Stocks making the biggest moves midday: Alcoa, Nio, Williams-Sonoma, Chefs’ Warehouse and more

by | Sep 25, 2023 | Financial

Rolled aluminum is fed into a machine on the auto treatment line at the Alcoa Inc. Davenport Works aluminum facility in Riverdale, Iowa.Daniel Acker | Bloomberg | Getty ImagesCheck out the companies making headlines in midday trading.Alcoa — Shares of the aluminum stock slipped 5% after the company said executive vice president William Oplinger would succeed Roy Harvey as CEO and president. Oplinger also joined Alcoa’s board of directors, the company added.Nio — The Chinese electric vehicle company’s U.S.-traded shares dipped about 1%. The stock pared earlier losses, incurred after the firm denied media reports that Nio is considering raising as much as $3 billion in capital from investors. Nio said it currently has no reportable capital raising activity.Li Auto — U.S.-traded shares of the Chinese EV company dropped 9% following news that Huawei made moves in the increasingly competitive space. The telecommunications giant teased two new electric cars — its first sedan and a high-end SUV — at its launch event Monday.  Huawei partners with an auto manufacturer to sell cars under the Aito brand.GE HealthCare Technologies — Shares of the medical technology gained 3%. On Friday, GE HealthCare announced a cash dividend of 3 cents per share for the third quarter. The dividend will be payable Nov. 15 to shareholders of record as of Oct. 20.Williams-Sonoma — Shares of the home goods company jumped 9% after Green Equity Investors, an arm of investment firm Leonard Green and Partners, revealed a 5% stake in Williams-Sonoma. The securities filing disclosing the position indicated that this is a passive investment.Dow Inc. — Shares added about 2% after JPMorgan upgraded the petrochemicals company to overweight from neutral, citing potential upside from higher oil prices.Opendoor Technologies — The real estate company slipped nearly 6% after Citi cut its target price to $2.70 per share from $3.90. Citi said the reason for concern was the low volume of preexisting homes on the — U.S.-listed shares of the Chinese e-commerce stock slid 2% as concerns over the state of the country’s economy grew. A central bank official said on Sunday that the country has little room to further relax monetary policy and said the economy instead needs major reforms.Sealed Air — The food packaging stock climbed 2.7% following an upgrade by Citi to buy from neutral. The firm said the company is at a discounted valuation and could see third-quarter earnings as a catalyst.Chefs’ Warehouse — The specialty food distributor popped 1% after UBS initiated coverage of the stock at a buy. UBS said the company has an attractive business model, even as it faces some near-term challenges.Hudson Technologies — The reseller of sustainable refrigerant products advanced 4% after Canaccord Genuity initiated coverage of the stock at a buy rating. The firm said the company is likely undervalued and should be helped as refrigerant reclamation gains popularity.— CNBC’s Yun Li, Jesse Pound, Pia Singh, Brian Evans and Hakyung Kim contributed reporting. …

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