Stocks making the biggest moves midday: Ford, AT&T, Yelp, Figs and more
Check out the companies making the biggest moves midday:
Ford — Shares of the automaker fell 5.1% after the company said prices on its electric F-150 Lightning pickups would fall as much as $10,000. All versions of the EV will get price cuts of at least $6,000 as Ford works to boost production this fall. Rivian shares fell about 3%.
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Tesla — Elon Musk’s electric vehicle company rose 1.9% in midday trading after building its first Cybertruck over the weekend following multiple delays.
Black Knight — The stock popped 13.8% after the mortgage-data vendor announced it will sell its Optimal Blue business to a subsidiary of Constellation Software for $700 million, paving the way for its acquisition by Intercontinental Exchange.
AT&T — The telecom stock lost more than 5.8%, building on Friday’s losses, after Citi downgraded it to neutral. The bank cited uncertainty related to its historical use of lead-sheathed cables.
BridgeBio Pharma — Shares surged 80% following the company’s announcement that its heart disease drug showed a “highly statistically significant improvement” in patients during a Phase 3 study.
Activision Blizzard — The video game maker added about 3.2% after Microsoft and Sony stuck a deal to keep its “Call of Duty” game on Sony’s PlayStation consoles following Microsoft’s acquisition of Activision Blizzard.
Paramount Global — The entertainment company’s stock shed 4.4% after the new “Mission: Impossible” movie underperformed expectations at the box office. The latest installment in the franchise earned $56.2 million domestically over the weekend — which was below the previous movie in the franchise — and $80 million over its first five days of release, according to Variety.
Apellis Pharmaceuticals — Shares sank nearly 21.4% after the American Society of Retina Specialists said there have been reports of intraocular inflammation following the administration of Apellis Pharmaceuticals’ Syfovre, including six cases of occlusive retinal vasculitis.
Yelp — The digital advertising stock gained 10.7% after Goldman Sachs upgraded it to buy from neutral. The firm said the company’s risk-reward skew has turned more positive.
Progressive — Shares gained 4.6% after being upgraded to overweight from neutral by JPMorgan. The Wall Street firm said Progressive’s valuation is now compelling after its poor results in June, and said the company has long-term earnings power and growth potential.
Yeti — The cooler company’s stock fell 5.8% following a downgrade to underweight from sector weight by KeyBanc. The Wall Street firm cited concerns over Yeti’s growth and its heavy wholesale channel inventory.
State Street — The asset manager slipped more than 3.1% after the firm was downgraded by multiple Wall Street shops, including JPMorgan. State Street’s second-quarter earnings report on Friday showed a drop of about 10% in net interest income compared to the first quarter.
Figs — The apparel retailer dropped 2.4% after being downgraded by Raymond James to market perform from outperform. The firm said a slowing economy and the restart of student loan payments could hurt Figs’ growth in the near term.
Crypto stocks — Several crypto mining stocks were higher after the bitcoin hash rate hit an all-time high last week despite seasonally higher U.S. power prices. Cantor also lifted its price target on mining stocks in its coverage universe following Ripple’s partial court victory Thursday — including CleanSpark, which was up 4.6% Monday, as well as Iris Energy— which gained 3.4%.
—CNBC’s Samantha Subin, Alex Harring, Tanaya Macheel and Brian Evans contributed reporting.
