Check out the companies making headlines in midday trading. Abercrombie & Fitch – Shares of the teen clothing retailer jumped nearly 8% after JPMorgan added it to its positive watch list. Analyst Matthew Boss raised his stock target price and third-quarter earnings estimates, saying its brands, which include Hollister, showed momentum during the recent back-to-school shopping season. Spirit Airlines, JetBlue Airways – Ultra-low-cost airline Spirit fell 26% after a report from the Wall Street Journal that it would likely file for bankruptcy following its failed merger with peer airline JetBlue. JetBlue shares jumped more than 15% on the news. Rivian Automotive – The electric automaker fell nearly 5% after cutting its 2024 annual production guidance to between 47,000 and 49,000 vehicles, citing a supply shortage. The company had previously expected to produce 57,000 cars. Vistra Corp – Shares of the utility company, which has overtaken Nvidia as the S&P 500's biggest gainer this year, rose nearly 5% as it extended its recent rally. Vistra stock has risen in 18 of the past 19 trading sessions. Summit Therapeutics – The biopharma company added 2%. The Food and Drug Administration has given Summit's cancer drug, ivonescimab, accelerated designation for use in treating patients. Ubisoft Entertainment – Shares of the French video game publisher rose more than 30% after Bloomberg News reported that Tencent and the company's founding Guillemot family, both minority shareholders in Ubisoft, are considering a potential acquisition of the company. SilverCrest Metals – Shares rose nearly 12% after the precious metals producer announced that Coeur Mining is acquiring SilverCrest for an implied equity value of about $1.7 billion. Coeur shares fell 7%. Zim Integrated Shipping Services – Shares fell more than 13% after American dockworkers and the American Maritime Alliance reached a tentative agreement to end the port strike. Other international shipping stocks also saw losses, including Danish shipping giant Maersk, down 5%. CVS Health – Shares of the company rose 3.3%. Earlier this week, CNBC reported, citing people familiar with the matter, that the company's board of directors was reaching out to advisers to begin a strategic review of its business. CVS, which is dealing with higher-than-expected medical costs in its insurance unit among other issues, is considering splitting up its retail pharmacy and insurance units, which would be a massive shift from the company's long-term strategy. — CNBC's Sean Conlon, Hakyung Kim, Christina Scheider-Burke and Lisa Kailay Han contributed reporting.
Trending
- Taiwan's president says: “It is impossible” for the People's Republic of China to be our motherland
- Amazon is betting big on selling cashless technology to third-party retailers
- Virtus fund manager says Fed rate cuts should favor preferred stocks
- Blue Origin CEO Dave Limb is calling attention to Jeff Bezos' space company
- Elon Musk's conspiracies about helping Helen draw rebuke from Buttigieg
- Ben Horowitz says he plans to donate to VP Kamala Harris' campaign
- Domino's CPI, Delta and earnings data
- Rivian lowers production expectations and misses third-quarter delivery expectations
Stocks making the biggest moves at midday: RIVN, ANF, CVS, SAVE
