Check out the companies making the biggest moves midday:
Rivian Automotive —Shares shed 14.54% after the electric-vehicle maker announced it would sell $1.3 billion worth of bonds. The capital will help facilitate the launch of Rivian’s R2 vehicles, a spokesperson told Reuters.
Delta Air Lines — Shares rose 1.59% after being upgraded by Evercore ISI to outperform from in line. The firm said it sees several catalysts ahead for the airline and that investors should buy the dip.
United Airlines — United Airlines gained 2.99%, as the broader airline space got a boost after the Justice Department sued to block JetBlue’s acquisition of Spirit Airlines. The stock also got a boost after being upgraded to outperform from underperform by BNP Paribas Exane.
WW International — The small-cap stock rallied 79.07% after the company formerly known as Weight Watchers announced it would acquire telehealth firm Sequence. The deal could help WW push into the anti-obesity drug market.
Joby Aviation — The electric aircraft maker slid 6.89% after Deutsche Bank downgraded the stock to sell from hold. Analyst Edison Yu said the weight of the aircraft has raised questions and led him to wonder if the design is “overly aggressive.”
Snap — The tech company’s stock gained 4.1% in midday trading and ultimately closed up 0.51%. The move comes as a new bipartisan Senate bill that will give President Joe Biden authority to rein in its competitor, TikTok, is set to be unveiled.
Squarespace — Shares of Squarespace jumped 14.56% after the website building and hosting company reported fourth-quarter revenue that came in above analysts’ expectations. Squarespace also issued upbeat revenue guidance for the first quarter and full year.
Dick’s Sporting Goods — Dick’s Sporting goods popped 11.09% after the retailer posted better-than-expected results for the fourth quarter. Same-store sales, a key metric for retailers, also came in ahead of analyst expectations.
Dish Network — The stock climbed 4.04% after Dish co-founder and Executive Vice President James DeFranco disclosed the purchase of 1.45 million shares.
AeroVironment — Shares rallied 4.24% after the company’s fiscal third-quarter revenue beat analyst estimates. AeroVironment, which designs and develops unmanned aircraft systems, cited a large order from Ukraine and higher manufacturing activity in its tactical missile systems for the strong results.
Nutanix — The cloud-computing stock dropped 7.89% despite a beat on its fiscal second quarter earnings. Nutanix said it had to delay its 10-Q quarterly filing on the company’s finances due to an investigation into a third-party software vendor, leading to uncertainty over its expenses.
DXC Technology — Shares fell 7.06% after DXC Technology said talks of a possible acquisition of the information technology company by a financial sponsor were terminated.
Bank stocks — Bank stocks fell after Fed Chair Jerome Powell suggested that rates may need to go higher for longer. Truist Financial shed 4.46%, Zions Bancorporation slid 4.76%, Fifth Third Bancorp fell 5.17% and Wells Fargo lost 4.68%
— CNBC’s Yun Li, Tanaya Macheel, Alex Harring and Sarah Min contributed reporting.
Correction: The Justice Department sued to block JetBlue’s acquisition of Spirit Airlines. A previous version misstated Spirit’s name.
Source: Finance - cnbc.com
