Stocks making the biggest moves midday: Quantumscape, Tesla, Boeing, McDonald’s & more
Elon Musk, founder of SpaceX and chief executive officer of Tesla Inc., arrives at the Axel Springer Award ceremony in Berlin, Germany, on Tuesday, Dec. 1, 2020.
Liesa Johannssen-Koppitz | Bloomberg | Getty Images
Check out the companies making headlines midday Monday:
Quantumscape — Shares of the battery company slid more than 37% as investors took profits in the newly public company. Over the last week, shares are down 53%. The company, which is backed by Bill Gates’ Breakthrough Energy, went public in November via a special purpose acquisition company.
Tesla — The electric vehicle company jumped more than 3% to a new all-time high after Tesla said it delivered a record number of vehicles during the fourth quarter. The stock is coming off a banner year, which saw shares gain more than 700%.
Boeing — The aerospace giant’s stock fell nearly 4% after investment firm Bernstein downgraded the stock to underperform from market perform. The firm said in a note that the company still faces a long recovery even after the return of the 737 Max.
Herbalife — Shares of the nutrition company gained more than 2% after Herbalife announced that it was buying back roughly $600 million of its stock from activist investor Carl Icahn. The activist’s representatives on the board of directors are stepping down, though Icahn said in a statement he will remain a shareholder in the company.
Magellan Health — The stock rose more than 12% on news the company is being acquired by Celgene for $2.2 billion, or $95 per share. That price represents a 14.7% premium to Thursday’s close of $82.84 per share. The deal is expected to close in the second half of the year.
McDonald’s — Shares of the fast food chain dipped nearly 3% after Citi initiated McDonald’s with a neutral rating. The Wall Street firm said it is concerned the burger joint will experience a “slower recovery in its international markets.”
Workhorse Group — The electric vehicle maker saw its stock rise more than 4% after receiving an order for 6,320 vehicles from Pride Group.
Vodafone — U.S.-listed shares rose 2.5% after the company struck a deal with Discovery to include the discovery+ streaming service in the telecom company’s existing Vodafone TV platform.
China Telecom, China Mobile — China Telecom and China Mobile dropped 7% and 6%, respectively, after the New York Stock Exchange said it will delist the Chinese telecom giants starting Jan. 11. The move is to comply with an executive order signed by President Donald Trump in November that barred Americans from investing in companies allegedly connected to the Chinese military.
Estee Lauder — The cosmetics company lost 3.8% after Raymond James downgraded Estee Lauder to market perform from outperform. The firm said Estee Lauder’s near 30% rally in 2020 is causing investors to look past the near-term headwinds presented by the pandemic.
—CNBC’s Pippa Stevens, Yun Li, Maggie Fitzgerald and Jesse Pound contributed to this report.