Ford, Bank of America and more

A general view of the Halewood Ford transmission assembly plant after Ford announced a £ 230 investment on October 18, 2021 in Halewood, England.

Christophe Furlong | Getty Images

Find out which companies are making the midday headlines.

Ford Motor – Ford shares jumped more than 12% after the company announced plans to almost double production of its new all-electric F-150 Lightning pickup truck to 150,000 per year by mid-2023. The company opened orders this week for the electric truck, which it had previously closed due to an overwhelming response.

Warner Music Group – Warner Music slipped more than 3% per day after the company announced the sale of 8.56 million shares by subsidiaries of Access Industries. Warner Music will not receive any proceeds from the sale and will not sell any Common Shares under the Offer.

Bank of America, American Express – Financial stocks rallied as the benchmark 10-year Treasury yield increased. Bank of America jumped 4.5% after Wells Fargo Equity Research named the stock one of the financial industry’s top picks for 2022. American Express gained 2.9% and Signature Bank jumped more than 3% after have also been named as a top pick at Wells Fargo.

Occidental Petroleum, Coterra Energy, Halliburton – Energy stocks rose as oil prices rose, with OPEC and its allies agreeing to raise its production target. Occidental jumped about 8.4%, Coterra 7.9% and Halliburton 6.5%.

Foot Locker – Shares of Foot Locker fell 2.6% after JPMorgan lowered the stock from neutral to underweight. The company cited cost pressures and tougher competition for the shoe and sportswear retailer.

Under Armor – Under Armor stocks rose more than 2% after Baird raised the stock to an outperformance rating of neutral. Baird said he liked stocks with “a visible prospect of a cyclical earnings rally.”

Coca-Cola – Beverages stock rose 1.6% on Tuesday after investment firm Guggenheim upgraded Coca-Cola to buy from neutral. The company said in a note to customers that Coca-Cola’s on-site and emerging market activities were rebounding faster than expected from the pandemic.

Hewlett Packard Enterprise – Shares of Hewlett Packard Enterprise jumped 4.9% after Barclays upgraded the stock to overweight to equal weight. “We believe that basic server and storage are stabilizing and moving to service as a service, while networks and HPC are expected to experience solid growth. The valuation is the lowest in the group,” the company said in its upgrade.

General Electric – Shares of GE jumped about 2.5% after Credit Suisse improved the share to outperform. Shares of GE have struggled since announcing a three-way split in November, but Credit Suisse said stocks were up more than 25%.

Toyota Motor – Toyota shares gained more than 7% after Japanese news service Nikkei announced the company plans to launch its own car operating system by 2025.

– CNBC’s Jesse Pound and Tanaya Macheel contributed reporting

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