Stocks with the biggest fluctuations at midday: SATS, CVS, STLA
Check out the companies making headlines in midday trading: Nio – US-listed shares of the Chinese electric vehicle maker jumped 9.5% after Nio announced a 13.3 billion yuan cash injection for their Nio China business. The transactions are expected to be completed later this year and will reduce Nio Inc.’s ownership stake. at Nio China down to 88.3% from the current 92.1%. Stellantis – Shares fell more than 13%, hitting a new 52-week low, following the automaker’s full-year profit warning. Stellantis pointed to a deteriorating “global industry landscape” as well as growing competition from China. Automakers GM and Ford also dropped their favorability ratings, down nearly 4% and more than 2%, respectively. Alibaba – Chinese e-commerce shares rose nearly 2% after the country’s central bank said it would require banks to cut mortgage rates on existing home loans by Oct. 31. CVS Health – Shares rose 3.3% after news that hedge fund Glenview Capital plans to meet with CVS Health executives to boost its struggling business. People familiar with the matter told CNBC that Glenview Capital has established a sizable position in the company. Crypto Stocks – Stocks tied to the price of bitcoin have fallen along with the cryptocurrency after a significant rally last week. Coinbase slides 5%. MicroStrategy fell 1% after recouping earlier losses. Bitcoin is down 3% and trading below $64,000. EchoStar – Satellite media shares fell 12% after DirecTV agreed to buy EchoStar’s satellite TV business on Monday. This includes Dish TV and is the solution to decades of ongoing negotiations between the two distributors. Amerant Bancorp – Shares rose 4% after Piper Sandler upgraded the Florida-based bank from neutral to overweight. As catalysts, analyst Stephen Scouten cited an “attractive risk/reward” balance and “ample capital for rapid growth.” Moderna — Shares of the biotech company rose more than 1% after Moderna announced it had administered the first dose in a phase three trial of its potential norovirus vaccine. Universal Health Services – Shares fell about 3% after a jury awarded $300 million to women who accused a former doctor at Cumberland Children’s and Adolescent Hospital of sexual abuse. According to the 8-K filing, Cumberland Children’s and Adolescents Hospital is an “indirect subsidiary” of Universal Health Services. – CNBC’s Sean Conlon, Tanaya Macheel, Sarah Min, Jesse Pound and Pia Singh contributed reporting.
