Midday Movers: CAT, DE, MODN & More

Market Insider | What's Shaking | Stocks to Watch

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".

First Solar was up sharply after turmoil in the Chinese solar sector including, potential insolvency for Suntech Power.

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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