Stocks making the biggest moves midday: Tesla, Wayfair, Moderna & more

Finance news

Niraj Shah, CEO, Wayfair

Ashlee Espinal | CNBC

Check out the companies making headlines in midday trading. 

Tesla — Tesla shares whipsawed in midday trading, trading higher by 0.5% after falling as much as 8.5% and into bear-market territory earlier in the session. The stock of the electric car maker has come under marked pressure in recent session amid a sell-off in high-flying growth stocks. 

DocuSign — The work-from-home stock continued its fall on Friday despite beating Wall Street estimates for second quarter earnings, revenue and future guidance on Thursday night. Deutsche Bank downgraded the stock to hold from buy, saying the share price already reflected strong future growth. Shares were down more than 12% on Friday.

Moderna — Shares of the pharmaceutical company fell more than 4% after its CEO announced that Moderna was slowing enrollment  in its phase three vaccine trial to ensure a diverse patient pool. The most recent data from the company shows that its patient pool is has fewer Black and Latino Americans than the country as a whole, according to Census Bureau estimates.

Wayfair — Shares of Wayfair slid 6.5% after Bank of America downgraded the online retailer to neutral from buy. The band cited elevated expectations and valuation, saying there could be a revenue deceleration ahead. The stock has soared more than 170% this year amid a surge in e-commerce demand.

Lululemon Athletica —  Shares of Lululemon dropped more than 4% after a Citi analyst downgraded the apparel company to neutral from buy, noting the stock is currently “priced to perfection.” “As we approach earnings with the stock near $400 we have to ask ourselves if we can realistically recommend buying LULU at $400 with a call it can go to at least $460 over the next 12 months. And we just can’t do it,” the analyst said.

CNBC’s Fred Imbert, Yun Li and Jesse Pound contributed reporting.

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