US Markets
Tuesday, July 5th, 2022 9:48 am EDT
Check out the companies making headlines in midday trading.
Ford Motor — Shares of the carmaker dropped nearly 3% and hit a new 52-week low after the company reported a slight increase in new vehicle sales for the second quarter that missed automotive analysts’ expectations. The company said sales rose 1.8% to 483,688 new vehicles in the second quarter compared to a year earlier. Analysts expected the Detroit automaker’s sales to rise between 3.3% and 5.1%.
Energy stocks — Energy stocks dipped on Tuesday as oil fell 8% and the U.S oil benchmark traded below $100. The S&P 500’s energy sector traded 5% lower on the day, with shares of Marathon Oil, Conocophillips and Halliburton down more than 7% each. Occidental Petroleum and Exxon Mobil each dropped about 4%.
HP Inc. — Shares of HP slipped 2.1% after Evercore ISI downgraded the stock to in line from outperform as the company grapples with a difficult PC market ahead.
Stellantis — Shares of the automaker formerly known as Fiat Chrysler fell 6.9% after a Union workers report said the company’s Italy-based production could take a hit of about 220,000 vehicles this year thanks to the global chip shortage. Stellantis produced about 14% fewer vehicles in the first half of this year compared to the same period a year ago.
AstraZeneca — Shares of the drug maker slipped 1.7% after it announced it’s buying TeneoTwo in a deal that could be valued at up to $1.27 billion.
Crocs – Shares of the shoe company jumped more than 9.5% after Loop Capital upgraded Crocs to buy from hold. Loop said in a note to clients that Crocs should not be considered a pandemic-era fad and that the recent decline for the stock has gone too far.
— CNBC’s Yun Li, Tanaya Macheel and Jesse Pound contributed reporting
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