Apple, Alibaba, Nikola, Macy’s & extra
Check out the companies that are making the headlines in midday trading.
Nikola – The electric vehicle maker’s shares were down 8.5% as shares continued to decline following the announcement of the end of a garbage truck development deal with Republic Services. The stock lost 10.7% on Wednesday. Wedbush Securities called the announcement “a tough pill for cops”.
Macy’s – The retailer was down 3.4 on the weakness in the sector as investors weighed the ongoing impact of Covid on businesses. Kohls fell 2%.
Marathon Oil – The oil company’s stocks fell 2.6% as the sector returned some of its gains from the previous session. On Wednesday the energy sector gained 2.2%, making it the top performing S&P sector. Devon Energy and Apache Corporation also came under pressure Thursday, falling more than 2% each.
Apple shares rose another 0.77%, increasing their gains to 4.2% this week. Progress came after Reuters reported that the tech giant is accelerating its automotive efforts and aiming for self-driving vehicles to be produced in 2024.
FuboTV – Streaming TV stock fell 16% after LightShed Partners initiated coverage of the company with a sell rating. The stock lost 15.2% on Wednesday after posting five sessions in a row of double-digit percentage gains.
Alibaba – Shares were down 13.3% after it was revealed that the China-based e-commerce giant is the target of a newly launched antitrust investigation by the Chinese government. The main problem was a practice that forces traders to choose one of two platforms instead of being able to work with both.
– CNBC’s Yun Li, Maggie Fitzgerald and Jesse Pound contributed to the coverage.
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