Here’s a look at the companies making headlines in midday trading: Shares of Rivian Automotive rose 24.5% after the electric vehicle maker’s 2024 vehicle production and deliveries met the company’s previously announced guidance. This comes after the company cut its full-year production target in October. US Steel shares fell 6.5% following President Joe Biden’s decision to block Japan’s Nippon Steel from acquiring US Steel. Biden said the proposed $14.9 billion takeover would pose a risk to the nation’s supply chains. Block. Fintech shares rose 6.2% after the hike, outperforming Raymond James. Analyst John Davis says the stock’s valuation still looks attractive despite the recent gains and is once again convinced by Block’s story of accelerating growth in 2025. Chewy shares rose 6.2% after Wolfe Research upgraded the pet retailer to outperform its peers and called it a top internet stock idea. Wolfe cited expectations for earnings growth, improving macroeconomic conditions and product-related catalysts as reasons for optimism. Shares of alcohol companies. 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 shares fell 0.3%. Constellation Energy shares jumped 4%, extending their gains since Thursday, when the company announced it had secured more than $1 billion in contracts to supply the U.S. government with nuclear power over the next decade. Carvana shares fell 11.2% after Hindenburg Research said Carvana’s recent turnaround was a “mirage” based on shaky credit and accounting manipulation. Shares of online used car sellers are up 284% in 2024. They’re down more than 5% this year. Ford, General Motors. Shares of Ford and General Motors rose after both automakers reported their best annual U.S. sales since 2019. Ford shares rose 2.4%, while General Motors shares rose nearly 1%. Vistra shares jumped 8.5%, extending gains seen in the previous session. Shares rose more than 8% Thursday, making them the best performer of the S&P 500 on the first trading day of the new year. The gains follow a huge year for the stock, with the stock up about 258% so far in 2024. That made them the second-biggest gainer in the broad market index last year. JetBlue Airways – Shares pared early session losses, rising 0.4% after the Department of Transportation fined the airline $2 million for “chronic flight delays.” The DOT said JetBlue operated four routes that were delayed at least 145 times between June 2022 and November 2023. CNBC’s Alex Harring, Sarah Min, Lisa Kailai Khan, Pia Singh and Michelle Fox contributed reporting.
