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Wednesday, May 22, 2024

Stocks making the biggest moves midday: Nio, Tesla, Roku, Lululemon & more

Check out the companies making headlines midday on Monday:

Nio — U.S.-listed shares of the Shanghai-based electric vehicle company advanced more than 8% after the company announced plans for a new sedan. The move prompted several Wall Street firms to raise their forecast on the stock, with JPMorgan lifting its price target to a Street high of $75.

Twitter — Shares of the social media platform sunk 6% after Twitter decided to permanently suspect President Donald Trump's account. Twitter said late Friday it made the decision to remove the president "due to the risk of further incitement of violence," after the deadly riot at the U.S. Capitol.

Tesla — The electric vehicle company slid more than 4% as investors took profits in the high-flying stock. The leg lower snaps an 11-session winning streak for Tesla, the stock's longest daily winning streak on record. Separately, Bank of America raised its price target on Tesla to $900, up from a prior forecast of $500.

Roku — Shares climbed 3.7% after Citi hiked its price target on the stock to $460 per share from $375. The firm cited Roku's acquisition of the now-defunct Quibi's distribution rights as a reason for the hike. The new price target represents roughly 15% upside from where shares closed Friday.

Sarepta Therapeutics — Shares of the biotechnology company popped 7.6% after Sarepta disclosed a cash position of about $1.9 billion through Dec. 31.

Lululemon — The athletic retailer rose 1.2% on Monday after announcing it expects earnings and sales for the fourth quarter to come in at the high end of its prior guidance, citing strong performance during the holidays.

Boeing — Shares were under pressure after a 737-500 jet crashed shortly after taking off from Jakarta's main airport over the weekend. Around midday, Boeing traded lower by 2.4% and contributed the most to the Dow Jones Industrial Average's decline.

Baidu — The stock dropped more than 5%, pulling back from a more than 15% rally in the previous session, after the Chinese internet giant confirmed that it has formed a strategic partnership with automaker Geely to create a standalone electric vehicle unit. The stock jumped double digits on Friday after CNBC first reported the news, citing a person familiar with the matter.

CureVac — Shares of the German biotech firm dropped 6.8% after the company released pre-clinical results about its leading Covid-19 vaccine candidate showing effectiveness in rhesus monkeys. The company's CEO also told German newspaper Handelsblatt that the company is aiming to complete its phase 3 trial during the first quarter, according to FactSet.

—CNBC's Pippa Stevens, Maggie Fitzgerald, Jesse Pound and Yun Li contributed to this report.

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