Finance News

Shares that make the largest strikes at midday: CVS, Lucid, Southwest Airways, Boeing, GameStop, and extra

People walk past a CVS pharmacy store in the Manhattan neighborhood of New York City.

Shannon Stapleton | Reuters

Check out the companies that are making headlines in midday trading.

CVS – The drugstore chain's stocks rose 3.8%, hitting a 52-week high after the company announced that sales would accelerate in the coming year. CVS will introduce new health services and pool its drugstore and insurance businesses.

Hormel Foods – Hormel stocks rose 5.7% after the food maker beat quarterly earnings estimates. The company posted earnings of 51 cents per share for the quarter, one cent above Refinitiv's consensus forecast. Sales also exceeded Wall Street's expectations.

RH – Home textiles retailer RH rose 9.6% after reporting above-average profits and sales that exceeded forecasts. The company also raised the lower end of its sales forecast. Guggenheim also reiterated the stock as the best idea, saying the "catalyst path remains intact".

Rent the Runway – The fashion rental platform stocks fell 3.5% in midday trading after seeing mounting losses in the third quarter, despite sales up 66% year over year. Amid investor concerns, Rent the Runway has not yet made a profit and the number of active subscribers has not recovered to pre-pandemic levels.

GameStop – The video game retailer saw its shares fall more than 6% after the company reported losses that widened into the third quarter of fiscal year. The company announced that its net loss rose to $ 105.4 million, or $ 1.39 per share, from a loss of $ 18.8 million, or 29 cents per share, last year. The stock, which was once at the center of the meme stock mania, is still up more than 760% this year.

Lucid Group – The electric vehicle startup's shares rose more than 12% daily after the company announced a proposed $ 1.75 billion convertible bond offering. Lucid also recently announced that it had received a subpoena from the Securities and Exchange Commission "requiring certain documents to be produced in connection with an investigation."

American Airlines, Boeing – American Airlines shares were down nearly 1% after the company announced it would cut its flight schedule next summer as it awaits Boeing deliveries of its 787 Dreamliners. Boeing also plans to compensate the airline. Boeing's shares plummeted 1.7%.

Southwest Airlines – Southwest stocks fell more than 3% after Jefferies downgraded the airline's stock as ongoing inflation weighed on profitability. Jefferies lowered his rating on Southwest to keep buying and also cut his price target on the stock from $ 60 per share to $ 45 per share.

EVgo – EVgo shares rose 7.1% after JPMorgan opened coverage of the electric vehicle fast charging operator with an overweight position. "We expect the company to achieve above-average sales growth through rapidly increasing fleet acceptance and higher utilization," noted JPMorgan.

Pfizer – Pfizer stock rose 2% after Wells Fargo began coverage of the stock with an overweight rating. The company said Pfizer's Covid treatments were in place and could continue to grow the company's sales in the years to come.

Sunrun, Sunnova – Solar company stocks plummeted despite JPMorgan citing stocks as its top picks for the next year. Sunrun lost 3.8% while Sunnova lost 1.7%.

Solid Power – Shares in battery cell maker Solid Power for electric vehicles were up 6.4% at noon. The company debuted on the Nasdaq Thursday morning after closing a deal with a dedicated acquisition company. Solid Power's investors include Ford and BMW.

– CNBC's Yun Li, Maggie Fitzgerald and Tanaya Macheel contributed to the coverage.

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