Nio began deliveries of its new ET7, a premium electric sedan, on Monday, March 28, 2022.
Find out which companies are making headlines in the midday business.
Marathon Oil, Diamondback Energy – Energy stocks rose along with oil prices after an agreement by European Union leaders to ban most crude imports from Russia stoked inflation fears. Shares of Marathon Oil jumped more than 4% and shares of Diamondback Energy gained 1.9%.
Alibaba, JD, Baidu — A slew of U.S.-listed Chinese stocks rallied after the country’s Covid-19 lockdown measures eased. Alibaba jumped 2.9%, while JD rose around 6%. Internet giant Baidu jumped more than 4%. The Shanghai lockdown was announced in March and had been an overhang for China’s stock market.
Unilever – The consumer products company saw its shares jump 9.4% after appointing activist investor Nelson Peltz to its board. The CEO and founding partner of Trian Fund Management has acquired a 1.5% stake in the company, and his new role will take effect July 20.
DexCom – Shares jumped more than 4% after DexCom denied a Bloomberg report citing unnamed sources that it is in talks to acquire medical device company Insulet. “It is generally our policy not to comment on rumors or speculation, however…we would like to confirm that Dexcom is not in active discussions regarding a merger transaction at this time,” read a statement from the company. company on Tuesday. Meanwhile, Insulet shares plunged more than 10%.
Yamana Gold – Shares of the miner jumped more than 6% after Yamana Gold agreed to be acquired by Gold Fields in a $6.7 billion all-stock deal.
Credit Suisse – The bank’s shares fell about 4% after Credit Suisse denied a Reuters report that it was considering ways to raise capital after its recent losses. The report, citing two unnamed sources, said Credit Suisse was considering options including selling shares to existing shareholders or selling a business unit such as its asset management arm.
Sanofi – Shares fell 3% after the drug company’s trial for the over-the-counter version of its erectile dysfunction drug Cialis was suspended by the FDA. Sanofi said the lead was halted “due to protocol design issues” and it will continue to work with the FDA on next steps.
Nio – Shares jumped more than 5% following a note from Morgan Stanley that the China-based electric vehicle maker could rebound as soon as the next 15 days. Analysts said Nio should get a boost as China lifted some Covid restrictions over the weekend.
American Eagle Outfitters – Shares of the clothing retailer fell 8.5% after Morgan Stanley downgraded the stock to underweight and said further declines could come. The bank cited risks to margins and sales among the reasons for the downgrade.
Dish Network – Shares of the telecommunications company rose more than 3% after Truist upgraded the stock to buy on hold. Truist cited Dish’s push into 5G coverage as upside potential for the company.
– CNBC’s Yun Li, Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting.