Stocks making the biggest moves midday: Moderna, Rivian, Live Nation and more
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Check out the companies making headlines in midday trading. Live Nation — Shares of the entertainment company rose 6% after an upgrade to overweight from equal weight at Morgan Stanley. “We have increased conviction in durable long-term growth given Live Nation’s unique ability to capture the expanding global live music opportunity,” said analyst Cameron Mansson-Perrone. TripAdvisor — Shares jumped 6% following an upgrade by BTIG to buy from neutral. The firm said catalysts for TripAdvisor include growth in its Viator and TheFork businesses, as well as new management in place. BTIG also hiked its price target to $25, implying about 38% upside from Wednesday’s close. Adobe — Shares tumbled more than 5% after the software company issued weaker-than-expected earnings and revenue guidance for the 2024 fiscal year. Moderna — Moderna shares rallied more than 14% after its cancer vaccine, co-developed with Merck , reduced the risk of death or relapse in melanoma patients during midstage trials . Opendoor Technologies — The residential e-commerce platform gained 14.5%, building on its Wednesday gains. Keefe, Bruyette & Woods upgraded shares to market perform from underperform earlier in the week. United Airlines , Delta Air Lines — Shares of United and Delta added 4.8% and 2.4%, respectively, after Goldman Sachs named them top airline picks going into 2024. Occidental Petroleum — The oil company rose 3.4% after reporting that Berkshire Hathaway bought 10.5 million shares , or nearly $590 million worth of Occidental stock, on Wednesday. Northrop Grumman — The defense company’s shares tumbled 4% after Wolfe Research downgraded shares to underperform from peer perform. The firm cited an “unsustainably high” valuation for the stock. Rivian Automotive — The electric vehicle maker surged 11.2% after signing an agreement with AT & T to start a program aimed at reducing fleet emissions. Under the deal, AT & T will purchase EVs from Rivian starting early 2024. Foot Locker — Shares of the sneaker retailer jumped 9% after Piper Sandler upgraded shares to overweight and raised the firm’s price target, calling the company one of the best situated “turnaround stories.” The firm said it expects Foot Locker to benefit from deflation across certain categories. General Motors — Shares jumped 5% after GM’s Cruise, the company’s robotaxi startup, told CNBC it would lay off 24% of its workers . — CNBC’s Pia Singh, Lisa Kailai Han and Michelle Fox Theobold contributed reporting.
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