Stocks making the biggest moves midday: Peloton, Tesla, Viasat, Wells Fargo, Box and more

Market Insider

A Tesla electric vehicle at a supercharger station in Hawthorne, California, on Aug. 9, 2022.
Patrick T. Fallon | AFP | Getty Images

Check out the companies making the biggest moves midday Monday:

Credit Suisse — Shares of Credit Suisse rose 2.3%, reversing an earlier slump that sent the stock to a record low, after the bank over the weekend made a series of calls to calm investor fears about its financial health. In addition, the cost to insure the bank’s debt against default jumped to a new high.

Tesla — Tesla shares dropped 8.61% after the electric vehicle maker said it delivered 343,000 vehicles in the third quarter, less than analysts expected. However, Wall Street analysts were divided over the report.

Peloton — Peloton shares rose more than 7.79% after the exercise-equipment company announced it will put bikes in all 5,400 Hilton-branded hotels in the U.S. Peloton is trying to engineer a turnaround and also said last week that its bikes, treadmills and other hardware would be sold in Dick’s Sporting Goods locations.

Roblox — Shares of the gaming platform gained 1.59%. Roblox fell earlier in the day after MoffettNathanson initiated coverage with an underperform rating. The Wall Street firm said it’s too soon to tell whether Roblox will ever meet its metaverse ambitions.

Viasat — Viasat jumped nearly 27% on Monday after striking a deal with L3Harris to sell its tactical data links business. The deal is for just under $2 billion, the companies announced. Viasat said it would use the cash to reduce its leverage and increase liquidity.

Wells Fargo — Wells Fargo’s stock gained 3.38% after Goldman Sachs upgraded the bank to a buy rating from neutral and said investors are underappreciating its potential.

Livent — The lithium company recovered from an earlier drop, ending the day flat, after Bank of America downgraded the stock to underperform from neutral, citing “limited upside.”

DocuSign — DocuSign slid 1.01% after being downgraded by Morgan Stanley to underweight from equal weight, citing pricing pressure.

Myovant Sciences — The biopharmaceutical company jumped 36% after it rejected a bid by Sumitovant Biopharma, its largest shareholder, to buy the shares it doesn’t already own for $22.75 per share. Myovant, which said the offer significantly undervalues the company, said it is open to considering any improved proposal.

Box — Box’s stock rallied 9% after Morgan Stanley boosted its price target, implying the cloud storage company could surge 39% from Friday’s close. The firm also upgraded the stock to overweight from equal weight, citing solid macro positioning, strong execution and a more favorable competitive landscape.

Freshpet — Shares of Freshpet rose 9% after Barron’s reported the pet-food maker has hired bankers to explore a potential sale.

LogicBio Therapeutics — Shares of the clinical-stage genetic company skyrocketed more than 637.61% after it announced it was being acquired by AstraZeneca for $2.07 per share. That price tag is a whopping 666% increase from LogicBio’s closing price of 27 cents per share on Friday.

InterDigital — InterDigital’s stock rallied 18.28% after the research and development company raised its guidance for third-quarter 2022 total revenue a range of $112 million to $115 million, up from $96 million to $100 million.

Fluor Corp. — Fluor rose more than 8.84% ion Monday. Earlier in the day, the company announced it was awarded two reimbursable engineering, procurement and construction management contracts by BASF for work in China.

Stanley Black & Decker — The tool maker’s stock jumped more than 5% after The Wall Street Journal reported that the company has eliminated about 1,000 jobs in an effort to cut about $200 million in costs.

Energy stocks — Oil prices jumped Monday, pushing energy stocks higher. Marathon Oil rallied 10.58%. APA Corp. and Devon Energy gained about 9% each. Diamondback Energy, Halliburton and ConocoPhillips were all up more than 7%.

— CNBC’s Alex Harring, Samantha Subin, Carmen Reinicke, Yun Li, Tanaya Macheel and Jesse Pound contributed reporting.

Articles You May Like

Top Wall Street analysts bet on these stocks to brace for a sharp downturn
Which Tech Stock Is Wall Street’s Best Pick Right Now?
7 Dow Stocks to Sell Before They Dive in 2023
Goldman Sachs warns traders of shrinking bonus pool as Wall Street hunkers down
7 Stocks That Are Screaming Sells Heading Into 2023