Stocks making the biggest moves midday: EchoStar, CVS Health, Stellantis and more
Check out the companies making headlines in midday trading: Nio — The U.S.-listed shares of the Chinese electric vehicle maker climbed 9.5% after Nio announced a 13.3 billion yuan cash injection for its Nio China business. The transactions are expected to be completed by year-end, and will reduce Nio Inc.’s stake in Nio China to 88.3% from its current 92.1%. Stellantis — The stock fell more than 13%, hitting a new 52-week low, following the automaker’s full-year profit warning . Stellantis pointed to a deteriorating “global industry backdrop” as well as increasing competition from China. Fellow automakers GM and Ford also moved lower in sympathy, falling nearly 4% and more than 2%, respectively. Alibaba — The Chinese e-commerce stock rose nearly 2% after the country’s central bank said it would ask banks to cut mortgage rates on existing home loans before Oct. 31. CVS Health — Shares jumped 3.3% on news that hedge fund Glenview Capital intends to meet with CVS Health’s executives to boost the struggling business. Glenview Capital has established a sizable position in the company, people familiar with the matter told CNBC. Crypto stocks — Stocks tied to the price of bitcoin retreated with the cryptocurrency following a sizeable rally last week. Coinbase slid 5%. MicroStrategy was down 1% after clawing back earlier losses. Bitcoin was down 3% and trading under $64,000. EchoStar — The satellite communications stock declined 12% after DirecTV on Monday agreed to buy EchoStar’s satellite television business. This includes Dish TV and is the resolution to decades of on-again, off-again talks between the two distributors. Amerant Bancorp — Shares rose 4% after Piper Sandler upgraded the Florida-based bank to overweight from neutral. As catalysts, analyst Stephen Scouten cited an “attractive risk/reward” balance and “ample capital to grow rapidly.” Moderna — Shares of the biotech company added more than 1% after Moderna announced it has given the first dose in its phase three trial of a prospective norovirus vaccine. Universal Health Services — Shares fell about 3% after a jury awarded $300 million to women who accused a former doctor at Cumberland Hospital for Children and Adolescents of sexual abuse. Cumberland Hospital for Children and Adolescents is an “indirect subsidiary” of Universal Health Services, according to an 8-K filing. — CNBC’s Sean Conlon, Tanaya Macheel, Sarah Min, Jesse Pound and Pia Singh contributed reporting.
Read the full article here