Stocks posting the biggest moves midday: Affirm, Chewy and more
Check out the companies making headlines in midday trading.
- Chewy — Shares popped 7.8% after Jefferies initiated coverage of the pet e-commerce company with a buy rating. Jefferies said Chewy should benefit from increasing pet e-commerce penetration and premiumization of pet products.
- Affirm — Affirm’s stock jumped 15% after the company announced an expansion of its “buy now, pay later” partnership with Walmart to over 4,500 of the retailer’s self-checkout kiosks.
- Nikola — Shares of the electric vehicle company rebounded on Tuesday, jumping 6.8% a day after the company’s founder Trevor Milton was sentenced to four years in prison for wire and securities fraud. The stock had fallen more than 9% on Monday.
- Kenvue — Shares of consumer health company Kenvue, which was spun from Johnson & Johnson earlier this year, gained 3.5% a day after it received a favorable court ruling in a product-liability case related to Tylenol. JPMorgan wrote in a Tuesday note that the ruling “effectively collapses the plaintiffs’ case,” and that shares would trade up and potentially re-rate after the ruling.
For the full list, read here.
— Pia Singh
Small caps outperform
Small cap stocks outperformed Tuesday as traders bet the assets can rebound next year after their underperformance this year. The Russell 2000 is up by 1.5%, and up by more than 11% this month. It’s advanced 14% this year.
By comparison, the S&P 500 has gained 4% in December, and is higher by more than 23% this year.
Russell 2000
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