Quantumscape, Tesla, Boeing, McDonald’s & extra
Elon Musk, founder of SpaceX and managing director of Tesla Inc., is coming to the Axel Springer awards ceremony in Berlin on December 1st, 2020.
Liesa Johannssen-Koppitz | Bloomberg | Getty Images
Check out the companies making headlines on Monday lunchtime:
Quantumscape – The battery company’s stocks fell more than 37% as investors took profits in the newly listed company. Over the past week, stocks are down 53%. The company, backed by Bill Gates’ Breakthrough Energy, went public in November through a special purpose vehicle.
Tesla – The electric vehicle company rose more than 3% to a new all-time high after Tesla shipped a record number of vehicles in the fourth quarter. The stock has had a banner year in which the stock gained more than 700%.
Boeing – The aerospace giant’s stock fell nearly 4% after investment firm Bernstein downgraded the stock to underperform market performance. The company said in a note that the company is still facing a long rebound even after the 737 Max returns.
Herbalife – The nutrition company’s shares rose more than 2% after Herbalife announced it was buying back approximately $ 600 million of its shares from activist investor Carl Icahn. The activist’s representatives on the board of directors are stepping down despite Icahn in a statement saying he would continue to be a shareholder in the company.
Magellan Health – Its stock rose more than 12% after it was announced that Celgene is acquiring the company for $ 2.2 billion, or $ 95 per share. That price represents a premium of 14.7% as of Thursday’s close of trading of $ 82.84 per share. The deal is expected to close in the second half of the year.
McDonald’s – The fast food chain’s shares were down almost 3% after Citi initiated McDonald’s with a neutral rating. The Wall Street firm said it was concerned that the burger joint would see a “slower recovery in its international markets.”
Workhorse Group – The electric vehicle maker saw inventories grow more than 4% after receiving an order from Pride Group for 6,320 vehicles.
Vodafone – US-listed stocks rose 2.5% after the company signed a contract with Discovery to add the Discovery + streaming service to the telecommunications company’s existing Vodafone TV platform.
China Telecom, China Mobile – China Telecom and China Mobile were down 7% and 6%, respectively, after the New York Stock Exchange announced it would remove Chinese telecommunications giants from the list on Jan. 11, when President Donald Trump banned Americans in November to invest in companies allegedly related to the Chinese military.
Estee Lauder – The cosmetics company lost 3.8% after Raymond James downgraded Estee Lauder from Outperform to Market Performance. The company said Estee Lauder’s nearly 30% rally in 2020 is pushing investors to look beyond the short-term headwinds of the pandemic.
– CNBC’s Pippa Stevens, Yun Li, Maggie Fitzgerald and Jesse Pound contributed to this report.