General Motors, Astra, etc.

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On February 11, 2021, the GM logo can be seen on the water tank of the General Motors assembly plant in Ramos Arizpe, Coahuila, Mexico.

Daniel Becerell | Reuters

Check out the companies that made the headlines in midday trading.

Activision Blizzard-Video game stocks continue to receive attention as the company has come under fire for reports of suspected sexual misconduct. The stock price fell more than 2% on Monday. According to a report from the Wall Street Journal on Sunday, Activision CEO Bobby Kotick told senior executives that if he can’t solve the cultural problems of video game manufacturers, he will consider leaving.

Teladoc — After BTIG downgraded its stock rating from buy to neutral, the virtual healthcare service company’s share price fell nearly 7%. BTIG said it was “disappointed” with its membership growth expectations and said that it views membership as “the most leading indicator of long-term growth.”

General Motors-General Motors shares rose 3.5% after CNBC reported that the company had acquired a 25% stake in Seattle boating startup Pure Watercraft. General Motors will become a component supplier for Pure Watercraft and will provide engineering, design and manufacturing expertise to help it build a new factory.

Ford Rivian — Rivian shares fell more than 13% after the news that the joint development of electric vehicles with Ford has been cancelled, extending the decline since Friday. Ford shares rose 4%.

Tesla-After CEO Elon Musk tweeted that the company’s Model S Plaid electric sedan “probably” will be launched in China next spring, Tesla’s share price rose by 3 % Above in response to a question from another Twitter user.

Blink Charging-After Cowen downgraded its stock rating to a market performance rating, the electric vehicle charging company’s share price fell by more than 10%. The company said that after “the boom in electric vehicle charging stocks,” the company’s valuation now appears to be too high relative to its peers. As the infrastructure bill provided billions of dollars in funding for the national charging network, the organization was boosted at a recent meeting.

Vaccine makers-After the Centers for Disease Control and Prevention finally approved on Friday to provide Covid booster shots for American adults, the stock prices of vaccine makers rose. Pfizer and BioNTech also reported optimistic research results for 12-15 year-old vaccinators. Moderna rose 8.3% on Monday. Pfizer rose 1%, and its partner BioNTech rose more than 8%.

Ericsson Vonage — Vonage’s stock price soared by 25% after the news that the Swedish telecommunications company Ericsson acquired Vonage for US$6.2 billion. The transaction is expected to be completed in the first half of 2022, after Ericsson acquired Cradlepoint, a US wireless network company, for US$1.1 billion last year. Ericsson’s shares fell more than 6%.

Astra-After the company got into orbit for the first time over the weekend, the rocket manufacturer’s stock price soared 26%. Astra’s LV0007 rocket was launched from the Pacific Spaceport Complex in Kodiak, Alaska on Saturday, carrying a test payload for the US Space Force.

Banks-After President Joe Biden announced the re-nomination of Jerome Powell to continue to lead the Fed, bank stocks rose along with U.S. Treasury yields. JPMorgan Chase, Goldman Sachs, and Bank of America all rose more than 2%. Morgan Stanley and Wells Fargo Bank rose more than 3%. Bank stocks tend to benefit from rising interest rates because they can bring higher profits.

— CNBC’s Hannah Miao, Pippa Stevens and Yun Li provided reporting


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