Hertz, Ford, Keurig Dr Pepper and more
Check out the companies making the biggest moves in the middle of the day:
Hertz — Shares of the rental car company rose 1.9% after the company announced a partnership with BP’s electric vehicle charging unit that will place thousands of charging stations at Hertz locations. Many of the stations will be used to charge Hertz’s growing fleet of electric vehicles, but some will be available for public use.
Keurig Dr Pepper ̵[ads1]1; The beverage company lost about 3% after being downgraded by Goldman Sachs to a neutral rating from a buy. The firm sees increased risk to Keurig’s margins as commodity inflation remains high.
Lucid — The electric vehicle stock rose 1.4% on Tuesday after Cantor Fitzgerald initiated coverage of Lucid with an overweight rating. The investment firm said in a note to clients that Lucid’s cars have a competitive advantage over peers with longer battery range and faster charging.
Tesla — Tesla shares rose nearly 1% following a report from Electrek that the electric car maker expects a “very high volume” of vehicle deliveries at the end of the quarter. Ark Invest’s Cathie Wood also told CNBC on Tuesday that she is sticking with her bullish call on Tesla, saying “our confidence could not be higher as we see the movement toward electric vehicles accelerating.”
Ford Motor — Ford shares fell about 2% after the automaker announced it is targeting $700 million in new investments and creating 500 additional hourly manufacturing jobs in Kentucky. The investment will support an all-new F-Series Super Duty pickup, the company said in a press release.
FLEETCOR Technologies — Shares of the global business payments company fell nearly 3% in midday trading. On Monday, Fleetcor announced that the CFO is leaving the company after 22 years.
Moderna — Moderna shares rose nearly 2% in midday trading, a day after the Food and Drug Administration approved five additional batches of the drug company’s updated Covid-booster shot made at a Catalent facility in Indiana. On Friday, Moderna asked the FDA to approve its omicron syringes for children ages 6 to 17.
Cruise Lines – Cruise line stocks were the leading outperformers on the S&P 500 following news that Canada would drop Covid-19 travel restrictions starting next month. Royal Caribbean and Norwegian Cruise Line Holdings each rose by 1.8% and 2.3% respectively. Carnival added more than 1%.
Energy stocks – Oil prices rose from nine-month lows on Tuesday, leading energy names higher. Valero Energy, Marathon Petroleum and Phillips 66 rose more than 2%. Exxon Mobil and Baker Hughes rose more than 1%.
— CNBC’s Sarah Min, Jesse Pound and Alex Harring contributed reporting.
