US stocks begin Q4 with biggest midday moves

Several companies are making the biggest midday moves in Wall Street including Credit Suisse shares that rose 1.7%, reversing an earlier decline that sent the stock to a record low, after the bank over the weekend made a series of calls to calm investor fears about its financial health. In addition, the cost to insure the bank’s debt against default jumped to a new high.

Oil prices jumped, pushing energy stocks higher. Marathon Oil rallied 8%. APA Corp. and Devon Energy gained about 7% each. Diamondback Energy, Halliburton and ConocoPhillips were all up more than 6%.

Peloton shares rose more than 6% after the exercise-equipment company announced it will put bikes in all 5,400 Hilton-branded hotels in the U.S. Peloton is trying to engineer a turnaround and also said last week that its bikes, treadmills and other hardware would be sold in Dick’s Sporting Goods locations.

Roblox shares of the gaming platform fell slightly after Moffett Nathanson initiated coverage with an underperform rating. The Wall Street firm said it is too soon to tell whether Roblox will ever meet its metaverse ambitions.

Wells Fargo’s stock gained 3% after Goldman Sachs upgraded the bank to a buy rating from neutral and said investors are underappreciating its potential.

Livent; the lithium company dropped about half a percent after Bank of America downgraded the stock to underperform from neutral, citing limited upside.

Box’s stock rallied 7% after Morgan Stanley boosted its price target, implying the cloud storage company could surge 39% from Friday’s close. The firm also upgraded the stock to overweight from equal weight, citing solid macro positioning, strong execution and a more favorable competitive landscape.

Tesla shares dropped 8.2% after the electric vehicle maker said it delivered 343,000 vehicles in the third quarter, less than analysts expected. However, Wall Street analysts were divided over the report.