Tesla, Lordstown Motors, Warby Parker, etc.

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Lordstown Motor Company’s Endurance electric pickup truck was exhibited at the unveiling event in Lordstown, Ohio, USA on Thursday, June 25, 2020.

Matthew Hatcher | Bloomberg | Getty Images

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

Johnson & Johnson-After Johnson & Johnson announced its plan to split itself into two companies, the health care giant’s share price rose 1.7%. The plan will take 18 to 24 months and will separate the company’s consumer products business from its pharmaceutical and medical device businesses.

Tesla-Regulatory documents released on Friday show that Tesla shares fell 3% after CEO Elon Musk’s trust sold another $687 million in shares on Thursday. Earlier this week, Musk and his trust sold approximately $5 billion worth of stock.

Rivian, the newly listed electric car maker’s share price continued to rise on Friday, rising 4.2% after rising more than 22% in the previous trading day. On the stock’s first day of listing on Wednesday, it rose 29%.

Lordstown Motors-the auto start-up company’s stock price fell by about 16%. According to Refinitiv, the company with unrealized revenue reported a loss of 54 cents per share in the third quarter, slightly lower than the estimated loss of 59 cents per share. Lordstown said it plans to produce and deliver Endurance trucks in the third quarter of 2022.

WM Technology — The software company’s stock price fell 19% on Friday after its third-quarter results did not meet top and bottom line expectations. WM Technology, which serves the cannabis industry, also issued lower-than-expected fourth-quarter guidance. The company said that competition from “unauthorized channels” is hurting its customers.

Warby Parker, the eyewear manufacturer’s share price rose by approximately 11% after reporting quarterly revenue growth of 32% over the same period last year. Revenue increased to 137.4 million U.S. dollars, and sales increased by 45% in two years.

HP-After Goldman Sachs downgraded its stock rating from neutral to sell on the grounds of a weak IT spending environment at the end of 2021 and early 2022, HP’s share price fell by 7.5%. The Wall Street company lowered its target price from $16 per share to $14 per share.

Blink Charging, the electric car charging company’s share price soared 15% after exceeding Wall Street’s revenue expectations. According to data from Refinitiv, Blink reported revenue of US$6.4 million, which was lower than the expected US$4.7 million.

Target-The stock price of this large retailer has risen by more than 2% after JPMorgan Chase reiterated that the stock is an overweight before releasing its earnings report next week. The Wall Street company said the stock is a “clear winner” entering the holiday season.

Caesars Entertainment — After B Riley Securities reported on Caesars Entertainment with a buy rating, casino stocks rose 3.2% in midday trading. The Wall Street company specified a target price of $191 per share for the stock.

— CNBC’s Hannah Miao, Yun Li and Jesse Pound provided reporting


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