Midday stock moves include oil stocks, Ford, Crocs, and others

Midday stock moves include oil stocks Ford Crocs and others

Ford Motor Company: The automaker’s stock fell by 1 percent and reached a new low for the past 52 weeks after the company reported a slight increase in new vehicle sales for the second quarter but fell short of the expectations of automotive analysts.

In comparison to the previous year’s second quarter, the company reported that sales increased by 1.8 percent to a total of 483,688 new vehicles. Industry analysts predicted that the Detroit automaker’s sales would rise by 3.3 percent to 5.1 percent.

Energy stocks fell on Tuesday as the price of oil dropped by 8% and the benchmark price for oil in the United States traded below $100.

The S&P 500’s energy sector lost 5% of its value on the day, with shares of Marathon Oil, ConocoPhillips, and Halliburton falling by 6.3 percent, 7 percent, and 8.1 percent, respectively.

Both Exxon Mobil and Occidental Petroleum saw their stock prices fall by 3.1 percent and 2.2 percent, respectively.

Shares of HP Inc. fell by one percent after Evercore ISI lowered its rating on the company’s stock from outperform to line as the company prepares for a challenging market for personal computers in the future.

Stellantis— The automaker that was formerly known as Fiat Chrysler saw its share price drop by 5.6 percent after a report from union workers stated that the company’s production in Italy could be reduced by approximately 220,000 vehicles this year as a result of the global chip shortage.

When compared to the same time period in the previous year, Stellantis’ production of vehicles dropped by approximately 14 percent during the first half of this year.

AstraZeneca: Following the announcement that it would acquire TeneoTwo in a transaction that has a potential value of up to $1.27 billion, shares of the pharmaceutical company declined by 0.7%.

The stock of Crocs saw a 12.2 percent increase in trading volume after Loop Capital raised its recommendation for Crocs from “hold” to “buy.”

Crocs should not be considered a pandemic-era fad, as was stated in a note that Loop sent out to its customers, and the recent decline in the stock has gone too far, according to Loop.

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