Take a look at the companies making headlines in midday trading. Rivian Automotive — The electric car maker’s 2024 vehicle production and deliveries met the company’s previously announced guidance, sending shares up 19%. Previously, the company lowered its full-year production target in October. U.S. Steel — Shares fell 6% after President Joe Biden decided to block Japan’s Nippon Steel from acquiring U.S. Steel. Biden said the proposed $14.9 billion acquisition would create risks for the national supply chain. Block — FinTech shares rose 5.1% after Raymond James upgraded the stock to outperform. Analyst John Davis believes that despite the recent move higher, the stock’s valuation still looks attractive and has renewed confidence in Block’s 2025 acceleration story. Chewy – Shares of Chewy rose 4% after Wolfe Research upgraded the pet retailer to outperform its peers and named it a top online stock. Wolff listed expectations for earnings upside, an improving macro backdrop and product-related catalysts as reasons for optimism. ALCOHOL STOCKS – Shares of alcoholic beverage companies fell after U.S. Surgeon General Dr. Vivek Murthy issued a new advisory warning about the link between drinking and at least seven types of cancer. Diageo shares fell more than 3%, while Anheuser-Busch Inbev and Molson Coors fell 2.2% and 3.1% respectively. Meanwhile, Constellation Brands shares fell 1%. Constellation Energy — Shares rose 4.1%, extending gains from Thursday when the company announced it had received more than $1 billion in contracts to provide nuclear power to the U.S. government over the next decade. Carvana – Shares fell 5% after short seller Hindenburg claimed Carvana’s recent turnaround was a “mirage” based on shaky loans and accounting manipulation. In 2024, the online used car seller’s stock price surged 284%. Ford, General Motors — Shares of Ford and General Motors rose after both automakers reported their best annual U.S. sales since 2019. Ford rose 2% and General Motors rose 0.4%. Vistra – The stock rose 7.7%, extending gains from the previous session. The stock rose more than 8% on Thursday, making it the S&P 500’s best-performing stock on the first trading day of the new year. The stock has soared about 258% in 2024, a massive gain. JetBlue Airways — Shares fell 1% after the Department of Transportation fined the airline $2 million for “prolonged flight delays.” The U.S. Department of Transportation said that four routes operated by JetBlue Airways were delayed at least 145 times between June 2022 and November 2023. Report.
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