Poshmark Inc. signage. off the Nasdaq MarketSite during the company’s initial public offering (IPO) in New York, USA on Thursday, January 14, 2021.
Michael Nagle | Bloomberg | Getty Images
Take a look at the companies making headlines in midday trading.
Twitter: Shares of Twitter rose nearly 13% after a report that Elon Musk plans to follow through with acquiring the company at $54.20 per share, the price originally agreed upon. Trading in the company’s stock was halted pending news around midday Tuesday.
Rivian – Shares of the electric vehicle maker rose 13% after the company said on Monday that third-quarter production rose 67% compared with the previous quarter. The company remains on track to meet the production target it set in March after halving previous estimates due to global supply chain issues.
Poshmark: Shares of the online retail site jumped more than 13% midday after the company reached a deal with South Korean internet giant Naver to be acquired for about $1.2 billion . The merger could help Naver deepen its reach in online retail and allow Poshmark to expand internationally.
Illumina: The biotech stock rose more than 9% after SVB Securities upgraded Illumina to outperform the market, citing the potential for new sequencing innovations called the NovaSeq X Series to rise in 2024 and beyond, according to StreetAccount’s FactSet.
Travel Stocks: Airline and cruise line stocks rose Tuesday and were among the leaders in the S&P 500. These stocks are volatile and sensitive to big swings in the broader markets. Norwegian Cruise Line rose 13%. Royal Caribbean and Carnival gained 12% and 11%, respectively. Delta Air Lines and American Airlines advanced more than 8%.
Gilead Sciences: Shares of the biopharma stock gained 4% after JPMorgan Chase upgraded Gilead Sciences to overweight. The bank said investors are underestimating its growth potential and the stock could rise almost 30%
Domino’s Pizza: Shares of the pizza chain rose more than 4% after UBS upgraded the stock to buy from neutral. The investment firm said Domino’s should see demand hold even if consumer spending weakens overall.
Credit Suisse – Shares in Credit Suisse rose more than 10% after taking a hit in trading on Monday following a report over the weekend that said the bank was reassuring major investors of its financial well-being amid of worries
Tesla – Shares of electric vehicle maker Tesla rose 2% on Tuesday, rebounding from a sharp loss in Monday’s session after announcing disappointing third-quarter delivery numbers. Tesla shares fell 8% on Monday, their biggest drop since June 3.
Rocket Pharmaceuticals: Shares of Rocket Pharmaceuticals rose more than 12% after the company announced plans for a $100 million stock offering. The plan gives the underwriters a 30-day opportunity to buy up to $15 million worth of additional shares.
General Motors: Shares of automaker General Motors gained 7% after the company said sales rose 24% in the third quarter, rebounding from 2021 when supply chain problems hinder production.
Ford Motor: The Detroit automaker rose 6% after reporting a 16% rise in third-quarter sales from a year earlier, although September sales fell more than expected Ford said demand for new vehicles “is staying strong.”
– CNBC’s Michelle Fox, Alex Harring, Tanaya Macheel, Sarah Min, Jesse Pound and Samantha Subin contributed reporting.
