Check out the companies making headlines in midday trading. Moderna — The drugmaker jumped 16% following an upgrade to outperform by Oppenheimer. The firm said Moderna’s multiple product launches in the next 12 to 18 months should help top-line sales start to grow in 2025. Moderna fell more than 40% in 2023. Apple — Apple slid 3% in midday trading. Barclays downgraded the tech stock , citing poor volumes of iPhone 15s, in addition to Macs, iPads and wearables. Wynn Resorts , Las Vegas Sands — The American casino and resort companies rose as a group Tuesday. Wynn Resorts was higher by 4%, while Las Vegas Sands advanced 3.7%. Tapestry — Shares of the luxury brand owner jumped nearly 4% after JPMorgan added the stock to its “Analyst Focus List” as a value idea. The Wall Street firm said it sees Tapestry’s “bottom-line growth accelerating.” Citigroup — Citigroup shares gained more than 2%. Wells Fargo raised its price target on the bank, saying the stock can double over the next three years. Analyst Mike Mayo expects the Federal Reserve’s interest rate cuts, as well as the bank’s restructuring initiatives, to boost the stock. Carnival , Royal Caribbean — Cruise stocks, which outperformed in 2023, fell as a group in the first trading day of 2024. Carnival shares fell 4%, Royal Caribbean Group slid 6% and Norwegian Cruise Line Holdings dropped 6.5%. GoodRx — The telemedicine stock tumbled about 14% after Bank of America downgraded GoodRx to underperform from buy, citing increased competition from the large pharmacy benefits managers. Li Auto , Nio , XPeng — U.S.-listed shares of the Chinese electric vehicle makers slumped after the companies released their latest delivery numbers. Li Auto dropped 7% after reporting 50,353 deliveries in December, a 137% increase from the year-ago period. Nio slid 6% after announcing more than 18,012 vehicles delivered last month, about 14% more than the year prior. XPeng declined more than 3% after the company posted 20,115 deliveries last month, a 171% year-over-year increase. Baidu , Joyy — U.S.-listed shares of Baidu dropped 3%. The Chinese tech giant stopped its acquisition of Joyy’s live-streaming business in China. Shares of Joyy plunged 14%. ASML — U.S.-listed shares of the Netherlands-based semiconductor company fell 4%. ASML said the Dutch government has blocked it from exporting some of its chipmaking tools to China. Intel , Advanced Micro Devices — Stocks tied to the semiconductor industry slid as a group during midday trading. Intel slid more than 4% while Advanced Micro Devices fell more than 5%. Applied Materials and Lam Research fell more than 3%. Rivian Automotive — The electric vehicle stock dropped about 10%. Evercore ISI upgraded Rivian Automotive to outperform from in line, saying the company could be the “next Tesla.” Coinbase — Shares of the crypto trading platform dropped 5% even after bitcoin topped $45,000 for the first time since April 2022. — CNBC’s Michelle Fox, Yun Li, Pia Singh and Samantha Subin contributed reporting.
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China’s hot EV market no longer focused on lower prices. Stocks to watch
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