An American Eagle, a regional branch of American Airlines (AA), flies past other AA aircraft at Ronald Reagan Washington National Airport in Arlington, Virginia on December 3, 2021.
Chris Helgren | Reuters
Pay attention to the companies that hit the headlines at noon.
Airlines – Airline stocks were higher on Monday as shares linked to the recovering economy rallied key averages. American Airlines is up 10%, United Airlines is up nearly 11% and Delta Air Lines is up 8.6%. Alaska Air Group shares are up 7%.
Cruise line and casino stocks – Norwegian Cruise Line rose 11% and Carnival rose 10.4% as revolving gaming became more expensive. Las Vegas Sands added more than 9%. MGM Resorts and Wynn Resorts rose 6.8% and 7.6%, respectively.
Kohl’s – The retailer rose 7.6% after news that activist investor Engine Capital recommends Kohl’s consider selling the company or spinning off its e-commerce business.
GCP Applied Technologies – GCP Applied Technologies shares up more than 16% after maker of specialty construction chemicals agreed to purchase by the French construction company Saint-Gobain at $ 32 per share in cash, or about $ 32 billion.
Lucid Group – Shares in the electric vehicle launch fell about 7.3% after news that the company received a subpoena from the Securities and Exchange Commission on Friday “requiring certain documents related to the investigation.” Lucid is the latest electric vehicle startup to go public thanks to a deal with SPAC, which will be investigated by the SEC.
Wells Fargo – Wells Fargo rose more than 3% after Morgan Stanley raised its stock to overweight from a peer. Morgan Stanley said Wells stock is the most asset-sensitive stock in terms of coverage, and higher Fed futures futures need to rise. Wells named Wells the Best Choice for 2022 by the firm.
Spirit Airlines – Shares of the discount airline rose 9% after Evercore ISI upgraded Spirit to surpass them. In its update, Evercore said it “sees strategic opportunities as the company improves and demand increases.”
MicroStrategy – Shares in the business intelligence software company fell more than 5% after the Bitcoin sell-off over the weekend. MicroStrategy holds billions of dollars worth of bitcoins on its balance sheet, so the company’s shares are sensitive to fluctuations in the price of the world’s largest cryptocurrency.
Alibaba – Shares in the Chinese internet giant jumped 7.3% after the company announced a reorganization of its international and domestic e-commerce business. Alibaba has also said it will replace its CFO.
Boston Beer – Shares in the beverage maker rose 7.6% after Cowen bumped Boston Beer out of the box. In its upgrade to the brewery, Cowen said the rating reassessment is likely complete.
– with reports by Yoon Lee, Pippa Stevens and Hannah Miao of CNBC.