Midday Market Movers: Gilead Sciences, Moderna, Tesla and Beyond

General Mills experienced a 4.2% decrease in stock prices, despite the fact that their revenue and profit for the last quarter exceeded expectations. The food producer also increased their full-year forecast. Although output costs increased, higher prices helped to balance them out.

Gilead Sciences experienced a 2.4% decrease in stock after announcing its Kite division would be taking over biotech company Tmunity Therapeutics. The company cautioned that the transaction could lead to a reduction of 18-22 cents in earnings per share for 2023.

Shares of Lucid experienced a 3% increase in value following the electric vehicle manufacturer's announcement of a capital raise of approximately $1.5 billion through a series of stock sales.

Tesla's stock dropped 5.3% after Evercore ISI decreased their price target for the company, due to the stock not being able to maintain a significant level. This month, the stock has been affected by doubts about its Chinese business and worries about CEO Elon Musk's new role on Twitter.

Shares of Moderna rose 5.7% during midday trading on Tuesday. On Monday, Jeffries upgraded the stock from hold to buy. The firm noted that a promising new cancer vaccine has sparked renewed interest in the stock.

QuantumScape, a manufacturer of electric vehicles, saw its stock rise by 3% after announcing that it would be sending out prototypes of its batteries to car companies.

FactSet Research's stock dropped by almost 2% after the financial data and analytics firm revealed their quarterly revenue of $504.8 million, which was lower than the $510.5 million that analysts had predicted, according to StreetAccount. Despite this, the company still managed to beat expectations on earnings, reporting an adjusted profit of $3.99 per share instead of the $3.62 that was anticipated.

Steelcase saw a significant increase in their stock price, rising more than 12%, after announcing their third-quarter earnings were better than anticipated and providing a positive outlook for their profits. Although their revenue was lower than expected, their order backlog is 3% higher than it was in the same period last year.

Newmont, a gold mining company, saw its stock rise by 4.5% as the price of gold surpassed $1,800. Despite this, the stock has dropped more than 22% since the start of the year, which would be its first annual decrease since 2018.

Shares of Trade Desk rose 4.5% after Piper Sandler began covering the digital advertising firm with an overweight rating. The analysts at Piper noted that despite the current high levels of volatility in the advertising market, Trade Desk has continued to perform well and outpace the rest of the digital advertising industry.

Stitch Fix saw its stock drop by more than 9% after JPMorgan changed its rating of the online apparel company to underweight from neutral. According to the investment firm, Stitch Fix has had a difficult year due to four consecutive quarters of decreases in active customers.

Shares of Loews rose 2.5% after the Delaware Supreme Court overturned a ruling that had granted former minority shareholders of its Boardwalk Pipelines subsidiary approximately $690 million, plus interest.

Arch Capital, a Bermuda-based insurance provider, saw a 2.5% increase in its stock on Monday. The company also announced that it had increased its share repurchase authorization to $1 billion. As of September 30th, there was still $596.4 million available for repurchasing shares.