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Spirit Airlines, Eli Lilly, Signature Bank and more

Spirit Airlines planes on the tarmac at Fort Lauderdale-Hollywood International Airport on February 07, 2022 in Fort Lauderdale, Florida.

Joe Raedle | Getty Images

Check out the companies making headlines in midday trading on Monday.

Spirit, JetBlue – Shares of JetBlue Airways fell 6% after it announced the company was offering $30 a share to take over Spirit Airlines. The airline turned down a previous offer from JetBlue in a planned merger with Frontier Airlines. Shares of Spirit soared 13.5% on news of the takeover.

Eli Lilly – Shares of the drugmaker rose 2.6% after the Food and Drug Administration approved the company’s tirzepatide treatment for type 2 diabetes in adults. The drug should be available in the United States within the next few weeks.

Signature Bank – Shares fell 7% after the bank issued a mid-quarter update. Total deposits reported by Signature are down $1.39 billion. The decline comes as the crypto market is experiencing steep losses. Signature is known for serving crypto institutions, and fluctuations in crypto prices can be reflected in the growth of its crypto deposit and trading volume.

Carvana – Shares of Carvana gained 4.1% before falling after the online used-car retailer forecast a faster-than-expected profitability schedule. The company also shared plans to cut costs.

Twitter – Shares of Twitter were down 8.2% on Monday as speculation continued over whether Elon Musk would complete his deal to buy the social media company. Tesla CEO tweeted this weekend that Twitter’s legal team said he violated a nondisclosure agreement.

Nucor Corporation – Shares in the steel products maker fell 3.3% after the company announced plans to acquire CHI Overhead Doors, a manufacturer of overhead doors for residential and commercial markets in the United States and the United States. Canada. The transaction is valued at $3 billion and is expected to close in June.

Rivian, Ford – Shares of Rivian fell 6.9% after Ford Motor disclosed in a Securities and Exchange Commission filing that it had sold an additional 7 million shares of the electric vehicle maker. This follows Ford’s earlier sale of 8 million shares last week. Ford shares fell 3.3%.

SoFi – Shares of the consumer financial services provider rose 2.4% after Piper Sandler took them from neutral to overweight, saying they have the potential to rebound around 50% on earnings momentum in the second half of this year and in 2023.

Warby Parker – The eyewear company fell 5.3% after reporting an unexpected loss of 30 cents per share compared to earnings estimates of 1 cent per share, according to Refinitiv, for its latest quarter. It also posted lower-than-expected earnings.

Energy stocks – Energy names were the biggest winners in the S&P 500 on Monday as oil prices rose after the European Union moved closer to banning crude imports from Russia. Occidental Petroleum rose 5.6%. APA Corp rose more than 3%, as did Marathon, Devon Energy and Chevron.

– CNBC’s Hannah Miao and Samantha Subin contributed reporting.


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