A Tesla electric vehicle at a supercharging station in Hawthorne, California on August 9, 2022.
Patrick T. Fallon | AFP | Getty Images
Check out the companies making the biggest moves midday Monday:
Credit Suisse – Shares in Credit Suisse rose 1.7%, reversing an earlier decline that sent the stock to a record low, after the bank made a series of calls over the weekend to calm fears of investors about their financial health. In addition, the cost of insuring bank debt against default jumped to a new high.
Tesla: Shares of Tesla fell 8.2% 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 on the report.
Peloton – Shares of Peloton rose more than 6% after the exercise equipment company announced it will put bikes in 5,400 Hilton-branded hotels in the U.S. Peloton is trying to engineer a turnaround, and also said the last week that its bikes, treadmills and other hardware would be sold at Dick’s Sporting Goods locations.
Roblox: Shares of the gaming platform fell slightly after MoffettNathanson initiated coverage with an underperform rating. The Wall Street firm said it’s too early to say whether Roblox will ever fulfill its metaverse ambitions.
Viasat – Viasat jumped 28% on Monday after striking a deal with L3Harris to sell its tactical data link 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: Shares of Wells Fargo gained 3% after Goldman Sachs upgraded the bank to a buy rating from neutral and said investors are underestimating its potential.
Livent: The lithium company fell about half a percent after Bank of America downgraded the stock to underperform from neutral, citing “limited upside.”
DocuSign: DocuSign fell 2.4% after being downgraded by Morgan Stanley to underweight from equal weight, citing pricing pressure.
Myovant Sciences – The biopharmaceutical company jumped 36% after rejecting an offer from Sumitovant Biopharma, its largest shareholder, to buy the shares it does not already own for $22.75 a share. Myovant, which said the offer significantly undervalues the company, said it is open to considering any improved proposals.
Box: Shares of Box rose 7% after Morgan Stanley raised its price target, implying the cloud storage company could rise 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 7.6% after Barron’s reported that the pet food maker has hired bankers to explore a potential sale.
LogicBio Therapeutics: Shares of the clinical-stage genetics company soared more than 644% after it announced it was being acquired by AstraZeneca for $2.07 a share. This price represents a 666% increase over LogicBio’s closing price of 27 cents per share.
InterDigital: Shares of InterDigital rose 16% after the research and development company raised its guidance for total revenue in the third quarter of 2022 to a range of $112 million to $115 million, passing from $96 million to $100 million.
Fluor Corp. – Fluor rose more than 5% in midday trading. BASF was awarded two reimbursable engineering, procurement and construction management contracts for work in China, the company announced Monday.
Stanley Black & Decker: Shares of the tool maker rose more than 4% after The Wall Street Journal reported that the company has cut about 1,000 jobs in an effort to cut about $200 million in costs.
Energy Stocks: Oil prices rose, which boosted energy stocks. Marathon Oil rose 8%. APA Corp. and Devon Energy each gained about 7%. Diamondback Energy, Halliburton and ConocoPhillips rose more than 6%.
— CNBC’s Alex Harring, Samantha Subin, Carmen Reinicke, Yun Li, Tanaya Macheel and Jesse Pound contributed reporting.
