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General Motors, Astra and more

The GM logo is seen on a water tank at the General Motors assembly plant in Ramos Arizpe, Coahuila state, Mexico on February 11, 2021.

Daniel Becerril | Reuters

Find out which companies are making the midday headlines.

Activision Blizzard – Video game stock continues to be under surveillance as the company has come under fire over reports of suspected sexual misconduct. Shares slipped more than 2% on Monday. Activision CEO Bobby Kotick told senior executives he would consider quitting his job if he failed to resolve the culture issues at the video game maker, according to a Wall Street Journal article published on Sunday. .

Teladoc – Shares of the virtual health services company fell nearly 7% after BTIG lowered the stock to neutral from buy. The BTIG said it was “disappointed” with expectations for membership growth and said it viewed membership as “the most leading indicator of long-term growth.”

General Motors – Shares of General Motors rose 3.5% after CNBC announced the company acquired a 25% stake in Seattle-based boating start-up Pure Watercraft. GM will become a component supplier for Pure Watercraft and provide engineering, design and manufacturing expertise to help it establish new factories.

Rivian, Ford – Rivian’s shares fell more than 13%, extending its losses from Friday after it was announced that a deal with Ford to jointly develop an electric vehicle was canceled. Ford shares gained 4%.

Tesla – Tesla shares rose more than 3% after CEO Elon Musk tweeted that the company’s Model S Plaid electric sedan would “likely” be launched in China early next spring, in response to a question from another Twitter user.

Blink Charging – Shares of the electric vehicle charging company fell more than 10% after Cowen lowered the stock to a market performance rating. The company said the company’s valuation now appears stretched relative to its peers, following “the euphoric race through electric vehicle charging stocks.” The group has received a boost in recent sessions thanks to the infrastructure bill, which allocates billions of dollars to fund a national charging network.

Vaccine makers – Vaccine makers’ shares rose after the Centers for Disease Control and Prevention gave final clearance for their Covid booster injections for American adults on Friday. Pfizer and BioNTech also reported optimistic study results for vaccinees aged 12 to 15. Moderna gained 8.3% on Monday. Pfizer added 1% and its partner BioNTech jumped more than 8%.

Vonage, Ericsson – Shares of Vonage climbed 25% following news that it was acquired by Swedish telecommunications company Ericsson for $ 6.2 billion. The deal is expected to be finalized in the first half of 2022 and follows Ericsson’s acquisition of U.S. wireless network company Cradlepoint last year for $ 1.1 billion. Ericsson shares fell more than 6%.

Astra – Shares of the rocket maker jumped 26% after the company first reached orbit over the weekend. Astra’s LV0007 rocket was launched on Saturday from the Pacific Spaceport complex in Kodiak, Alaska, carrying a test payload for the US Space Force.

Banks – Bank stocks rose along with Treasury yields after President Joe Biden announced his reappointment of Jerome Powell to continue as head of the Federal Reserve. JPMorgan, Goldman Sachs, Bank of America all rose more than 2%. Morgan Stanley and Wells Fargo gained more than 3%. Bank stocks tend to benefit from rising interest rates because they allow higher profits.

– CNBC’s Hannah Miao, Pippa Stevens and Yun Li contributed reporting

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