Stocks making the biggest moves midday: Tesla, Nikola, Disney, Apple and more

Workers walk outside the Tesla Inc. Gigafactory in Shanghai, China, on Friday, Nov. 1, 2019.

Qilai Shen | Bloomberg | Getty Images

Check out the companies making headlines in midday trading. 

Tesla – Shares of the electric vehicle company slid more than 14% after it was not added to the S&P 500, despite widespread speculation that it would be. On Friday, S&P Dow Jones Indices said it was adding Etsy, Teradyne and Catalent to the benchmark index. Tesla shares are still up more than 320% this year.

Facebook, Amazon, Apple, Alphabet, Microsoft, Netflix — Shares of the largest tech companies were under pressure once again as traders took profits from this year’s biggest advancers. Facebook, Amazon and Alphabet were all down more than 2%. Apple and Microsoft slid 3.9% and 3.2%, respectively. Netflix was the relative outperformer, hovering just below the flatline.

Nikola – Shares of the electric truck maker jumped more than 37% after the company announced a partnership with General Motors, whereby the legacy automaker will take an 11% stake in Nikola, and produce its hydrogen fuel cell electric pickup truck the Badger by the end of 2022. Shares of GM rose more than 8%.

Disney — Shares of the media giant jumped 3.5% following an upgrade to buy from hold from Deutsche Bank. The Wall Street firm said Disney is “succeeding in the land grade phase of Direct-To-Consumer” with its streaming service Disney+. Deutsche also hiked its 12-month price target to $163 per share from $128 per share.

Peloton — Shares of Peloton jumped more than 10% after the exercise equipment maker announced a slew of new gears, including a lower-priced, high-tech treadmill and a more expensive bike option with a rotating screen. The company’s new Bike+ will cost $2,495 and will be available Wednesday and the original Peloton bike’s price will drop to $1,895 from $2,245. The company emerged as a popular stay-at-home bet amid the market turmoil earlier this year. The stock is up more than 200% in 2020.

JPMorgan, Bank of America, Goldman Sachs — Bank stocks struggled on Tuesday as bond yields fell. Shares of JPMorgan, Bank of America and Goldman Sachs all fell more than 3%. The declines mark a shift from the sell-offs on Thursday and Friday, when the KBW Bank Index outperformed the broader market.

Boeing — Shares of the aviation company fell more than 4% after the company announced that inspections into production problems with the 787 Dreamliners would slow deliveries. The Federal Aviation Administration said it is investigating issues found on some of the planes. The company also said that it delivered just 13 planes last month.

Applied Materials, LAM Research, KLA – Semiconductor stocks sold off in unison after the U.S. Department of Defense said it’s in discussions about blacklisting China’s largest chipmaker SMIC, a move that could U.S. companies that sell chip-making technology to China manufacturers. Shares of KLA tumbled nearly 8%, while Applied Materials and LAM Research both fell more than 6%.

Foot Locker — Shares of the shoe retailer popped more than 2% after Goldman Sachs started covering the stock with a buy rating. The Wall Street firm said it believe’s Foot Locker has a “solid balance sheet, net cash position, and national footprint positions the shares for outperformance.”

Roku — Shares of Roku jumped more than 6% after Wells Fargo initiated coverage of the stock with an overweight rating. The Wall Street firm said the digital streaming media company is a “future advertising heavyweight.”

— with reporting from Pippa Stevens, Yun Li, Fred Imbert and Jesse Pound. 

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