Stocks making the biggest moves midday: JetBlue, Eli Lilly, Occidental Petroleum and more

cnbc.com:

In this article

Check out the companies making headlines in midday trading Wednesday.

JetBlue — Shares of JetBlue fell another 7.6% on Wednesday, as investors weighed the airline's $3.6 billion cash takeover offer to take over rival Spirit Airlines. The move also comes after Raymond James downgraded JetBlue to market perform from outperform. Spirit Airlines shares fell more than 2%.

Eli Lilly — The pharmaceutical stock gained 2.7% after Morgan Stanley named Eli Lilly a top pick. The investment firm said Eli Lilly had the «most robust new product cycle» outlook in the industry.

Tilray — Tilray rose 4.6% after reporting an unexpected profit in its latest quarter. Tilray also announced a deal with supermarket chain Whole Foods, which will sell the hemp powders produced by the company's Manitoba Harvest subsidiary.

Rivian — Shares of the electric vehicle company fell 5.2% after Rivian said it was on pace to achieve its previously stated production target of 25,000 electric vehicles this year.

Occidental Petroleum — The energy producer's shares added 1.7% after Stifel initiated coverage with a buy rating. Stifel said Occidental remains "attractively valued" even after the stock is the best-performing name in the S&P 500 this year.

Intel — Intel's stock fell 1.8% after the chip maker announced it suspended business operations in Russia. Last month, Intel halted semiconductor shipments to customers in Russia and Belarus.

Twitter — Shares of the social media company fell slightly after rising for three straight days. The stock surged earlier this week, as investors grew optimistic about Elon Musk's big investment in the company. Musk will join its board of directors and he teased «significant improvements» in the coming months.