Check out the companies making headlines in midday trading. Biogen — The biotech’s stock tumbled more than 4% after the company warned it would need to take a $222 million pretax charge in the fourth quarter. The company said the charge, which includes research-and-development expenses and milestone payments, will lower its net income by about $1.26 per share. Trip.com — The company’s stock plunged 17% after Reuters reported that Chinese market regulators are investigating the travel website. Travel stocks — Shares of travel-related stocks showed broad weakness on Wednesday, including Airbnb , which fell more than 5%. In addition to a potential China crackdown, an industry group reported that 6% fewer foreign travelers visited the U.S. in 2025. The World Travel and Tourism Council said that trend occurred even as global tourism spending rose, according to Reuters. Booking was down 4%, while Expedia fell 5%. Rivian — Shares of the electric vehicle manufacturer slid more than 8% after UBS downgraded Rivian to sell from neutral. Analyst Joseph Spak noted that while the market has been enthusiastic over the company’s artificial intelligence potential, “most of the AI related news is ‘out.'” He also said that while his team likes the new Rivian R2 SUV, expectations may be too high. Intuitive Surgical — Shares fell nearly 4% as the company forecast its da Vinci surgical robots would perform fewer procedures than analysts were expecting in 2026. The forecast came as it reported preliminary fourth-quarter revenue that was better than expected. Intuitive expects revenue of $2.87 billion, topping the $2.72 billion estimate from analysts polled by FactSet. AppLovin — Shares of the marketing platform fell more than 9% even though Evercore ISI initiated coverage of AppLovin at outperform. Evercore has a $835 price target on the stock. Netflix — Shares fell 2%. Netflix is preparing an all-cash $72 billion bid for Warner Bros. Discovery’s studios and HBO Max, CNBC’s David Faber confirmed Wednesday . Bloomberg first reported details of the offer on Tuesday, citing people familiar with the matter. Wells Fargo — Shares fell more than 5% after the bank reported weaker-than-expected revenue for the fourth quarter. The company’s top line came in at $21.29 billion, below an LSEG estimate of $21.65 billion. Net interest income of $12.3 billion was also below estimates. Wells Fargo shares have risen nearly 25% over the past 12 months. Bank of America — The bank’s shares fell 5% despite reporting better-than-expected results for the fourth quarter. The company earned 98 cents per share on revenue of $28.53 billion. Analysts expected a profit of 96 cents per share on revenue of $27.94 billion. Stronger-than-anticipated net interest income drove the beat. Bank of America stock is up about 13% over the past year. Citigroup — Shares fell more than 4% after the bank reported adjusted earnings of $1.81 per share on $21 billion in revenue for the fourth quarter. Analysts polled by LSEG expected a profit of $1.67 per share on $20.72 billion in revenue. Citigroup shares have risen more than 50% over the past year. — CNBC’s Fred Imbert, Darla Mercado and Itzel Franco contributed reporting
