Check out the companies making headlines in midday trading.
Alcoa — Shares of the aluminum stock slipped 6.1% after the company said executive vice president William Oplinger would succeed Roy Harvey as CEO and president. Oplinger also joined Alcoa’s board of directors, the company added.
Nio — The Chinese electric vehicle company’s U.S.-traded shares dipped about 2.3%. The stock pared earlier losses, incurred after the firm denied media reports that Nio is considering raising as much as $3 billion in capital from investors. Nio said it currently has no reportable capital raising activity.
Li Auto — U.S.-traded shares of the Chinese EV company dropped 10% following news that Huawei made moves in the increasingly competitive space. The telecommunications giant teased two new electric cars — its first sedan and a high-end SUV — at its launch event Monday. Huawei partners with an auto manufacturer to sell cars under the Aito brand.
GE HealthCare Technologies — Shares of the medical technology gained 3.3%. On Friday, GE HealthCare announced a cash dividend of 3 cents per share for the third quarter. The dividend will be payable Nov. 15 to shareholders of record as of Oct. 20.
Williams-Sonoma — Shares of the home goods company jumped 11.6% after Green Equity Investors, an arm of investment firm Leonard Green and Partners, revealed a 5% stake in Williams-Sonoma. The securities filing disclosing the position indicated that this is a passive investment.
Dow Inc. — Shares added about 1.7% after JPMorgan upgraded the petrochemicals company to overweight from neutral, citing potential upside from higher oil prices.
Opendoor Technologies — The real estate company slipped nearly 5.5% after Citi cut its target price to $2.70 per share from $3.90. Citi said the reason for concern was the low volume of preexisting homes on the market.
JD.com — U.S.-listed shares of the Chinese e-commerce stock slid 2.1% as concerns over the state of the country’s economy grew. A central bank official said on Sunday that the country has little room to further relax monetary policy and said the economy instead needs major reforms.
Sealed Air — The food packaging stock climbed 3.6% following an upgrade by Citi to buy from neutral. The firm said the company is at a discounted valuation and could see third-quarter earnings as a catalyst.
Chefs’ Warehouse — The specialty food distributor popped 1.6% after UBS initiated coverage of the stock at a buy. UBS said the company has an attractive business model, even as it faces some near-term challenges.
Hudson Technologies — The reseller of sustainable refrigerant products advanced 5.8% after Canaccord Genuity initiated coverage of the stock at a buy rating. The firm said the company is likely undervalued and should be helped as refrigerant reclamation gains popularity.
— CNBC’s Yun Li, Jesse Pound, Pia Singh, Brian Evans and Hakyung Kim contributed reporting.
Source: Finance - cnbc.com
