Check out the companies making headlines in midday trading.
Tesla — Shares of the electric vehicle company soared more than 10% to lead the Nasdaq Composite higher after the firm beat fourth-quarter and full-year delivery expectations. Tesla delivered 308,600 electric vehicles in the fourth quarter of 2021, better than an estimate of 267,000. Deliveries are the closest approximation of sales reported by Tesla.
Wells Fargo — Shares jumped more than 5% after Barclays upgraded the bank to overweight. Barclays said Wells Fargo could outperform due to its positive exposure to rising interest rates and potential relief from regulators.
Retailers — Reopening plays gained on Monday, lifting large retailers. Gap rose 3.8%, while Nordstrom climbed more than 5%. Macy’s popped more than 6% and Kohl’s added 1.9%.
Advanced Micro Devices — Shares of AMD rose more than 4% after Goldman Sachs named the stocks one of its top picks in the semiconductor industry. The firm said the chip stock is among the companies that will see continued strength as sector outperformance becomes more muted in 2022.
Airlines — Shares rose as investors looked past the rise in Covid-19 cases. American Airlines and United Airlines gained more than 4%, while Delta Air Lines and Alaska Air Group added more than 3%.
Cruise lines — Cruise operators gained with Carnival adding more than 5%. Norwegian Cruise Line popped about 6% and Royal Caribbean rose 4.5%.
Wolfspeed — Shares of the semiconductor company soared more than 7% after Piper Sandler upgraded the stock to overweight from neutral. The Wall Street firm called Wolfspeed a leader in the electric vehicle space with “a clear growth profile for 2022.”
ODP Corp. — Shares rose 5.8% after announcing the sale of its CompuCom unit in a deal valued at up to $305 million. The Office Depot and OfficeMax parent also added $200 million to its stock buyback program.
PayPal — PayPal shares rose 2.6% after BMO Capital Markets upgraded the stock to outperform from market perform, saying the payment giant’s slide has gone too far. The firm said that PayPal still faces uncertainty regarding competition and macroeconomic trends, adding its “valuation risks are now skewed to the upside.”
— with reporting from CNBC’s Jesse Pound, Yun Li, Tanaya Macheel and Hannah Miao.