednesday midday movers:

AeroVironment - The drone maker advanced after it raised its 2015 revenue outlook above street forecasts.

Alcoa - The aluminum producer rallied, a day after reporting adjusted second-quarter earnings and revenue that beat estimates.

America Movil - The telecommunications provider gained after the company, headed by Carlos Slim, said it would sell assets to avoid tougher regulations from the Mexican government.

American Airlines Group - The carrier rose after raising its growth forecast for the second quarter.

American Apparel - The retailer gained after reportedly reaching a preliminary agreement for $25 million in financing from Standard General.

Celgene - The drug developer rose after reporting its arthritis drug missed its goal in a late-stage study.

Chipotle Mexican Grill - The resaurant chain rose after Wunderlich Securities raised its price target.

Cummins - The engine maker fell after Goldman Sachs downgraded it to buy from conviction buy.

Garmin - The developer of global positioning systems fell after Pacific Crest downgraded it to underperform from sector perform.

Gigamon - The maker of network traffic management software dropped after cutting its second-quarter revenue forecast.

Lennar - The home builder and others including PulteGroup, DR Horton and Toll Brothers rose after news mortgage applications rose last week.

Petrobras Argentina - The oil company and Brazil's iShares ETF rose after Brazil's crushing loss to Germany in the World Cup. The loss means President Dilma Rousseff is less likely to win re-election in October. Her main opposition is more pro-business.

Salix Pharmaceuticals - The drug manufacturer dropped after it agreed to merge with Cosmo Technologies. JMP Securities said it's no longer likely the company will put itself up for sale.

United Technologies - The company declined after JPMorgan raised concerns about its ability to convert profits into cash.

(Read More: See CNBC's Market Insider Blog)

—By CNBC's Rich Fisherman.

Questions? Comments? Email us at marketinsider@cnbc.com

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