Stocks making the biggest moves midday: Gilead Sciences, Moderna, Tesla and more
Check out the companies making the biggest moves midday:
General Mills — General Mills dropped 4.2%, despite reporting better-than-expected revenue and profit for the last quarter. The food producer also raised its full-year forecast. Higher prices partially offset increased output costs.
Gilead Sciences — Gilead Sciences sank 2.4% after announcing its Kite unit would acquire biotech company Tmunity Therapeutics. The company warned the deal could reduce 2023 earnings per share by approximately 18-22 cents.
Lucid — Shares of Lucid rose more than 3% after the electric vehicle maker announced a capital raise of about $1.5 billion through a series of stock sales.
Tesla – Shares of Tesla sank 5.3% after Evercore ISI lowered its price target on them, citing concerns as the stock failed to hold a key level. The stock has been hurt this month by worries about its China operation and concerns about CEO Elon Musk's new leadership at Twitter.
Moderna — Shares of the drug maker rose 5.7% in midday trading Tuesday. On Monday, the stock was upgraded by Jeffries to buy from hold. A promising new cancer vaccine has renewed interest in the stock, the firm said.
QuantumScape — Shares of electric vehicle maker QuantumScape jumped 3% after the company said it would start shipping prototypes of its batteries to automakers.
FactSet Research — FactSet Research's stock slid nearly 2% after the financial data and analytics company reported quarterly revenue of $504.8 million, less than the $510.5 million expected from analysts, per StreetAccount. However, it beat on earnings, reporting an adjusted profit of $3.99 per share versus the $3.62 expected.
Steelcase — Steelcase rallied more than 12% after reporting better-than-expected third-quarter earnings and issuing an upbeat profit forecast. While the office-furniture maker's quarterly revenue fell short of estimates, its order backlog is 3% higher than it was a year ago.
Newmont — The gold miner climbed 4.5% as the price of gold climbed above $1,800. Still, the stock is down more than 22% year to date, on pace for its first annual decline since 2018.
Trade Desk — Trade Desk gained 4.5% after Piper Sandler initiated coverage of the digital advertising company with an overweight rating. "Despite the 'advertising VIX' being at all-time highs, the company has continued to execute and outperform the broader digital advertising landscape," Piper said.
Stitch Fix — Shares dropped more than 9% after JPMorgan downgraded the online apparel company to underweight from neutral. The investment firm said Stitch Fix has had a "tough year" after four consecutive quarters of declines in active clients, JPMorgan said.
Loews — Shares of Loews gained 2.5% after the company announced the Delaware Supreme Court reversed a decision that had awarded former minority unitholders in its Boardwalk Pipelines subsidiary about $690 million, plus interest.
Arch Capital — The Bermuda-based insurance company rose 2.5%. Arch Capital announced Monday it increased its share repurchase authorization to $1 billion. At Sept. 30, about $596.4 million of share repurchases were available.
— CNBC's Carmen Reinicke, Tanaya Macheel and Sarah Min contributed reporting.