Stocks making the biggest moves midday: General Motors, Oatly and more
$General Motors (GM.US)$Shares of the automaker jumped 3.5% after Credit Suisse reiterated its outperform rating on the stock, saying it has a “compelling case” for multiple expansion after the company’s investor day earlier this week. Shares of Ford also were also higher, by 1.8%.
$Oatly Group AB (OTLY.US)$Shares of the oat milk maker gained less than 1% intraday, but closed 0.9% lower after JPMorgan upgraded the stock to overweight from neutral. The Wall Street firm said it sees a “favorable risk/reward” for the shares after pulling back nearly 50% from its June peak.
$Sirius XM (SIRI.US)$The satellite radio company saw shares fall 3.7% after JPMorgan downgraded the stock to neutral from overweight, saying it expects the slowdown in new auto sales to affect new subscriptions. It lowered its December 2022 price target to $7 from $8.
$Moderna (MRNA.US)$The biotechnology and pharmaceutical stock fell 1.4% after Finland, Denmark and Sweden announced they would limit the use of the Moderna’s Covid-19 vaccine in young people. The countries made the decision citing concerns around rare cardiovascular side effects.
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