Tesla, General Motors, Wells Fargo and more
General Motors announced Monday that it is suspending its quarterly dividend and stock buybacks to save cash during the coronavirus pandemic.
JEFF KOWALSKY | AFP | Getty Images
Check out the companies that are making the headlines in midday trading.
Tesla – The electric vehicle maker’s shares rose more than 6%, reclaiming most of the nearly 8% decline on Monday. Before losing the previous session, Tesla’s shares rose for eleven consecutive sessions, the stock’s longest daily earnings streak in history.
General Motors’ shares rose nearly 5% to a record high after the auto giant announced it would launch an all-electric van called the EV600 this year. The van is part of GM’s plan to invest $ 27 billion in electric and autonomous vehicles by 2025. It will be the first vehicle from a new commercial business unit in GM.
Twitter – The social network declined more than 1% and extended a sell-off after permanently banning President Donald Trump’s account. Twitter announced Monday night that it had suspended more than 70,000 accounts that shared QAnon content following the Capitol attack. The stock is down more than 7% this week.
SolarEdge – The inverter maker’s shares rose 1% after Truist initiated a buy rating to cover the stock. “We are positive about the company’s long-term growth prospects in terms of growth in global solar systems and positioning in commercial and international markets,” the company wrote in a statement to customers.
Wells Fargo – The bank stock rose 3.3% after UBS switched it to neutral and made it a top pick. The company said in a note that Wells Fargo has already made a profit from small improvements to its business.
Charles Schwab – The online broker’s shares fell 2% after Bank of America Schwab switched to a neutral buy. The Wall Street firm joins a chorus of analysts who are bullish on Schwab due to the rise in interest rates, which is driving the company’s revenue.
Redfin – The digital real estate agent rose more than 2% despite a downgrade from buying at BTIG to neutral. The company said in a statement to clients that Redfin ‘s fundamentals are still bullish but the stock’s valuation is uncomfortable.
Aflac stocks rose more than 3% after an analyst at Morgan Stanley upgraded the insurance company from equal weight to overweight. “We consider Aflac the leading undervalued cash flow return in the industry,” the analyst said.
CyberArk – An analyst at DA Davidson has switched CyberArk to Neutral, calling it a beneficiary of companies’ increased cybersecurity spending. Shares rose nearly 6% on the upgrade.
– with reports from Pippa Stevens, Jesse Pound and Yun Li from CNBC.