Stocks making the biggest moves midday: Goldman Sachs, Avis, Rivian, Nike and more
Check out the companies making headlines in midday trading.
Goldman Sachs — Shares declined 2.2% in midday trading. This past weekend, the firm followed other banks including UBS and Bank of America in cutting its forecast for economic growth in China.
Avis — The car rental company surged more than 6%. Morgan Stanley upgraded Avis to overweight earlier on Tuesday.
Chevron, Exxon Mobil — Energy giants Chevron and Exxon slipped more than 2% each in midday trading. News of uncertainty around oil demand in China pushed the price of Brent and U.S. West Texas Intermediate crude futures lower on Tuesday.
Nike — Shares of the sports apparel company slid nearly 3%. On Monday, UBS said that it expects Nike’s guidance for full-year 2024 will fall short of expectations. “We anticipate this type of guide causes the market to revise its NKE earnings expectations lower,” analyst Jay Sole wrote. He trimmed his price target to $145 from $155, but maintained a buy rating on shares. The company will post its fiscal fourth-quarter results on June 29.
Rivian — Shares of the electric vehicle rose more than 4% after Rivian announced that its customers will have access to the Tesla charging network in 2024. Rivian’s announcement follows similar moves from Ford and GM.
Intel — Shares were trading 3.8% lower Tuesday. A day earlier, Intel announced it would spend more than 30 billion euros, or nearly $33 billion, on two semiconductor plants in Germany. In an agreement with Intel, the country will also offer a 10 billion euro subsidy package, Bloomberg reported.
Dice Therapeutics — Shares surged 37% after Eli Lilly said it was acquiring the biopharmaceutical company for $2.4 billion. Eli Lilly will pay $48 per share, which is about 40% higher than where shares closed on Friday.
Alibaba — The Chinese telecommunications stock pulled back nearly 5% Tuesday. Alibaba announced earlier in the day that chairman and chief executive Daniel Zhang would step down in early September.
Atmus Filtration — Shares rose 5.5% after Wall Street firms Goldman Sachs, Bank of America, JPMorgan and Wells Fargo initiated coverage at buy or equivalent ratings. The stock debuted on the public markets last month.
Sofi Technologies — Shares fell 1.2% on Tuesday. SoFi stock has surged more than 70% over the past month after a debt ceiling deal between the Biden administration and Congress included a plan for student loan repayments to restart as soon as August.
C3.ai —The artificial intelligence stock fell 2.2% on Tuesday. The company is set to host its investor conference on Thursday in New York City.
— CNBC’s Jesse Pound, Alex Harring and Michelle Fox Theobald contributed reporting
