Facebook, Ford, GM and more
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Facebook logo on your phone screen
Jakub Porzycki | NurPhoto via Getty Images
These are the headline-grabbing companies in midday trading.
Facebook — Facebook shares fell 5.5% after a company whistleblower unveiled her identify and accused the social media giant of a “betrayal of democracy.The documents were leaked to Congress and The Wall Street Journal by a whistleblower. They revealed that Facebook executives knew of the negative effects of its platforms on youth. Twitter lost 6.4% because of concerns over more regulation.
Ford Motor — Ford’s stock rallied 2.8% after the automaker’s U.S. vehicle sales showed signs of improvement during the third quarter. Sales improved from losses of more than 30% in July and August, to 17.7% in September. Ford saw year-overyear sales decline by 27.4% but it was smaller than expected.
General Motors — General Motors shares gained roughly 2.7% after activist firm Engine No. 1 announced an investment in the automaker. Hedge fund said that it supported GM’s advances in the space of electric cars. Engine No. Engine No. 1 was made famous earlier in the year when it successfully placed three independent climate-focused directors. Exxon Mobil’s board.
Tesla — Shares of the electric car maker rose just shy of 1% despite the tech-led sell-off in the broader market. Tesla announced that the rally was possible. delivered 241,300 vehicles in the third quarterAnalysts were pleasantly surprised by the results. Following a record-breaking 2020, the stock rose 10%.
Moderna Novavax Merck— Shares of the two Covid-19 vaccine makers declined for a second trading day after MerckThe clinical trials of the new Covid antiviral drug showed encouraging results. Moderna lost 6.5% and Novavax dropped 2.6%. Merck rose 1.7%.
Southwest Airlines — The airline stocks bucked the broader market’s downtrend to rise more than 2% following an upgrade to overweightBarclays offers the same weight as Barclays. The North American airline sector was also elevated by analyst Brandon Oglenski to neutral from positive, despite uncertainty surrounding the return to business travel.
Devon Energy Marathon Oil, Occidental Petroleum — Energy stocks popped as oil prices surgedOPEC+ reached an agreement to maintain a plan of gradual production increases. Devon Energy grew more than 5% while Marathon Oil climbed over 4%, and Occidental Petroleum jumped more than 2%.
Dupont de Nemours — The materials stock rose 1.6% after JPMorgan upgraded DuPont to overweightFrom neutral. DuPont’s earnings should exceed expectations by the investment firm in 2022, and 2023.
Union Pacific — The railroad stock rose more than 1% after Barclays upgraded Union Pacific to overweightEqual weight According to the note by investment firm, the railway industry will rebound in 2022 when supply chain issues can be resolved. This would increase U.S. shipping demand.
— CNBC’s Maggie Fitzgerald, Yun Li and Jesse Pound contributed reporting
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