Tesla, Wells Fargo, Nordstrom and more
The trademark marks the Amsterdam service and showroom for Tesla, the American automotive and energy company. This was October 23, 2019.
AFP | AFP | Getty Images
These are the headline-grabbing companies in midday trading.
Tesla — Shares of the electric vehicle company soared more than 10% to lead the Nasdaq Composite higher after the firm beat fourth-quarter and full-year delivery expectations. Tesla delivered 308,600 electric vehicles in the fourth quarter of 2021, better than an estimate of 267,000. Tesla’s deliveries represent the nearest estimate of their sales.
Wells Fargo — Shares of the bank jumped more than 5% after Barclays upgradedWells Fargo will be overweight. Barclays believes Wells Fargo may outperform because of its positive exposure and ability to rise interest rates, as well as potential regulatory relief.
Retailers — Reopening plays gained on Monday, lifting large retailers. Gap rose 3.8% and Nordstrom more than 5 percent. Macy’s saw an increase of more than 6%. Kohl’s increased 1.9%.
Advanced Micro Devices — Shares of AMD rose more than 4% after Goldman Sachs named the stocks one of its top picks in the semiconductor industry. According to the firm, the chip stock will continue its strength even if sector outperformance is less in 2022.
Airlines — Shares of airline stocks rose in midday trading on Monday as investors looked past the rise on Covid cases. American Airlines and United Airlines gained over 4%. Delta Air Lines, Alaska Air Group and United Airlines added over 3%.
Cruise lines — Cruise operators gained in midday trading on Monday with Carnival adding more than 5%. Royal Caribbean gained 4.5%, while Norwegian Cruise Line rose 6%.
Wolfspeed — Shares of the semiconductor company jumped more than 7% after Piper Sandler upgraded the stock to overweight from neutral. Wolfspeed was deemed a leader in electric vehicles and has “a clear growth profile” for 2022 by the Wall Street firm.
ODP Corp. — Shares of ODP rose 5.8% after announcing the sale of its CompuCom unit in a deal valued at up to $305 million. OfficeMax and Office Depot parent added $200 million each to their stock buyback programs.
PayPal — PayPal shares rose 2.6% after BMO Capital Markets upgraded the stock to outperform from market perform, saying the payment giant’s slide has gone too far. PayPal’s “valuation risk is now upside-down” because of uncertainty in competition and macroeconomic trends.
— with reporting from CNBC’s Jesse Pound, Yun Li, Tanaya Macheel and Hannah Miao.