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Midday movers: Rivian Automotive, Spirit Airlines, Snap and more

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© Reuters

By Liz Moyer

Investing.com — Stocks are falling after Federal Reserve Chair Jerome Powell said the central bank might pick up the pace of interest rate hikes if the data supports it. Here are the midday movers for March 7.

  • Rivian Automotive Inc (NASDAQ:) shares fell 11% after it said it was going to sell $1.3 billion of bonds. The proceeds will help it fund the rollout of its R2 vehicle.
  • Spirit Airlines Inc (NYSE:) shares rose 3.7% after the Justice Department sued to block its combination with JetBlue Airways Corp (NASDAQ:) on competition concerns. Other airline stocks also rose, including American Airlines Group (NASDAQ:), up 3%, and United Airlines Holdings Inc (NASDAQ:), up 4.7%.
  • Snap Inc (NYSE:) shares rose 4%, extending gains from the previous day, as Congress takes aim at rival social media platform TikTok. Lawmakers are talking about legislation that would bring about the banning of Chinese-owned TikTok, citing security concerns.

  • Dick’s Sporting Goods Inc (NYSE:) shares rose 10.4% after the sports apparel and equipment retailer for the holiday quarter, with same store sales that beat forecasts.
  • WW International Inc (NASDAQ:) shares popped 52% after the parent of Weight Watchers confirmed a $106 million deal to acquire the telehealth provider Sequence, which helps prescribe weight loss drugs to subscribers.

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