Midday Movers: CAT, DE, MODN & More
Take a look at some of Wednesday's midday movers:
Dow component Caterpillar dropped after the company reported a 13 percent fall in global sales to dealers, for the three months through February.
Competitor Deere also traded lower after a downgrade from Wells Fargo to "underperform" from "market perform".
Model N raised about $104 million in its successful IPO on the New York Stock Exchange. The revenue software management company sold 6.7 million shares at $15.50 per share.
NYSE Arca Airline Index touched a 6-year high.
Facebook slid after BTIG analyst Rich Greenfield raised fresh concerns about the social media giant. In a note, Greenfield derided a new Facebook advertising strategy saying, "dark posts are not just bad for consumers, but they create an even bigger problem for brands themselves." Greenfield rated the stock a "sell" with a price target of $22 per share.
The Fresh Market was up sharply after Raymond James initiated coverage of the company with a "strong buy" and a price target of $50 per share. The analyst noted several positives for the specialty grocer including its small-store format, long-term demographic trends and a cash flow that is "comfortably funding growth initiatives".
Polycom traded higher following an upgrade from Goldman Sachs to "buy" from "neutral" with a price target of $14 per share.
—By CNBC's Lori Spechler
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