Midday movers: Tesla, Rivian rise; Novo Nordisk, Pure Storage fall

Investing.com – Main U.S. indexes rose Tuesday after Fed Chairman Jerome Powell pointed out progress on inflation during a panel discussion with officials from the European Central Bank. Overall trading volumes were lighter than normal ahead of the holiday on Thursday.

Here are some of the biggest U.S. stock movers today:

Tesla (NASDAQ: TSLA) surged 9%, climbing to its highest level since January, after it reported better than expected second quarter delivery and production figures.

Rivian Automotive (NASDAQ: RIVN) climbed 6% after the EV OEM reported strong deliveries for the second quarter, surpassing its own forecast.

Novo Nordisk (NYSE: NVO) fell 1.6% after U.S. President Joe Biden said Novo Nordisk must cut Ozempic and Wegovy prices. Biden and Senator Bernie Sanders called on the company to cut prices of its weight loss and diabetes drugs in an editorial published in USA Today. Shares of Novo rival Eli Lilly & Co. (NYSE: LLY) also declined.

CrowdStrike (NASDAQ: CRWD) fell 2% after analysts at Piper Sandler cut their rating on the stock to 'neutral' from 'overweight, citing valuation concerns. Atlassian (NASDAQ: TEAM) rose 2% after it was upgraded to 'overweight' by the same analysts.

PayPal (NASDAQ: PYPL) rose 2% after it was upgraded to 'positive' by research firm Susquehanna. Analysts pointed out recent weakness in the stock.

Pure Storage (NYSE: PSTG) fell 4% after UBS downgraded the stock to 'sell', citing unfavorable risk-reward.

Paramount Global (NASDAQ: PARA) rose 4% after the New York Times said Barry Diller is considering making an offer for control of its parent.

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