American Airlines, Kohl’s, Lucid Group and more
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American Eagle (a regional subsidiary of American Airlines) takes off at Ronald Reagan Washington National Airport Arlington, Virginia, on December 3, 2021.
Chris Helgren | Reuters
Take a look at the top midday traders.
Airlines — Airline stocks rose on Monday as stocks linked to the recovering economy boosted the major averages. American Airlines rose 10% and United Airlines nearly 11% respectively, while Delta Air Lines surged 8.6%. Alaska Air Group rallied 7%.
Cruise line and casino stocks — Norwegian Cruise Line rose 11% and Carnival rallied 10.4% as reopening plays charged higher. Las Vegas Sands rose more than 9.9%. Wynn Resorts grew 6.8%, 7.6% and MGM Resorts rose respectively.
Kohl’s — Shares of the retailer rallied 7.6% following news that activist investor Engine Capital is recommendingKohl’s may consider selling the company, or seperating its ecommerce business.
GCP Applied Technologies — Shares of GCP Applied Technologies soared more than 16% after the maker of specialty construction chemicals agreed to be acquiredSaint-Gobain is a French construction company that sells shares in cash for $22 each, which amounts to $32 billion.
Lucid Group —Shares of the electric vehicle start-up dropped about 7.3% after news that the company received a subpoena on FridayFrom the Securities and Exchange Commission, “requesting production of certain documents relevant to an investigation.” Lucid, the latest EV company to make public its SPAC deals to the SEC is being investigated.
Wells Fargo — Shares of Wells Fargo rallied more than 3% after Morgan Stanley upgradedStocks that are overweight or equal to their weight will be considered obese. Morgan Stanley claims Wells, which is highly asset-sensitive in its coverage, warrants an upgrade. Wells was ranked as the top choice for 2022 by Morgan Stanley.
Spirit Airlines — Shares of the discount airline rallied 9% after Evercore ISI upgradedFrom in-line, Spirit will outperform. Evercore stated in the upgrade, that they “see strategic optionality as company execution improves and demand rises.”
MicroStrategy – Shares of the business analytics software company dropped more than 5% on the heels of bitcoin’s sell-off over the weekend. MicroStrategy still holds billions of dollarsThe company has a bitcoin value of’on its balance sheet. This means that the stock price is highly sensitive to changes in the global largest cryptocurrency’s prices.
Alibaba — The Chinese internet giant’s shares jumped 7.3% after the company announced a reorganizationIts e-commerce business in both international and domestic markets. Alibaba said that it would replace its CFO.
Boston Beer — Shares of the beverage maker rose 7.6% after Cowen upgradedBoston Beer’s market performance is not below par. Cowen indicated in his upgrade of Boston Beer Company that the valuation rerating is expected to be completed.
— with reporting from CNBC’s Yun Li, Pippa Stevens and Hannah Miao.
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