Stocks making the biggest moves midday: Rivian Automotive, Anheuser-Busch InBev, Ford and more
Check out the companies making headlines in midday trading: Rivian Automotive — Shares popped 24.5% after the electric vehicle maker’s vehicle production and deliveries for 2024 met the company’s previously announced guidance. This comes after the company had lowered its production target for the full year in October. U.S. Steel — Shares fell 6.5% following President Joe Biden’s decision to block Japan’s Nippon Steel from acquiring U.S. Steel . Biden said the proposed $14.9 billion takeover would create a risk for the nation’s supply chains. Block — The fintech stock added 6.2% following an upgrade to outperform from market perform at Raymond James. Analyst John Davis believes the stock’s valuation still looks attractive despite a recent run higher, and has renewed conviction in Block’s 2025 acceleration story. Chewy — Shares popped 6.2% after Wolfe Research upgraded the pet retailer to outperform from peer perform and named it a top internet stock idea. Wolfe listed expectations for earnings upside, an improved macro backdrop and product-related catalysts as reasons for optimism. Alcohol stocks — Shares of alcoholic beverage companies fell after U.S. Surgeon General Dr. Vivek Murthy issued a new advisory warning on the link between alcohol consumption and at least seven types of cancer. Shares of Diageo dropped nearly 4%, while Anheuser-Busch InBev and Molson Coors declined 2.2% and 3.4%, respectively. Meanwhile, Constellation Brands shares fell 0.3%. Constellation Energy — Shares jumped 4%, extending their gains from Thursday when the company announced it received more than $1 billion in contracts to supply the U.S. government with nuclear power over the next decade. Carvana — Shares dropped 11.2% after short seller Hindenburg Research alleged Carvana’s recent turnaround is a “mirage” based on unstable loans and accounting manipulation . The online used-car seller stock surged 284% in 2024. It is down more than 5% so far this year. Ford , General Motors — Shares of Ford and General Motors increased after both automakers posted their best annual U.S. sales since 2019 . Ford gained 2.4%, while General Motors rose almost 1%. Vistra — The stock jumped 8.5%, extending the gains seen in the previous session. On Thursday, the stock rose more than 8%, making it the best performer in the S & P 500 in the first trading day of the new year. The gains follow a massive year for the stock, as it soared about 258% in 2024. That made it the second-biggest gainer in the broad market index last year. JetBlue Airways — Shares reversed losses earlier in the session to rise 0.4% following the Department of Transportation fining the airline $2 million for “chronically delayed flights.” The DOT said JetBlue operated four routes that were delayed at least 145 times between June 2022 and November 2023. — CNBC’s Alex Harring, Sarah Min, Lisa Kailai Han, Pia Singh and Michelle Fox contributed reporting. This post has been syndicated from a third-party source. View the original article here.
