People line up at the Avis rental car center at Miami International Airport.
Joe Raedle | Getty Images
Check out the companies making the biggest moves at midday:
You’re here – Shares of the electric vehicle company fell 1.49% after Tesla lower starting prices for some of its vehicles in China. The price cuts apply to Model 3 and Model Y cars. CEO Elon Musk said last week he had seen signs of a recession in China.
We work — WeWork shares rose 6.22% after Cantor Fitzgerald kicked off stock coverage with a overweight rating. Cantor said the company’s office sharing costs and optimizing its real estate portfolio reduced its expenses by $2.7 billion.
Ali Baba, Pinduo-duo – Shares of Chinese companies listed in the United States fell sharply on Monday after Beijing tightened policy on President Xi Jinping grip on power, depressing investor sentiment for non-state enterprises. Tech giant Alibaba lost 12.51%, while Tencent Music Entertainment fell 4.96%. Another tech name, Pinduoduo, plunged 24.61% on Monday.
Las Vegas Sands, Wynn Resorts – Shares of casino operators are down 10.29% and 3.86%, respectively. They both have exposure to China, which has seen its market collapse amid the aforementioned policy reshuffle.
Starbucks — Starbucks shares fell 5.47% on Monday. The company also has exposure to China, opening its 6,000th store in the country last month.
Avis Budget Group — Shares of the car rental company jumped 16.63% after being updated by JPMorgan to neutral overweight. Analysts think car rental prices will stay high longer than investors think.
Myovant Sciences — The biopharmaceutical company’s stock jumped 9.17% after it agreed to be acquired by a subsidiary of majority shareholder Sumitomo Pharma. The purchase price of $27 per share is an improvement over Sumitomo’s previous offering of $22.75 per share.
Health HCA – The health care company rose 6.97%, making a comeback from its losses on Friday. HCA closed 5.7% lower on Friday after mixed third-quarter results that included a loss in revenue.
Williams Sonoma – Shares of home goods retailer Williams-Sonoma fell earlier on Monday before paring some of those losses to close 0.77%. The company was demoted for underperforming waiting at Jefferies. Analysts cited a tougher economic environment as the reason for the downgrade.
AT&T — The telecom stock gained 2.4% after Raymond James updated stock to a strong buy from an outperform rating, saying AT&T shares could jump 40% and a return to its core business has benefited the stock.
Tractor Supply Company — Shares of Tractor Supply Company rose 5.3% with the market. The company reported better-than-estimated results last week and also recently completed its purchase of Orscheln Farm and Home.
from Aaron – Stocks fell 7% after Bank of America downgraded the furniture inventory to lease-purchase to underperform against neutral, saying the deteriorating “financial health of the subprime consumer” is causing concern for the rental company.
– CNBC’s Carmen Reinicke, Sarah Min, Samantha Subin, Jessie Pound and Yun Li contributed reporting.