Check out the companies making headlines in midday trading. Tesla – Tesla surged nearly 9% after the electric vehicle company reported stronger-than-expected second-quarter deliveries. The Elon Musk-led company delivered 443,956 vehicles, while analysts polled by StreetAccount expected deliveries of 439,000. The figure showed a 4.8% decline from a year ago but was 14.8% above first-quarter numbers. Polestar – The EV manufacturer tumbled 7% after its first-quarter loss widened to $274.3 million from $37.7 million a year ago. Polestar reported an 80% increase in car deliveries in the second quarter of 2024 compared to the first. Paramount Global – Shares of the owner of CBS and MTV rose 3% after CNBC reported that it was in talks with several companies concerning a potential merger of its Paramount+ streaming service. Warner Bros. Discovery is one of the companies that has expressed interest in reaching a deal that would combine Paramount+ with Max, according to people familiar with the matter. Warner Bros. Discovery rose about 1.4%. Pure Storage – The data storage stock tumbled 5.4% on the back of a UBS downgrade to sell from neutral. UBS said the company has an unfavorable risk-to-reward ratio. Eli Lilly , Novo Nordisk – Eli Lilly and Novo Nordisk both shed about 2% after President Joe Biden and Sen. Bernie Sanders said the drugmakers were charging “unconscionably high prices” for their weight-loss and diabetes drugs and called on them to lower costs in an op-ed published in USA Today. Incyte – Shares of the biopharmaceutical company moved 2.2% lower after a BMO Capital Markets downgrade to underperform from market perform, lowering its price target to $48 from $52. BMO cited factors such as the company’s decision to buy back up to $2 billion of its common stock. Lennar – The homebuilder fell 2.5% after downgrades by Citi and Raymond James . Citi cited broader housing market weakness as a reason to back off Lennar. Crowdstrike Holdings – The cybersecurity company fell 2% on Piper Sandler downgrade to neutral from overweight. The broker cited high valuations and a lack of a near-term catalyst. Chewy – The pet retailer’s shares fell another 4%, bringing the week-to-date loss to 10%. The volatile trading this week was partly triggered by meme stock trader “Roaring Kitty,” who disclosed a 6.6% stake in the company. Chewy’s share price has also been affected by sales of stock from the private equity firm BC Partners, its largest shareholder. PayPal – The financial technology stock advanced 1.8% on the heels of an upgrade by Susquehanna to positive from neutral. The firm noted that PayPal has made profitable growth a top priority. — CNBC’s Alex Harring, Hakyung Kim, Samantha Subin, Yun Li, Jesse Pound and Michelle Fox contributed reporting.
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