Stocks making the biggest moves midday: Gilead Sciences, Moderna, Tesla and more

A sign is placed in front of the Gilead Sciences headquarters on April 29, 2020 in Foster City, California.

Justin Sullivan | Getty Images

Check out the companies making the biggest moves in the middle of the day:

general mills General Mills stock fell 4.2%, despite reporting better-than-expected revenue and earnings for the fourth quarter. The food producer also raised its full-year forecast. Higher prices partially offset the increase in production costs.

Gilead Sciences Laad Sciences sank 2.4% after it announced that its paper unit would acquire biotechnology company Tmunity Therapeutics. The company warned that the deal could lower 2023 earnings per share by about 18-22 cents.

Lucid Shares of Lucid rose more than 3% after the electric automaker announced a capital raise of about $1.5 billion through a series of stock sales.

Tesla Tesla shares sank 5.3% after Evercore ISI cut its price target on it, citing concerns that the stock would fail to maintain a key level. The stock has been hurt this month by concerns about its operations in China and concerns about CEO Elon Musk’s new leadership on Twitter.

modern Shares of the pharmaceutical company were up 5.7% at midday Tuesday. On Monday, the stock was upgraded by Jeffries to buy from hold. The company said a promising new cancer vaccine had renewed interest in the stock.

Quantumscape Shares of electric car maker Quantum Escape jumped 3 percent after the company said it would begin shipping prototypes of its batteries to automakers.

FactSet Research — FactSet Research stock fell nearly 2% after the financial data and analytics company reported quarterly revenue of $504.8 million, less than the $510.5 million expected by analysts, per StreetAccount. However, it outperformed the earnings, reporting adjusted earnings of $3.99 per share versus the expected $3.62.

steel case Steelcase rose more than 12% after reporting better-than-expected third-quarter earnings and issuing an upbeat earnings forecast. While the office furniture maker’s quarterly revenue was below estimates, its order backlog is 3% higher than it was a year ago.

Newmont The gold miner rose 4.5% as the gold price surged above $1,800. However, the stock is down more than 22% year-to-date, on track for its first annual decline since 2018.

Trade office – The trade desk gained 4.5% after Piper Sandler hit coverage of the digital advertising company with an overweight rating. “Although ‘ad VIX’ is at an all-time high, the company has continued to execute and outperform the broader digital advertising landscape,” said Piper.

stitch repair Shares fell more than 9% after JPMorgan downgraded the online apparel company to below neutral weight. The investment firm said Stitch Fix has had a “difficult year” after four straight quarters of declines in active clients, JPMorgan said.

Loews Shares of Loews rose 2.5% after the company announced that the Delaware Supreme Court reversed a decision that awarded former minority unit holders of its Boardwalk Pipelines subsidiary about $690 million, plus interest.

Capital Arch – The Bermuda-based insurance company rose 2.5%. Arc Capital announced on Monday that it has increased its share repurchase authorization to $1 billion. On September 30, approximately $596.4 million in share repurchases were available.

— CNBC’s Carmen Renick, Tanaya Machel, and Sarah Min contributed to reporting.

#Stocks #making #biggest #moves #midday #Gilead #Sciences #Moderna #Tesla

Leave a Reply

Your email address will not be published. Required fields are marked *