Midday movers: Meta Platforms, Alibaba, Rivian rise; Levi Strauss falls
Investing.com — U.S. stocks were rising despite a weaker-than-expected jobs report and renewed fears that the Federal Reserve will continue to raise interest rates.
Here are some of the biggest U.S. stock movers today:
Meta Platforms (NASDAQ:META) stock rose 0.1% despite Twitter reportedly threatening to bring legal action against the Facebook owner over its new Threads app, launched earlier this week as a «friendly» alternative to Twitter.
Tesla (NASDAQ:TSLA) stock rose 0.8% after Bloomberg reported that the electric vehicle manufacturer has started laying off some battery production workers at its Shanghai plant.
Alibaba (NYSE:BABA) ADRs rose 8.8% following a Reuters report that the Chinese government will slap a fine of around $1 billion on Ant Group, bringing an end to the affiliate fintech company's years-long regulatory overhaul.
Levi Strauss (NYSE:LEVI) stock fell 6.6% after the jeans manufacturer cut its annual profit forecast, in a sign that higher costs were weighing on its margins as it struggles with falling sales.
Rivian Automotive (NASDAQ:RIVN) stock jumped 15% after Wedbush raised its price target on the EV manufacturer to $30 from $25, maintaining its ‘outperform’ rating as the production ramp and cost optimization efforts are both expected to translate into better earnings.
Fisker (NYSE:FSR) stock rose 6.9% after the electric vehicle startup missed its production target for the second quarter due to a shortage of components.
Zoom Video Communications (NASDAQ:ZM) stock rose 2% after the video communications company sees strong growth in the Asia-Pacific region despite a weaker outlook.
--Peter Nurse contributed to this report
Read more on investing.com
