Take a look at the companies making headlines in midday trading. Abercrombie & Fitch – Shares of Abercrombie & Fitch rose nearly 8% after JPMorgan put the teen clothing retailer on its watch list for positive catalysts. Analyst Matthew Boss raised his price target and third-quarter profit forecast for the stock, saying its brands including Hollister have shown strong momentum during the recent back-to-school shopping season. Spirit Airlines, JetBlue Airways — Shares of ultra-low-cost carrier Spirit Airlines tumbled 26% after the Wall Street Journal reported that it was in a fight with fellow airline JetBlue Airways. JetBlue may file for bankruptcy after failed merger JetBlue shares rose more than 15% after the news broke. Rivian Automotive — Shares fell nearly 5% after the electric vehicle maker lowered its 2024 production target to 47,000 to 49,000 vehicles, citing supply shortages. The company had previously expected production to be 57,000 units. Vistra Corp — Shares of the utility company are up about 5%, building on recent gains that have seen the utility company surpass Nvidia this year to become the top gainer on the S&P 500. Vistra shares have risen in 18 of the past 19 trading days. Summit Therapeutics – Shares of the biopharmaceutical company rose 2%. The U.S. Food and Drug Administration granted Summit’s cancer drug ivonescimab Fast Track designation for patient treatment. Ubisoft Entertainment — Shares of the French video game publisher soared more than 30% after Bloomberg reported that Tencent and the company’s founders, the Guillemot family, both minority shareholders in Ubisoft, are considering acquiring the company. SilverCrest Metals — Shares of SilverCrest rose nearly 12% after the precious metals producer announced that Coeur Mining will acquire SilverCrest for an implied share price of approximately $1.7 billion. Coeur shares fell 7%. Zim Integrated Shipping Services — Shares of Zim Integrated Shipping Services plunged more than 13% after U.S. longshoremen and the U.S. Maritime Union reached a tentative agreement to end a port strike. Other international shipping stocks also fell, with Danish shipping giant Maersk falling 5%. CVS Health — Shares of CVS Health rose 3.3%. Earlier this week, CNBC reported that the company’s board was engaging with advisers to begin a strategic review of its business, citing people familiar with the matter. CVS, which is dealing with higher-than-expected medical costs in its insurance arm and other issues, is considering spinning off its retail pharmacy and insurance units, which would be a dramatic shift in the company’s long-term strategy. —CNBC’s Sean Conlon, Hakyung Kim, Christina Cheddar-Berk and Lisa Kailai Han contributed reporting.
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