Stocks making the biggest moves midday: Carvana, Colgate-Palmolive, Tesla and more

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2 years ago admin

Check out the companies making headlines in midday trading Monday.

Macy’s flagship store in Herald Square in New York, Dec. 23, 2021.

Scott Mlyn | CNBC

7 hours ago

Tesla — Shares dropped 2.8% after Berenberg lowered its earnings estimate for Tesla by around 25% for 2023 following the company’s price cuts for its electric vehicles. However, the firm upgraded the stock to buy from hold.

GE HealthCare Technologies — The stock rose 4% after the company reported its first earnings after being spun off as a public company from General Electric. GE Healthcare’s revenue came in at $4.9 billion, an 8% year-over-year increase, and its fourth-quarter adjusted EPS was $1.31.

Ford Motor Company — Shares fell nearly 1.4% after the company announced price cuts for its electric Mustang Mach-E crossover. The move in Ford comes after Tesla said earlier this month it would trim prices to counteract dwindling demand.

Macy’s — Goldman Sachs said Macy’s is the best-positioned retailer and initiated coverage with a buy rating. The stock advanced 1.8%.

AMC Entertainment — Common shares of the theater chain fell by more than 7% after AMC announced a shareholder meeting in March for a potential change to its capital structure. The special meeting would allow shareholders to vote on increasing the total number of shares the company can issue and on a reverse stock split to convert its preferred shares to common shares. The preferred or “APE” shares, which trade at a large discount to the common shares, jumped by more than 16%.

Carvana — Shares surged 28.5% as an apparent short squeeze boosted the beleaguered stock. It was also briefly paused in early morning trading due to the rapid runup.

Moderna — The vaccine producer fell another 3.2%. The company’s stock price has fallen about 7% since last week, after a Reuters report said the European Union is in talks with Pfizer and BioNTech to reduce the number of Covid-19 vaccine doses it’s committed to purchasing this year in exchange for paying a higher price per dose.

Advanced Micro Devices — Shares of semiconductor AMD fell 2.1% after a slew of Wall Street analysts said they are worried about the company’s upcoming earnings report following Intel’s disastrous release. The company is scheduled to report Tuesday.