Tesla, BioNTech, Moderna and more

Check out the companies making headlines after the bell: 

Tesla — Shares of Tesla fell 2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in extended trading. During the day, the stock rose and then fell in a volatile session and at one point Tesla’s market value reached $321 billion. Musk is the seventh-richest person in the world, beating investor Warren Buffett as of Friday. Over the weekend, CEO Elon Musk tweeted the company is abandoning plans for a bargain Model Y SUV.

BioNTech — The biotechnology company’s stock climbed 1{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} during extended trading after jumping 10.55{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} earlier in the day. The surge follows news earlier Monday that BioNTech and Pfizer had two of their experimental coronavirus vaccines receive “fast track” designation status from the Food and Drug Administration. The companies hope to have 100 million doses of a vaccine by the end of 2020 and possibly more than 1.2 billion doses by the end of 2021.

Moderna — Shares of the biotech company climbed 3{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after hours. A senior Trump administration official said Monday afternoon that U.S. drugmakers are set to start coronavirus vaccine production by the end of the summer. Moderna is one of the leading developers of a Covid-19 vaccine and its development efforts are being supported by the federal government. Moderna’s stock climbed nearly 15{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} during the day on news that the company is set to join the Nasdaq 100 index beginning July 20, according to Reuters.

Mohawk Industries — Shares of Mohawk tumbled 10{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the closing bell. The flooring company’s stock continues a trend downward as it faces a shareholder class-action lawsuit alleging sales fraud. The company confirmed that is has been subpoenaed by the U.S. Attorney’s Office and SEC and addressed the allegations in an 8-K, saying it “intends to vigorously defend itself.”

Spartan Energy — Spartan Energy’s stock rose 3{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in extended trading after falling nearly 10{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} earlier in the day. Earlier Monday, electric vehicle startup Fisker announced that it will go public through a merger with Spartan Energy, which is backed by private equity firm Apollo Global Management. The deal is expected to close in the fourth quarter.