A Carvana used-car vending machine displays vehicles in Miami, Dec. 9, 2022.
Joe Raedle | Getty Images
Check out the companies making headlines in midday trading.
Carvana — Shares surged by 10% in midday trading. Carvana predicts exponential growth in its used electric vehicle segment due to high consumer demand for EVs.
Lucid — The luxury electric-vehicle company saw a 3.4% increase. Lucid has experienced a upward trend, gaining over 15% since January and around 34% since its lowest point in June.
Shockwave Medical — The medical device manufacturer experienced a 5.8% surge in share prices after Morgan Stanley upgraded its rating to overweight. The Wall Street firm believes that there are underestimated factors that could positively impact sales of its main product.
DraftKings — The sports betting company observed a 6.6% increase in its stock value. Jefferies included DraftKings in its list of stocks expected to see profitability and highlighted the company’s efforts to expand in various states.
Cava — The Mediterranean restaurant chain experienced a more than 9% increase in its share prices after JPMorgan initiated coverage of Cava with an overweight rating. The investment firm believes that Cava has the potential to rapidly expand its business over the next 15 years.
Icahn Enterprises — Share prices jumped by 17.6% after the company announced a separation of Carl Icahn’s personal loans from the trading price of its shares. This decision was made in response to concerns raised by short seller Hindenburg, which led to a significant drop in the company’s stock value.
Fisker — Fisker observed a 2% increase after announcing a $340 million convertible note offering. The company plans to use the funds for general corporate purposes, including the expansion of its battery pack line and development of new products.
Novavax — This biotech company experienced a 25% increase in its stock value. According to a securities filing, Novavax will receive $350 million from Canada for unused Covid-19 vaccines.
— CNBC’s Jesse Pound, Sarah Min, Yun Li, and Samantha Subin contributed reporting.
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