We check out the companies making headlines in midday trading. Shares of the health care giant Johnson & Johnson rose 1.2% after it announced a plan to split itself into two companies. The plan, which would take 18 to 24 months, would spin out its consumer products business from its pharmaceutical and medical device business. Shares of eclectic vehicle car maker giant Tesla fell 2.8% after CEO Elon Musk’s trust on Thursday sold another $687 million in shares, regulatory filings made public Friday revealed. Musk and his trust sold roughly $5 billion worth of stock earlier this week. Shares of new public electric carmakers Rivian rose 5.6%, extending its climb Friday after rallying more than 22% in the previous session. In the stock’s market debut on Wednesday, it jumped 29%.
Shares of auto start-up company Lordstown Motors tumbled about 17.5%. The pre-revenue company reported a loss of 54 cents a share for the third quarter, which is slightly narrower than the estimated loss of 59cents per share, according to Refinitiv. Lordstown said it plans to produce and deliver its endurance truck in the third quarter of 2022. Software company WM technology had its shares dropped by 19.6% on Friday after its third-quarter results missed estimates on the top and bottom lines. WM Technology, which serves the cannabis industry, also issued fourth-quarter guidance that came in below expectations. The company said that competition from “non-licensed channels” was hurting its client. Shares of Warby parker rose by 9%, Hewlett Packard dropped 8.1%, Blink charging soared 12.6%, Target rose 1.5%, while Caesars entertainment added 4% in midday trading.