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Check out the companies making headlines at midday: Nio — U.S.-listed shares of the Chinese electric vehicle maker climbed 9.5% after Nio announced a $13.3 billion cash infusion yuan for its Nio China business. The transactions are expected to be completed by the end of the year and will reduce Nio Inc.’s stake in Nio China to 88.3% from the current 92.1%. Stellantis — The stock fell more than 13%, hitting a new 52-week low, following the automaker’s full-year profit warning. Stellantis highlighted the deterioration of the “global industrial context” as well as growing competition from China. Automakers GM and Ford also declined in sympathy, falling nearly 4% and more than 2%, respectively. Alibaba — Chinese e-commerce stocks rose nearly 2% after the country’s central bank said it would ask banks to cut mortgage rates on existing home loans by Oct. 31. CVS Health — Shares jumped 3.3% following news that hedge fund Glenview Capital plans to meet with CVS Health executives to boost the struggling company. Glenview Capital has established a significant position in the company, people familiar with the matter told CNBC. Crypto Stocks – Stocks linked to the price of bitcoin fell along with the cryptocurrency after a significant rally last week. Coinbase slipped 5%. MicroStrategy was down 1% after recouping earlier losses. Bitcoin was down 3% and trading below $64,000. EchoStar — Satellite communications stock fell 12% after DirecTV agreed Monday to buy EchoStar’s satellite television business. This includes Dish TV and is the resolution of decades of on-and-off talks between the two distributors. Amerant Bancorp — Shares rose 4% after Piper Sandler upgraded the Florida-based bank from neutral to overweight. As catalysts, analyst Stephen Scouten cited an “attractive risk/reward balance” and “sufficient capital to grow quickly.” Moderna — Shares of the biotechnology company rose more than 1% after Moderna announced it had administered the first dose in its phase three trial of a future norovirus vaccine. Universal Health Services — Stocks fell about 3% after a jury awarded $300 million to women who accused a former Cumberland Children and Adolescents Hospital doctor of sexual abuse. Cumberland Hospital for Children and Adolescents is an “indirect subsidiary” of Universal Health Services, according to an 8-K filing. — CNBC’s Sean Conlon, Tanaya Macheel, Sarah Min, Jesse Pound and Pia Singh contributed to this report.
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