Welcome to Extreme Investor Network, where we provide you with the latest news and insights in the world of finance. Today, we’ll be discussing the companies that are making headlines in midday trading.
Abercrombie & Fitch saw a nearly 8% jump in their shares after being added to JPMorgan’s positive catalyst watch list. Analysts are optimistic about the teen apparel retailer’s brands, including Hollister, showing momentum during the back-to-school shopping season.
On the other hand, Spirit Airlines took a hit, plunging 26% following reports of a potential bankruptcy filing after a failed merger with JetBlue Airways. Speaking of JetBlue, their shares jumped over 15% on the news.
Rivian Automotive, the electric vehicle maker, slipped nearly 5% after revising its annual production guidance for 2024 due to a supply shortage. Vistra Corp, a utility company, continues to rise as the top gainer in the S&P 500, gaining in 18 of the past 19 trading sessions.
In the biopharmaceutical sector, Summit Therapeutics saw a 2% increase after the FDA granted their cancer drug, ivonescimab, a fast-track designation for patient treatment. Ubisoft Entertainment surged over 30% after reports of a potential buyout by Tencent and the firm’s founding Guillemot family.
Meanwhile, SilverCrest Metals announced their acquisition by Coeur Mining, leading to a nearly 12% increase in their shares. Zim Integrated Shipping Services and other international shipping stocks saw losses after a tentative agreement was reached to end a port strike.
On a positive note, CVS Health saw a 3.3% increase in their shares following reports of a strategic review of their business. The company is considering splitting up its retail pharmacy and insurance units, which could signal a massive turnaround in their longtime strategy.
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