Check out the companies making the biggest moves midday:
Hertz — Shares of the rental car company jumped 1.9% after the company announced a partnership with BP’s electric vehicle charging unit that will put 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 — The beverage company shed 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 elevated.
Lucid — The electric vehicle stock climbed 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 to peers in longer battery range and faster charging.
Tesla — Tesla shares gained nearly 1% following a report from Electrek that the electric vehicle maker is expecting a “very high volume” of vehicle deliveries during the end of the quarter. Ark Invest’s Cathie Wood also told CNBC Tuesday she is sticking by her bullish call on Tesla, saying “our confidence couldn’t be higher as we see the movement towards electric vehicles accelerates.”
Ford Motor — Ford stock slid about 2% after the automaker announced it is directing $700 million toward new investment and creating 500 additional hourly manufacturing jobs in Kentucky. The investment will support an all-new F-Series Super Duty pickup truck, the company said in a news release.
FLEETCOR Technologies — Shares of the global business payments company shed nearly 3% in midday trading. On Monday, Fleetcor announced its chief financial officer was leaving the company after 22 years.
Moderna — Moderna shares rose nearly 2% in midday trading, a day after the Food and Drug Administration authorized 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 authorize its omicron shots for kids ages 6 through 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 about 1.8% and 2.3%, respectively. Carnival added more than 1%.
Energy stocks — Oil prices rose from a nine-month low on Tuesday, propelling energy names higher. Valero Energy, Marathon Petroleum and Phillips 66 added more than 2%. Exxon Mobil and Baker Hughes gained more than 1%.
—CNBC’s Sarah Min, Jesse Pound and Alex Harring contributed reporting.
Read the full article here
