Stocks with the biggest gains at noon: Tesla, UnitedHealth and more | Private Equity Weekly
Take a look at the companies making headlines in midday trading. Tesla – Electric car maker Tesla reported an 8.5% annual drop in first-quarter deliveries, causing the company’s stock price to fall more than 6%. GE Vernova — GE Vernova began trading on the New York Stock Exchange on Tuesday under the ticker symbol “GEV” after being spun off from General Electric, with shares rising more than 3%. Shares of GE Aerospace rose about 1%. GE Aerospace was formerly known as General Electric Company and retained the stock code of “GE”. ChampionX – Shares of ChampionX rose more than 8% after the oilfield equipment maker agreed to be acquired by SLB in an all-stock deal worth $7.7 billion. The transaction is expected to close by the end of 2024. PVH — Shares of the parent company of Calvin Klein and Tommy Hilfiger fell more than 23% on weak first-quarter and full-year revenue guidance. While the retailer beat expectations for quarterly revenue and profit, it warned of a tougher macroeconomic backdrop and slow growth in Europe. Humana, UnitedHealth, CVS – Health insurance managed care stocks fell after the Centers for Medicare and Medicaid Services announced rates would increase 3.7% in 2025, consistent with previous proposals. However, some investors expect a larger rate hike. Humana fell 13.1%, while CVS Health and UnitedHealth Group each fell 9%. Endeavor Group — Shares of private equity firm Silver Lake rose more than 2.5% after the company agreed to acquire entertainment company Endeavor in a $13 billion deal. Blackstone – Shares of Blackstone fell 1% after UBS downgraded the alternative asset manager to neutral, saying it could be pressured by a slow recovery in the housing market. Nextracker — Barclays downgraded the solar tracker to equal weight from overweight, saying Nextracker “trades at a premium to all other relevant companies,” sending shares down 4.6%. However, the Wall Street bank still believes the stock is a core holding and will be a “solid performer” for investors. FIGS. – Shares of the healthcare apparel maker fell 6.2% after Bank of America downgraded its rating to underperform from neutral. The bank said Figs was facing a tough retail environment. Petco — Petco shares fell 6.7% after Bank of America downgraded pet supplies retailer Petco to underperform from buy, citing declining market share. DR Horton — Shares of the homebuilder fell 3.7%. Wedbush downgraded DR Horton and several other homebuilders to underperform from neutral. The company said homebuilding stocks may experience “normal seasonal share price declines” heading into the summer. Veeva Systems — Shares of Veeva Systems fell more than 5% after the company said Chief Financial Officer Brent Bowman was leaving the company. Tim Cabral, the company’s chief financial officer from 2017 to 2020, will serve as interim chief financial officer until a permanent replacement is found. —CNBC’s Sarah Min, Alex Harring and Samantha Subin contributed reporting.
