Stocks making the biggest moves midday: Tesla, Qualcomm, Meta, Moderna and more

cnbc.com:

In this article

Check out the companies making headlines in midday trading.

Tesla — Shares of the electric vehicle maker jumped 6% after Morgan Stanley upgraded the stock to overweight from equal weight. Analyst Adam Jones said the firm is on the verge of a major leap in autonomous driving.

J.M. Smucker, Hostess — Smucker lost 6.2% after it agreed tobuy Twinkies-maker Hostess Brands for $34.25 a share in a cash and stock transaction, valued at approximately $5.6 billion. hares of Hostess popped 19%, reaching a new 52-week high. 

Tenable Holdings — The exposure management solutions provider added 4.3% on the back of an upgrade to overweight from neutral by JPMorgan. The firm said the company should see improved fundamentals going forward.

Kenvue — Shares of the Band-Aid maker gained 3% after being upgraded by Deutsche Bank to buy from hold on Sunday. The Wall Street firm called Kenvue a high-quality company and believes the stock's slide has created an attractive entry point. The J&J spinoff has lost 15% since going public in May.

Alibaba — The Chinese tech company shed 1.8% on the news that outgoing CEO Daniel Zhang would unexpectedly quit its cloud business. In June, the company had announced Zhang was leaving as chairman and CEO of Alibaba Group to focus on the cloud intelligence unit. 

Meta — The tech giant gained 2% after the Wall Street Journal reported Meta is developing a new AI system as capable as OpenAI's most advanced model, and more powerful than the one it released two months ago called Llama 2. According to the report, Meta is aiming to launch the product by next year. 

Nubank – The U.S.-traded shares of the Brazilian financial firm rose nearly 6% after JPMorgan upgraded Nubank to overweight from neutral.