Stock Market

Stocks making the biggest moves midday: Tesla, Rivian, XPeng and more

People walk by electric truck maker Rivian’s newly opened storefront in the Meatpacking District of Manhattan on June 23, 2023 in New York City.
Spencer Platt | Getty Images

Check out the companies making headlines in midday trading.

Electric vehicles — Electric vehicle makers such as Rivian Automotive surged following Tesla’s better-than-expected second-quarter production and delivery numbers. Rivian jumped 14%, Fisker rose 4% and Lucid Group advanced 5%.

XPeng — The U.S.-listed shares of XPeng climbed more than 4%. The Chinese electric vehicle maker returned to growth for car deliveries. In the second quarter, it delivered 23,205 vehicles, a 27% quarter-over-quarter increase.

Tesla — Shares of the the Elon Musk-led electric vehicle company jumped 6% after delivery and production numbers beat analysts’ expectations. The second quarter of 2023 marked the fifth in a row when Tesla reported a higher level of vehicles produced compared with deliveries.

Chinese internet stocks — China-based technology names rose on Monday. The KraneShares CSI China Internet ETF added more than 3%, lifted by shares of Alibaba, higher by 1%, and Pinduoduo, ahead 4%. Shares of gained 4%.

Solar stocks — Solar stocks SolarEdge Technologies and Enphase Energy rose more than 2% and 1%, respectively, on Monday.

Semiconductors — Semiconductor names rose on Monday. Shares of Marvell Technology and Micron Technology were each higher by more than 1%.

Apple — Apple declined 0.5% after the Financial Times, citing people with direct knowledge of the matter, reported the iPhone maker was forced to cut production forecasts for its Vision Pro headset. Apple shares closed above a $3 trillion market value on Friday.

AstraZeneca — Shares sank about 8% after the Cambridge, England-based drugmaker announced disappointing preliminary results for a phase three trial of a lung cancer treatment. AstraZeneca said it slowed progression of the cancer, but the data for overall survival was “not mature” and the results were not statistically significant. The trial will continue to assess overall survival with greater maturity, the company said.

— CNBC’s Michelle Fox and Yun Li contributed reporting

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