Stocks making the biggest moves midday: Spirit Airlines, Eli Lilly, Signature Bank and more
Spirit, JetBlue — Shares of JetBlue Airways dipped 6% on news that the company’s offering $30 a share to take over Spirit Airlines. The airline turned down a previous offer from JetBlue amid a planned merger with Frontier Airlines. Spirit’s shares soared 13.5% on the takeover news.
Eli Lilly — The drugmaker’s shares rose 2.6% after the Food and Drug Administration approved the company’s tirzepatide treatment for type 2 diabetes for adults. The drug is expected to be available in the United States in the coming weeks.
Signature Bank — Shares fell 7% after the bank gave a midquarter update. Signature reported total deposits are down $1.39 billion. The drop comes as the crypto market is experiencing steep losses. Signature is known for serving crypto institutions, and swings in crypto prices can be reflected in its crypto-related deposit and transaction volume growth.
Carvana — Carvana shares gained 4.1% before pulling back after the online used car retailer forecast a quicker-than-expected timeline for profitability. The company also shared plans to cut costs.
Twitter — Twitter shares were 8.2% lower Monday as speculation about whether Elon Musk would complete his takeover deal of the social media company continued. The Tesla CEO tweeted over the weekend that Twitter’s legal team said he violated a nondisclosure agreement.
Nucor Corporation — Shares of the steel products manufacturer fell 3.3% after the company announced plans to acquire C.H.I. Overhead Doors, a manufacturer of overhead doors for residential and commercial markets in the U.S. and Canada. The transaction is valued at $3 billion and is expected to be completed in June.
Rivian, Ford — Shares of Rivian fell 6.9% after Ford Motor disclosed in a Securities and Exchange Commission filing that it sold an additional 7 million shares of the electric vehicle maker. That follows Ford’s earlier sale of 8 million shares last week. Ford shares fell 3.3%.
SoFi — Shares of the consumer financial services provider rose 2.4% after Piper Sandler upgraded them to overweight from neutral, saying they have the potential to rebound by about 50% on earnings momentum in the second half of this year and into 2023.
Warby Parker — The eyewear company fell 5.3% after it reported an unexpected loss of 30 cents per share as compared with estimates of a 1 cent per share profit, according to Refinitiv, for its most recent quarter. It also posted weaker-than-expected revenue.
Energy stocks — Energy names were the top gainers in the S&P 500 on Monday, as oil prices got a boost after the European Union moved closer to banning crude imports from Russia. Occidental Petroleum advanced 5.6%. APA Corp advanced more than 3%, along with Marathon, Devon Energy and Chevron.
[“source=thequint”]