Oil stock, Ford, Crocs and more
Check out which companies are making the headlines in midday trading.
Ford Motor — The automaker’s shares fell nearly 3% and hit a 52-week low after the company reported a slight increase in new car sales for the second quarter that missed auto analysts’ expectations. The company said sales rose 1.8% to 483,688 new vehicles in the second quarter from a year earlier. Analysts expected the Detroit automaker’s sales to rise between 3.3% and 5.1%.
Energy stocks – Energy stocks fell on Tuesday with oil down 8% and the US benchmark trading below $100. The energy sector of the S&P 500 traded down 5% on the day, with shares of Marathon Oil, Conocophillips and Halliburton all down more than 7% each. Both Occidental Petroleum and ExxonMobil were down about 4%.
HP Inc. HP shares tumbled 2.1% after Evercore ISI downgraded it in line with outperforming as the company struggles with a tough PC market ahead.
Stellantis – Shares of the former Fiat Chrysler automaker fell 6.9% after a union report said the company’s production in Italy could reach about 220,000 vehicles this year thanks to a global shortage of chips. Stellants produced 14% fewer cars in the first half of this year than in the same period last year.
AstraZeneca – Shares of the drugmaker fell 1.7% after it announced it was buying TeneoTwo in a deal that could be worth as much as $1.27 billion.
Crocs – Shares of the shoe company jumped more than 9.5% after Loop Capital upgraded Crocs to buy from hold. Loeb said in a note to clients that Crocs should not be considered a pandemic-era fad and that the stock’s recent decline has gone too far.
CNBC’s Yoon Lee, Tanya Machel, and Jesse Pound contributed reporting