Stocks making the biggest moves midday: General Motors, Astra, Activision Blizzard and more

Finance news

The GM logo is seen on a water tank of the General Motors assembly plant in Ramos Arizpe, in Coahuila state, Mexico February 11, 2021.

Daniel Becerril | Reuters

Check out the companies making headlines in midday trading.

Activision Blizzard — The video game stock continues to be on watch as the company has come under fire following reports of alleged sexual misconduct. Shares slid more than 2% on Monday. Activision CEO Bobby Kotick told senior managers he would consider leaving his job if he can’t fix culture problems at the video game maker, according to a Wall Street Journal report Sunday.

Teladoc — Shares of the virtual health-care services company dropped nearly 7% after BTIG downgraded the stock to neutral from buy. BTIG noted it’s “disappointed” with membership growth expectations and said it sees membership as “the most leading indicator of long-term growth.”

General Motors — Shares of General Motors rose 3.5% after CNBC reported that the company has acquired a 25% stake in the Seattle-based boating start-up Pure Watercraft. GM will become a supplier of components to Pure Watercraft and will provide engineering, design and manufacturing expertise to help it establish new factories.

Rivian, Ford — Rivian shares tumbled more than 13%, extending its losses from Friday on news that a deal with Ford to jointly develop an electric vehicle has been canceled. Ford shares gained 4%.

Tesla — Shares of Tesla rose more than 3% after CEO Elon Musk tweeted that the company’s Model S Plaid electric sedan would “probably” launch in China early next spring, in response to a question by another Twitter user.

Blink Charging — Shares of the EV charging company slid more than 10% after Cowen downgraded the stock to a market perform rating. The firm said that the company’s valuation now appears stretched relative to peers, following the “euphoric run across EV charging stocks.” The group has gotten a boost in recent sessions thanks to the infrastructure bill, which directs billions in funding for a national charging network.

Vaccine makers — Vaccine makers’ shares rose after the Centers for Disease Control and Prevention on Friday gave final clearance for their Covid booster shots for U.S. adults. Pfizer and BioNTech also reported upbeat study results for 12- to 15-year-old vaccine recipients. Moderna gained 8.3% on Monday. Pfizer added 1%, and its partner BioNTech jumped more than 8%.

Vonage, Ericsson — Shares of Vonage soared 25% following news it will be acquired by Swedish telecom firm Ericsson for $6.2 billion. The deal is expected to close in the first half of 2022 and follows Ericsson’s acquisition of U.S. wireless networking company Cradlepoint last year for $1.1 billion. Ericsson’s shares fell more than 6%.

Astra — Shares of the rocket builder surged 26% after the company reached orbit for the first time over the weekend. Astra’s LV0007 rocket launched from the Pacific Spaceport Complex in Kodiak, Alaska, on Saturday, carrying a test payload for the U.S. Space Force.

Banks — Bank stocks moved higher along with Treasury yields after President Joe Biden announced his nomination of Federal Reserve Chairman Jerome Powell for a second term. JPMorgan, Goldman Sachs and Bank of America all rose more than 2%. Morgan Stanley and Wells Fargo gained more than 3%. Bank stocks tend to benefit from rising interest rates because they allow for higher profits.

 — CNBC’s Hannah Miao, Pippa Stevens and Yun Li contributed to this report.