Stocks traded mixed in the afternoon as investors assessed new consumer inflation data.
The S&P 500 ticked up 0.07%, while the tech-heavy Nasdaq Composite slipped 0.11%. The Dow Jones Industrial Average gained 0.09%. The Russell 2000 Index fell 0.27%.
The October Consumer Price Index rose 2.6% in October on an annual basis, in line with Dow Jones estimates. Core prices, excluding food and energy, increased by 3.3%, matching forecasts.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
Warner Bros. Discovery (WBD) +6.1% Albemarle (ALB) +5.8% Charter Communications (CHTR) +4.5% West Pharmaceutical Services (WST) +4.4% Cadence Design Systems (CDNS) +3.5%
The worst-performing five S&P 500 stocks with the largest midday drop are:
Monolithic Power Systems (MPWR) -6.1% Amentum Holdings AMTM -4.9% Super Micro Computer (SMCI) -4.7% Resmed (RMD) -4.4% Charles River Laboratories (CRL) -4.2%
Stocks also worth noting include:
Nvidia (NVDA) -1.1%Tesla (TSLA) -1.0%Rivian (RIVN) +13.8%Spirit Airlines (SAVE) -59.4%Spotify (SPOT) +11.5%
Volkswagen wants to integrate Rivian’s software and electrical systems in VW models.
Rivian surges on Volkswagen joint venture`
Rivian stock rallied 14% midday after it announced a joint venture with Volkswagen Group.
Volkswagen has raised its planned investment in a joint venture with Rivian to $5.8 billion from $5 billion. The increased funding will support the venture’s operations, which are set to launch Wednesday.
Related: Analysts revise Rivian stock price targets ahead of Q3 earnings
The partnership aims to integrate Rivian’s software and electrical systems in VW models, arriving as early as 2027.
“The partnership with Rivian is the next logical step in our software strategy. With its implementation, we will strengthen our global competitive and technological position,” VW CEO Oliver Blume said in a statement.
Spirit Airlines plunges on potential bankruptcy
Spirit Airlines plunged 59% after The Wall Street Journal reported that the budget airline might file for bankruptcy within weeks following unsuccessful merger negotiations with Frontier Group Holdings.
The airline is negotiating with bondholders for a restructuring plan, which is likely to wipe out current shareholders while protecting general creditors, employees and vendors.
Related: Death of former Spirit Airlines CEO prompts emotional tributes
Known for pioneering low-cost, add-on pricing, Spirit has confronted challenges from rising expenses and tougher competition. Spirit also said that its operating-profit margin for the third quarter dropped 12 points from a year earlier due to increased costs and reduced revenue.
Spirit has slashed growth plans to address its financial issues, and in October it sold 23 planes to GA Telesis for $519 million. However, these moves may not fully cover its $1.1 billion bond maturity due soon.
Spirit stock is down 92% year-to-date.
Spotify pops after Q4 outlook
Spotify gained 11% after the music-streaming company reported a fourth-quarter profit forecast exceeding analysts’ estimates.
The company reported Q3 earnings per share of 1.45 euros (US$1.53), missing analysts’ expectations of 1.72 euros. Revenue also fell short, coming in at 3.99 billion euros (US$4.22 billion) compared with the forecast of 4.02 billion euros.
Monthly active users surpassed expectations, reaching 640 million, above analysts’ consensus projection of 639 million.
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Spotify now expects operating profit for Q4 of 481 million euros, beating the 432.7 million euros estimated by analysts. Monthly active users are projected to reach 665 million, above the 659.3 million forecast.
Its revenue guidance fell short, however, expected at 4.1 billion euros versus the 4.26 billion euros estimated in an analyst survey by LSEG.
Related: Veteran fund manager sees world of pain coming for stocks
