Market Insider

Stocks making the biggest moves midday: Carvana, Icahn Enterprises, Novavax, Fisker and more

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A Carvana used car “vending machine” displays vehicles on December 09, 2022 in Miami, Florida.
Joe Raedle | Getty Images

Check out the companies making headlines in midday trading.

Carvana — Shares soared 10% in midday trading. The company said on Monday it expected exponential growth within its used electric vehicle segment as consumer demand for EVs skyrocket.

Lucid — The luxury electric vehicle company added 3.4%. Lucid has gained more than 15% since January, and has added roughly 34% since hitting its 52-week low on June 23.

Shockwave Medical – Shares of the medical device maker jumped 5.8% following an upgrade to overweight by Morgan Stanley. The Wall Street said said consensus expectations are misjudging potential catalysts that could improve the sales outlook for its key product.

DraftKings — The sports betting stock climbed 6.6%. Jefferies included DraftKings on its list of stocks set to benefit as they approach profitability, and highlighted the company’s effort to penetrate “a critical mass of states.”

Cava — Shares of the Mediterranean restaurant chain rose more than 9% on Monday after JPMorgan initiated coverage of Cava with an overweight rating. The investment firm that they newly public Cava has the business model and market opportunity to expand rapidly over the next decade and a half.

Icahn Enterprises — Shares jumped 17.6% after the company said in a filing it has amended the terms of Carl Icahn’s personal loans to separate them from the trading price of his company’s shares. The issue was highlighted by short seller Hindenburg in a research note, which had triggered a dramatic sell-off in the stock.

Fisker — Fisker rose 2% after the electric vehicle maker said it’s issuing a $340 million convertible note offering. Fisker said it plans to use the capital for general corporate purposes, including an additional battery pack line and other products.

Novavax — The biotech stock gained 25%. On Friday, the company disclosed in a securities filing that it would receive $350 million from Canada for unused Covid-19 vaccines.

— CNBC’s Jesse Pound, Sarah Min, Yun Li and Samantha Subin contributed reporting.