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 nearly 13% 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% 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 more than 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% 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 13%. Royal Caribbean and Carnival gained 12% and 11%, respectively. Delta Air Lines and American Airlines each advanced more than 8%.
Gilead Sciences – Shares of the biopharma stock gained 4% 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 more than 4% 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 more than 10% after whiplashing in Monday trading following a report over the weekend that said the bank was assuring major investors of its financial wellbeing amid concerns.
Tesla – Shares of electric vehicle maker Tesla rose 2% 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 more than 12% 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 7% 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 6% 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
