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General Motors on Monday said it was suspending its quarterly dividend and share buybacks to preserve cash flow during the coronavirus pandemic.
JEFF KOWALSKY | AFP | Getty Images
Find out which companies are making headlines in midday trading.
Tesla – Shares of the electric vehicle company rose more than 6%, recouping the majority of Monday’s nearly 8% drop. Prior to the loss of the previous session, Tesla shares rose for 11 consecutive sessions, the longest daily winning streak on record.
General Motors – Shares have pushed nearly 5% to an all-time high after the auto giant announced plans to launch a fully electric van called the EV600 this year. The pickup is part of GM’s plan to invest $ 27 billion in electric and autonomous vehicles by 2025 and it will be the first vehicle of a new GM business unit.
Twitter – The social network has fallen by more than 1%, extending a sale after permanently suspending President Donald Trump’s account. Twitter said Monday evening that it also suspended more than 70,000 accounts sharing QAnon content after the Capitol attack. The stock has fallen more than 7% this week.
SolarEdge – Shares of the inverter maker rose 1% after Truist initiated a hedge on the stock with a buy note. “We have a favorable view of the company’s long-term growth prospects on growing global solar deployments and positioning in commercial and international markets,” the company wrote in a note to clients.
Wells Fargo – Bank stock rose 3.3% after UBS upgraded it to buy at a neutral price and made it a top pick. The company said in a note that Wells Fargo had rising profits, even small improvements in its business.
Charles Schwab – Shares of the online broker have jumped 2% after Bank of America upgraded Schwab to buy at a neutral price. The Wall Street firm is joining a chorus of bullish analysts on Schwab amid rising interest rates, which are boosting company earnings.
Redfin – Digital real estate brokerage grew by more than 2% despite a downgrade to neutral from buying from BTIG. The company said in a note to clients that it was still bullish on Redfin’s fundamentals, but was uncomfortable with the stock’s valuation.
Aflac – Stocks rose more than 3% after a Morgan Stanley analyst relieved the insurance company to overweight it evenly. “Aflac stands out for us as the leading undervalued cash flow return scenario in the industry,” the analyst said.
CyberArk – A DA Davidson analyst upgraded CyberArk to buy from third parties, calling it the beneficiary of increased corporate spending on cybersecurity. Shares rose nearly 6% on the upgrade.
– with reporting from CNBC’s Pippa Stevens, Jesse Pound and Yun Li.
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