FedEx and Tesla shares fall, Generac shares extend gains — and other stocks on the move

Generac Holdings Inc.‘s stock
GNRC,
+2.12%
was extending its rally, up 3.3% Wednesday in the wake of power outages impacting people in the south and southwest.

Patterson Cos. Inc.‘s stock
PDCO,
+13.34%
was advancing 13% in morning activity after the maker of dental and animal-care products easily topped expectations for its latest quarter.

Stock decliners:

Shares of FedEx Corp.
FDX,
-0.92%
were falling 2% in morning trading after the logistics company’s full-year profit forecast fell short of expectations.

U.S.-listed shares of Nio Inc.
NIO,
-2.57%
were dropping more than 2% Wednesday to extend their declines into a third straight session. The shares have failed to benefit from Tuesday’s announcement that an investment fund majority owned by the Abu Dhabi government will invest more than $1 billion in the Chinese electric-vehicle maker.

Shares of Madison Square Garden Entertainment Corp.
MSGE,
-9.74%
were falling 9% in morning trading. Live entertainment provider Sphere Entertainment Co. 
SPHR,
-2.39%
 will sell 5.25 million shares of MSGE, according to an announcement from late Tuesday.

Amazon.com Inc. shares
AMZN,
-0.83%
were down about 1% after the Federal Trade Commission sued the company, saying that consumers were misled about Prime renewals.

Tesla Inc. shares
TSLA,
-3.55%
were falling 2.7% in morning action after Barclays downgraded the stock, warning that the recent surge was out of step with the company’s fundamentals.

Chip shares were falling Wednesday, led by Advanced Micro Devices Inc.
AMD,
-4.79%,
which was off 5.3% in morning action and pacing S&P 500 laggards. Shares of Intel Corp.
INTC,
-3.57%
and Nvidia Corp.
NVDA,
-2.88%
were each off more than 3%. Intel was set to hold an investor event about its foundry business Wednesday.

An upgrade at BMO Capital Markets couldn’t help shares of Adobe Inc.
ADBE,
-1.58%,
which were declining more than 1% in Wednesday’s session.

Virgin Galactic Holdings Inc.‘s
SPCE,
-7.49%
recent rally was cooling, with shares down nearly 9% Wednesday after they rose a combined 48% across the prior two trading sessions.

Logitech International S.A. shares
LOGI,
-3.30%
were dropping almost 4% Wednesday following reports that a gamepad made by the company was being used to steer the submersible that went missing on a trip to the Titanic wreck.