Stocks making the biggest midday moves: Tesla, Polestar, Paramount Global and more

Don’t miss out on the companies making a splash in the world of midday trading!

Tesla

  • Tesla sees a near 9% surge following a robust second-quarter delivery report which surpassed expectations. Despite showing a 4.8% dip from last year, the Elon Musk-led firm’s delivery of 443,956 vehicles outshone the projected delivery of 439,000 by analysts and marked a respectable 14.8% increase over the first quarter.

Polestar

  • The EV maker suffered a 7% fall as its first quarter loss escalated to $274.3 million, up from $37.7 million last year. However, Polestar reported a significant 80% growth in car deliveries in Q2 2024 versus Q1.

Paramount Global

– The parent company of CBS and MTV saw a 3% rise in shares following reports from CNBC of potential merger talks for its Paramount+ streaming service. Warner Bros. Discovery is among the interested parties.

Pure Storage

– The data storage stock grappled with a 5.4% fall following a downgrade to sell from neutral by UBS due to unfavorable risk-to-reward ratio.

Eli Lilly, Novo Nordisk

– Both pharmaceutical powerhouses experienced a near 2% drop as President Joe Biden and Senator Bernie Sanders call for a reduction in their “unconscionably high prices” for weight-loss and diabetes medications.

Incyte

– Shares of this biopharmaceutical firm slipped by 2.2% on the heels of a downgrade to underperform from market perform by BMO Capital Markets, reducing its price target to $48 from $52.

Lennar

– The home construction giant reported a 2.5% decrease following downgrades by Citi and Raymond James due to broader housing market weakness.

Crowdstrike Holdings

– Shares of the cybersecurity firm fell 2% following Piper Sandler downgrade to neutral. High valuations and absence of immediate catalysts were cited as the main reasons.

Chewy

– The pet retailer’s shares dipped 4%, marking a total week-to-date loss of 10%. The fluctuations can be traced back partly to “Roaring Kitty,” a meme stock trader who recently disclosed a 6.6% stake in Chewy.

PayPal

– The fintech stock climbed by 1.8% following an upgrade to positive from neutral by Susquehanna, citing profitable growth as PayPal’s key priority.

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Stocks making the biggest midday moves: Tesla, Polestar, Paramount Global and more

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