Check out the companies that made headlines in midday trading: Rivian Automotive — Shares soar 24.5% after the electric car maker met its previously announced guidance for 2024 vehicle production and deliveries did. This comes after the company lowered its full-year production target in October. US Steel — Shares fell 6.5% following President Joe Biden’s decision to block the acquisition of US Steel by Japan’s Nippon Steel. Biden said the proposed $14.9 billion deal poses risks to the country’s supply chain. BLOCK — Fintech shares rose 6.2% following an upgrade to outperform market at Raymond James. Analyst John Davis believes the stock’s valuation still looks attractive despite the recent rally, renewing his belief in Block’s 2025 acceleration story. Chewy — Shares rose 6.2% after Wolf Research upgraded the pet retailer to outperform its peers and named it a top Internet stock pick. Wolf cited earnings upside, improving macro conditions and expectations for product-related catalysts as reasons for optimism. Alcohol Stocks — Shares of alcoholic beverage companies fell after U.S. Surgeon General Dr. Vivek Murthy issued a new advisory warning about the link between alcohol consumption and at least seven types of cancer. Diageo shares fell nearly 4%, while Anheuser-Busch InBev and Molson Coors fell 2.2% and 3.4%, respectively. Meanwhile, Constellation Brands stock fell 0.3%. Constellation Energy — Shares rose 4%, extending gains from Thursday, when the company announced it had received more than $1 billion in contracts to supply nuclear power to the U.S. government over the next 10 years. Carvana — The stock fell 11.2% as short seller Hindenburg Research claimed Carvana’s recent turnaround was a “mirage” based on shaky financing and accounting manipulation. The online used car retailer’s stock price soared 284% in 2024. It’s down more than 5% so far this year. Ford, General Motors — Stocks of Ford and General Motors rose after both automakers posted their highest annual U.S. sales since 2019. Ford rose 2.4% and General Motors rose nearly 1%. Vistra — Shares rose 8.5%, extending gains seen in the previous session. The stock rose more than 8% on Thursday, making it the best performer in the S&P 500 on the first trading day of the new year. Stock prices have soared after a significant year, with the stock soaring about 258% in 2024. This made it the second biggest gainer in the overall market index last year. JetBlue Airways — Shares reversed early losses and rose 0.4% after the Department of Transportation fined the airline $2 million for “chronically delayed flights.” The DOT said there were at least 145 delays between June 2022 and November 2023 on four routes operated by JetBlue. CNBC’s Alex Harring, Sarah Ming, Lisa Kai-Lai Han, Pia Xin and Michelle Fox contributed reporting.
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