Stocks making the biggest moves midday: Rivian, Abercrombie & Fitch, CVS, Spirit Airlines and more
Check out the companies making headlines in midday trading. Abercrombie & Fitch – Shares of the teen apparel retailer jumped nearly 8% after JPMorgan added it to its positive catalyst watch list. Analyst Matthew Boss raised the stock’s price target and third-quarter earnings estimate, saying its brands, which include Hollister, showed momentum during the recent back-to-school shopping season. Spirit Airlines , JetBlue Airways — Ultra-low-cost carrier Spirit plunged 26% following a report from The Wall Street Journal that it is potentially filing for bankruptcy after its failed merger with peer airline firm JetBlue. JetBlue shares jumped more than 15% on the news. Rivian Automotive — The electric vehicle maker slipped nearly 5% after cutting its annual production guidance for 2024 to between 47,000 to 49,000 vehicles, citing a supply shortage. The company had previously forecasted production of 57,000 vehicles. Vistra Corp – Shares of the utility company, which has overtaken Nvidia as the S & P 500’s top gainer this year, rose about 5% as it builds on its recent rally. Vistra’s stock has gained in 18 of the past 19 trading sessions. Summit Therapeutics – The biopharmaceutical company added 2%. The Food and Drug Administration granted Summit’s cancer drug, ivonescimab, a fast-track designation for usage in patient treatment. Ubisoft Entertainment — Shares of the French video game publisher surged more than 30% after Bloomberg News reported that Tencent and the firm’s founding Guillemot family, both minority shareholders of Ubisoft, are considering a potential buyout of the company. SilverCrest Metals — Shares popped nearly 12% after the precious metals producer announced that Coeur Mining is acquiring SilverCrest at an implied stock value of around $1.7 billion. Coeur shares fell 7%. Zim Integrated Shipping Services — Shares plunged more than 13% after U.S. dockworkers and the United States Maritime Alliance reached a tentative agreement to end the port strike. Other international shipping stocks saw losses as well, including Danish shipping giant Maersk at 5% . CVS Health — The company’s shares added 3.3%. Earlier this week, CNBC reported, citing people familiar that the company’s board is engaging with advisors to start a strategic review of its business. CVS, which is dealing with higher-than-expected medical costs in its insurance unit among other issues, is considering splitting up its retail pharmacy and insurance units , which would be a massive turnaround from the company’s longtime strategy. — CNBC’s Sean Conlon, Hakyung Kim, Christina Cheddar-Berk and Lisa Kailai Han contributed reporting.
