Check out the companies making headlines in midday trading. Nio â The U.S.-listed shares of the Chinese electric vehicle maker climbed 9.5% after Nio announced a 13.3 billion yuan cash injection for its Nio China business. The transactions are expected to be completed by year end, and will reduce Nio Inc.’s stake in Nio China to 88.3% from its current 92.1%. Stellantis â The stock fell more than 13%, hitting a new 52-week low, following the automaker’s full-year profit warning . Stellantis pointed to a deteriorating “global industry backdrop” as well as increasing competition from China. Fellow automakers GM and Ford also moved lower in sympathy, falling nearly 4% and more than 2%, respectively. Alibaba â The Chinese e-commerce stock rose nearly 2% after the country’s central bank said it would ask banks to cut mortgage rates on existing home loans before Oct. 31. CVS Health â Shares jumped 3.3% on news that hedge fund Glenview Capital intends to meet with CVS Health’s executives to boost the struggling business. Glenview Capital has established a sizable position in the company, people familiar with the matter told CNBC. Crypto stocks â Stocks tied to the price of bitcoin retreated with the cryptocurrency following a sizeable rally last week. Coinbase slid 5%. MicroStrategy was down 1%, after clawing back earlier losses. Bitcoin was down 3% and trading under $64,000. EchoStar â The satellite communications stock declined 12% after DirecTV on Monday agreed to buy EchoStar’s satellite television business. This includes Dish TV and is the resolution to decades of on-again, off-again talks between the two distributors. Amerant Bancorp â Shares rose 4% after Piper Sandler upgraded the Florida-based bank to overweight from neutral. As catalysts, analyst Stephen Scouten cited an “attractive risk/reward” balance and “ample capital to grow rapidly.” Moderna â Shares of the biotech company added more than 1% after Moderna announced it has given the first dose in its Phase three trial of a prospective norovirus vaccine. Universal Health Services â Shares fell about 3% after a jury awarded $300 million to women who accused a former doctor at Cumberland Hospital for Children and Adolescents of sexual abuse. Cumberland Hospital for Children and Adolescents is an “indirect subsidiary” of Universal Health Services, according to an 8K filing. â CNBC’s Sean Conlon, Tanaya Macheel, Sarah Min, Jesse Pound and Pia Singh contributed reporting.
