Stocks making the biggest moves midday: Altice, Tesla, Krispy Kreme, Cinemark and more

Published Fri, Apr 5 202412:52 PM EDTUpdated Fri, Apr 5 20241:15 PM EDT

Check out the companies making headlines in midday trading. Altice USA — The cable television firm tumbled more than 12% after Wells Fargo downgraded the stock to underweight from equal weight. The bank is now skeptical on Altice's merger and acquisition prospects, analyst Steven Cahall wrote. Tesla — The electric vehicle maker lost nearly 2% after Reuters reported its long-promised plans for a low-cost car amid competition from Chinese EV makers. Investors had been counting on the entry-level car to propel its growth into a mass-market automaker. CEO Elon Musk responded to the report on social media platform X , saying "Reuters is lying (again)." Krispy Kreme — Shares jumped 6% after Piper Sandler upgraded the stock to overweight from neutral. The firm cited the doughnut chain's partnership with McDonald's , announced last week, and an improving narrative. Enphase Energy — The solar stock lost 5% after Citi downgraded it to neutral from buy , citing "limited corporate liquidity" and noting trends "are weaker sequentially in the U.S." Citi also downgraded Plug Power , whose shares slipped less than 1%. Cinemark — The movie theater chain climbed 4.4% on the back of a double upgrade to overweight from underweight by Wells Fargo. The bank said Cinemark has seen rising demand and there is a solid backdrop for the movie industry. Snowflake — The cloud company added 2.5% after Rosenblatt upgraded the stock to buy from a neutral rating, citing strong customer interest. Ollie's Bargain Outlet — Shares rose 4.5% after Loop Capital upgraded the bargain retailer to buy from hold. The firm cited its relatively cheap valuation compared to its peers and its store base expansion potential. Agilent Technologies — The life sciences applications stock rose nearly 3% after Stifel upgraded it to buy from hold. Analyst Daniel Arias said good instrument demand and an attractive valuation will make the stock more compelling to investors. Shockwave Medical — Shares gained 2% after Johnson & Johnson announced it would buy the medical device maker for $12.5 billion in an effort to boost its portfolio of cardiovascular disease treatment devices. J & J shares were little changed. McDonald's — Shares slipped less than 1% after the fast-food chain said Thursday that it signed a deal to buy all 225 restaurants from its Israel franchise. The move came after months of slumping sales in the Middle East following pro-Palestinian boycotts. — CNBC's Hakyung Kim, Alex Harring, Samantha Subin and Michelle Fox contributed reporting.