ITRI - Hot Stocks: MANU drops as bids fall short; ITRI FREY move on earnings news; LICY rallies

Manchester United ( NYSE: MANU ) ranked among the biggest midday movers during Monday's trading. Shares of the iconic soccer franchise plunged amid reports of hiccups in the company's attempt to sell itself.

Earnings news remained a notable catalyst as well. Itron ( ITRI ) dropped after its quarterly update included a disappointing forecast, while FREYR Battery ( FREY ) surged following the announcement of its financial figures.

In other news, word of a conditional loan from a U.S. government program prompted intraday gains in Li-Cycle ( LICY ).

Decliners

Manchester United ( MANU ) dropped in midday trading amid reports that the company has not been satisfied with the purchase bids that it has received as part of its process of weighing its strategic alternatives. Shares dropped more than 9% on the news.

According to the Financial Times, the soccer franchise has received offers from Qatari Sheikh Jassim bin Hamad al-Thani and British billionaire Jim Ratcliffe, but the amounts haven't been enough to convince the Glazer family to sell the team .

Elsewhere, a disappointing forecast sparked selling in Itron ( ITRI ). The provider of products for energy and water resource management beat expectations with its Q4 results but the firm's earnings guidance came in below projections.

For 2023, ITRI predicted a profit of $0.70 to $1.10 per share, compared to analysts' estimate of $1.48 per share. The stock retreated nearly 8% in midday action.

Gainers

The release of financial figures triggered buying in FREYR Battery ( FREY ). Shares of the maker of batteries and battery cells rose almost 12% in midday trading after the company's Q4 profit topped expectations .

In other industry news, China closed a key lithium production hub , which is responsible for about 10% of the world's supply. The move followed the disclosure of mining violations discovered after an environmental probe.

Meanwhile, Li-Cycle ( LICY ) surged in intraday trading after the company revealed a conditional loan from the U.S. Department of Energy. The $375M loan came via the Advanced Technology Vehicles Manufacturing program. On the news, shares rose nearly 5%.

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