December 2, 2022

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Stocks making the biggest moves midday: Twitter, Poshmark, Rivian and more

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Poshmark Inc. signage outside the Nasdaq MarketSite during the company’s initial public offering (IPO) in New York, U.S., on Thursday, Jan. 14, 2021.
Michael Nagle | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

Twitter — Shares of Twitter surged 22.24% after a report that Elon Musk plans to go through with the acquisition of the company at $54.20 per share, the originally agreed-upon price. Trading of the company’s stock was halted pending news around midday Tuesday.

Rivian — Shares of the electric vehicle maker shot up 13.83% after the company said Monday that third-quarter production jumped 67% compared to the prior quarter. The company remains on track to meet the production goal it set in March after halving previous estimates due to global supply chain issues.

Poshmark — Shares of the online retail site surged 13% midday after the company struck a deal with South Korean internet giant Naver to be acquired for about $1.2 billion. The merger could help Naver deepen its reach in online retail and allow Poshmark expand internationally.

Illumina — The biotech stock jumped more than 9.52% after SVB Securities upgraded Illumina to outperform from market perform, citing the potential of new sequencing innovations called the NovaSeq X Series to drive upside in 2024 and beyond, according to FactSet’s StreetAccount.

Travel stocks — Shares of airline and cruise line stocks surged Tuesday and were among leaders in the S&P 500. These stocks are volatile and sensitive to big swings in markets overall. Norwegian Cruise Line jumped 16.8%. Royal Caribbean and Carnival gained 16.7% and 13.2%, respectively. Delta Air Lines and American Airlines each advanced more than 8%.

Gilead Sciences — Shares of the biopharma stock gained 4.8% after JPMorgan Chase upgraded Gilead Sciences to overweight. The bank said investors are undervaluing its growth potential and the stock could rally nearly 30%

Domino’s Pizza — Shares of the pizza chain rose 4.5% after UBS upgraded the stock to buy from neutral. The investment firm said that Domino’s should see demand hold up even if consumer spending weakens overall.

Credit Suisse — Shares of Credit Suisse jumped 12.2% after whiplashing in Monday trading following a report over the weekend that said the bank was assuring major investors of its financial well-being amid concerns.

Tesla — Shares of electric vehicle maker Tesla rose 2.9% Tuesday, rebounding from a sharp loss in Monday’s session after announcing disappointing third-quarter delivery numbers. Tesla’s stock slumped 8% Monday, its largest drop since June 3.

Rocket Pharmaceuticals — Shares of Rocket Pharmaceuticals jumped 11% after the company announced plans for a $100 million stock offering. The plan gives underwriters a 30-day opportunity to purchase up to $15 million worth of additional shares.

General Motors — Shares of automaker General Motors gained 8.9% after the company announced sales rose 24% in the third quarter, rebounding from 2021 when supply chain issues hindered production.

Ford Motor — The Detroit automaker rallied 7.7% after reporting a 16% increase in third-quarter sales compared with a year earlier, despite September sales declining more than expected. Ford said new vehicle demand “remains strong.” 

— CNBC’s Michelle Fox, Alex Harring, Tanaya Macheel, Sarah Min, Jesse Pound and Samantha Subin contributed reporting.