Stocks making the biggest moves midday: Walmart, Tesla, Rocket, Sonos and more

Market Insider

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Shoppers walk in front of a Walmart store in San Leandro, California, U.S., on Thursday, May 13, 2021.
David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

Sonos — Shares of the high-end speaker company jumped over 8% after a judge for the International Trade Commission ruled Google infringed on some of its audio technology patents, a ruling that could lead to an import ban for some of Google’s Pixel smartphones and Nest audio speakers.

Tesla — Tesla’s stock retreated nearly 5% after the National Highway Traffic Safety Administration announced a formal probe into the electric vehicle maker’s Autopilot partially automated driving system. The regulators identified 11 crashes resulting in at least 17 people injured and one dead.

Oil stocks — Oil stocks slipped on Monday after weak economic data out of China fanned concerns about slowing global growth. Shares of Diamondback Energy fell more than 4%, as did shares of Occidental Petroleum. Futures for U.S. benchmark West Texas Intermediate crude traded at about $67 per barrel.

Walmart — Shares of the retailer advanced nearly 1% after Jefferies reiterated its buy rating on the stock ahead of the retailer’s quarterly results on Tuesday. The firm said it expects a “solid” second quarter, with Walmart’s model advantages becoming “more apparent.”

Rocket Companies — Shares of the mortgage company fell more than 4% after reporting adjusted diluted earnings per share of 46 cents, which came in below analysts’ estimates. The company also missed on revenue, recording $2.79 billion versus the forecast of $2.92 billion. It said it expects 2021 closed loan origination volume to exceed 2020’s record performance of $320 billion. — Shares of the ecommerce giant fell more than 5% as retail sales in China reportedly rose at an 8.5% clip year over year, slower than the expected 11.5%, according to analysts polled by Reuters. The decline in sales occurred amid rising fears of the Covid-19 delta variant.

Tencent Music Entertainment — The music streaming company’s stock is down more than 8% after news that it would halt its planned $5 billion initial public offering in Hong Kong, according to Japan’s Nikkei news service. That follows new rules in China around livestreaming and a recent loss in an antitrust ruling that could continue to hold the stock back.

T-Mobile US — The wireless carrier’s stock fell over 3% after it said it’s investigating a forum post in which a hacker claimed to be selling personal data. Vice first reported on the post, which doesn’t mention T-Mobile specifically, but the hacker selling the data reportedly claimed it came from T-Mobile servers.

 — CNBC’s Hannah Miao, Jesse Pound and Pippa Stevens contributed reporting

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