Rivian electric pickup trucks park in a parking lot at a Rivian Service Center on May 9, 2022 in South San Francisco, California.
Justin Sullivan | Getty Images
Check out the companies making the biggest moves at noon:
Rivian Automotive – Shares fell 12% after the electric vehicle maker announced it would sell $1.3 billion in bonds. The capital will help facilitate the launch of Rivian’s R2 vehicles, a spokesman told Portal.
Delta Air Lines – Shares rose 2.6% after being upgraded by Evercore ISI to outperform off the line. The company said it sees multiple catalysts for the airline and that investors should buy the dip.
United Airlines – United Airlines rose 4.4% as the broader airline segment received a boost after the Justice Department sued to block JetBlue’s acquisition of American Airlines. The stock also received a boost after being upgraded from underperforming to outperforming by BNP Paribas Exane.
WW International – Small-cap stock rose 49% after what was formerly known as Weight Watchers announced it would acquire telemedicine company Sequence. The deal could help WW break into the anti-obesity drug market.
Joby Aviation – The electric aircraft maker slipped 5.2% after Deutsche Bank downgraded its stock from hold to sell. Analyst Edison Yu said the plane’s weight raised questions, leading him to question whether the design was “overly aggressive.”
Snap — The tech company’s stock gained 4.1%, adding to the 13% it was up on Monday. The move comes as a new bipartisan Senate bill that will give President Joe Biden the power to rein in his competitor TikTok is due to be unveiled.
Squarespace — Squarespace shares soared nearly 13% after the website building and hosting company reported fourth-quarter revenue that beat analysts’ expectations. Squarespace also issued upbeat revenue guidance for the first quarter and full year.
Dick’s Sporting Goods – Dick’s Sporting Goods rose 10.9% after the retailer reported better-than-expected fourth-quarter results. Same-store sales, a key metric for retailers, also beat analysts’ expectations.
Dish Network — Shares rose 7.4% after James DeFranco, Dish’s co-founder and executive vice president, announced the purchase of 1.45 million shares.
AeroVironment – Shares gained 4.8% after the company’s third-quarter revenue beat analysts’ estimates. AeroVironment, which designs and develops unmanned aircraft systems, cited a major order from Ukraine and increased manufacturing activity in its tactical missile systems for the strong results.
Nutanix — The cloud computing stock fell 8.8% after beating gains in the fiscal second quarter. Nutanix said it had to postpone its 10-Q quarterly filing on the company’s finances due to an investigation by a third-party software vendor, which created uncertainty about its spending.
DXC Technology – Shares fell 4.5% after DXC Technology announced it had ended talks over a potential acquisition of the information technology company by a financial sponsor.
Bank Stocks – Bank stocks fell after Fed Chair Jerome Powell hinted that interest rates may need to rise for longer. Truist Financial, Zions Bancorporation, Fifth Third Bancorp and Wells Fargo all lost more than 3.5%.
– CNBC’s Yun Li, Tanaya Macheel, Alex Harring and Sarah Min contributed coverage.