Peloton, Tesla, Viasat, Wells Fargo, Box and more

A Tesla electric vehicle at a boost station in Hawthorne, California on August 9, 2022.

Patrick T. Fallon | AFP | Getty Images

Check out the companies making the biggest moves Monday noon:

Credit Suisse – Shares of Credit Suisse rose 1.7%, reversing an earlier slump that sent the stock to a record low, after the bank launched a series of calls over the weekend for allay investor fears about its financial health. Moreover, the cost of insuring the bank’s debt against default has reached a new high.

Tesla – Shares of Tesla fell 8.2% after the electric vehicle maker said it delivered 343,000 vehicles in the third quarter, less than analysts expected. However, Wall Street analysts were split on the report.

Peloton – Shares of Peloton rose more than 6% after the exercise equipment company announced it would put bikes in all 5,400 Hilton-branded hotels in the United States. Peloton is trying to engineer a turnaround and also said last week that its bikes, treadmills and other gear would be sold at Dick’s Sporting Goods stores.

Roblox – Shares of the gaming platform fell slightly after MoffettNathanson launched coverage with an underperforming rating. The Wall Street firm said it’s too early to tell if Roblox will ever achieve its metaverse ambitions.

Viasat – Viasat jumped 28% on Monday after reaching an agreement with L3Harris to sell its tactical data link business. The deal is for just under $2 billion, the companies said. Viasat said it would use the cash to reduce leverage and increase liquidity.

Wells Fargo – Wells Fargo shares gained 3% after Goldman Sachs upgraded the bank from a buy rating to neutral and said investors underestimated its potential.

Livent – The lithium company fell about half a percent after Bank of America downgraded the stock to underperform from neutral, citing a “limited upside.”

DocuSign – DocuSign fell 2.4% after being downgraded by Morgan Stanley to an underweight from equal weight, citing price pressure.

Myovant Sciences – The biopharmaceutical company jumped 36% after rejecting an offer from Sumitovant Biopharma, its largest shareholder, to buy shares it does not already own for $22.75 per share. Myovant, who said the offer significantly undervalues ​​the company, said he was open to considering any improved proposals.

Box – Box stock rebounded 7% after Morgan Stanley raised its price target, implying the cloud storage company could jump 39% from Friday’s close. The company also upgraded the stock to overweight from an equal weight, citing strong macro positioning, solid execution and a more favorable competitive landscape.

Freshpet – Shares of Freshpet rose 7.6% after Barron’s announced the pet food maker had hired bankers to explore a potential sale.

LogicBio Therapeutics – Shares of the clinical-stage genetics company soared more than 644% after news of its acquisition by AstraZeneca for $2.07 per share. This price represents a whopping 666% increase over LogicBio’s closing price of 27 cents per share.

InterDigital – InterDigital shares rose 16% after the research and development company raised its forecast for third-quarter 2022 total revenue to a range of $112 million to $115 million from from $96 million to $100 million.

Fluor Corp. – Fluoride rose more than 5% in midday trading. The company announced on Monday that it had been awarded two reimbursable engineering, procurement and construction management contracts by BASF for work in China.

Stanley Black & Decker — The tool maker’s stock jumped more than 4% after the Wall Street Journal reported the company cut about 1,000 jobs in a bid to cut costs by about $200 million of dollars.

Energy stocks – Oil prices surged, pushing energy stocks higher. Marathon Oil rebounded 8%. APA Corp. and Devon Energy gained around 7% each. Diamondback Energy, Halliburton and ConocoPhillips all rose more than 6%.

– CNBC’s Alex Harring, Samantha Subin, Carmen Reinicke, Yun Li, Tanaya Macheel and Jesse Pound contributed reporting.


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