Alibaba, Nio stocks fall, Rivian and Nikola shares rally and other stocks on the move

By Claudia assis and Barbara Kollmeyer

Rivian to allow drivers of its EVs to access Tesla's Supercharger network, following similar announcements by Ford and GM

Here are some of the bigger movers on Tuesday:

Stock gainers:

Shares of Rivian Automotive Inc. (RIVN) rallied 4% in morning toward a near three-month high, after the electric vehicle maker announced an agreement that will allow drivers of Rivian EVs access to Tesla Inc.'s Supercharger network. Tesla's stock (TSLA) rose 1.5%, as Rivian's announcement follows similar announcements by Ford Motor Co. (F) and General Motors Co. (GM)

Cano Health Inc. stock (CANO) jumped 10% after the primary-care provider said its chief executive has agreed to step down.

Shares of Nikola Corp.(NKLA) rose more than 5% after the EV truck maker said it was planning to let go of about 18% of its workforce as it tries to shore up its balance sheet

PayPal Holding Inc.'s stock (PYPL) powered up nearly 3% after the financial technology company announced an arrangement with KKR & Co. Inc. (KKR) in which KKR-managed funds and accounts will buy up to EUR40 billion of PayPal's buy-now-pay-later receivables originated in several European countries. PayPal said given the expected net proceeds from the deal of $1.8 billion, the company said it expects to add $1 billion to its stock repurchase plans this year.

BridgeBio Pharma Inc.'s stock (BBIO) got a 7% boost in the wake of positive trial data on its treatment for children with achondroplasia, a bone growth disorder that causes disproportionate short stature.

Dice Therapeutics Inc. shares (DICE) rocketed 37% toward a record close after the immunology company announced an agreement to be acquired by drug giant Eli Lilly & Co. (LLY) in a deal valued at about $2.4 billion. Eli Lilly's stock rose just under 1%.

Stock decliners:

Stock in China EV makers Nio Inc. (NIO) fell 2%, as an announcement of an investment by a fund majority owned by the Abu Dhabi government was planning to buy a total number of the electric vehicle's shares valued at more than $1 billion was offset by growing concerns about the strength of China's economy.

Goldman Sachs cut its growth forecasts for the country and the People's Bank of China on Tuesday announced cuts in lending rates, the extent of which which disappointed some.

Among other China-based EV makers, shares of XPeng Inc. XPEV fell 5% and Li Auto Inc. shares (LI) fell more than 1%.

Alibaba Group Holding Ltd.(9988.HK) shares slid nearly 5% after the Chinese e-commerce said Daniel Zhang will step down from chairman and chief executive officer roles He will stay on to lead the cloud business, due to be spun off.

Shares of WeWork Inc.(WE) took a 7% hit as shareholders voted overwhelmingly for a reverse stock split, according to a Securities and Exchange Commission filing on Friday

Faraday Futures Intelligent Electric Inc. shares (FFIE) tumbled 29% after the EV company said that its board is planning a reverse stock split, which would range from a 1-for-2 split to a 1-for-90 split.

-Claudia assis

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06-20-23 1152ET

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