Tesla, BridgeBio, Yelp, AT&T, Ford, and More Stock Market Movers
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Wall Street traders is gearing up for a busy week of corporate earnings reports.
Dreamstime
Stocks were rising modestly Monday as traders geared up for a busy week of corporate earnings.
These stocks were making moves Monday:
Tesla
(ticker: TSLA) was rising 3.2% after the electric-vehicle maker’s first Cybertruck rolled off the assembly line over the weekend. The truck was first introduced in 2019 but production had been delayed repeatedly because of supply-chain issues, the company said.
Rivian Automotive
(RIVN), whose business is mostly electric pickups, dropped 3.4% on the news.
BridgeBio Pharma
(BBIO) soared 62% after the biopharmaceutical company reported positive results from a Phase 3 study of its investigational drug acoramidis in transthyretin amyloid cardiomyopathy, or ATTR-CM.
Yelp
(YELP) rose 7.9% after the local recommendation site was upgraded to Buy from Neutral at
Yeti
(YETI) dropped 5.4% after the maker of high-end coolers was downgraded to Underweight from Sector Weight at KeyBanc.
AT&T
(T) fell 4% after the telecom company was downgraded to Neutral from Buy at
Citi
.
This follows a downgrade from J.P. Morgan last week on concerns over the company’s wireless growth and potential liability for lead-sheathed cables.
Ford Motor
(F) fell 3.9% after the car giant said it was cutting prices for its F-150 Lightning all-electric pickup truck.
Microsoft
(MSFT) and
Sony
agreed to keep
Activision Blizzard
’s
(ATVI) Call of Duty videogame on
Sony
’s
PlayStation system after
Microsoft
completes its acquisition of Activision. Sony has been opposed to the Microsoft-Activision merger, citing concerns that Microsoft would keep Call of Duty exclusive to its Xbox system. The Wall Street Journal reported that Sony confirmed a 10-year agreement had been reached. Microsoft shares fell 0.5%, U.S.-listed Sony rose 1.4%, and Activision jumped 2.8%.
State Street
(STT) fell 1.8% after receiving downgrades from
UBS
,
J.P. Morgan
,
and Keefe Bruyette. The stock fell 12% on Friday after the financial services company posted second-quarter earnings.
Twilio
(TWLO) fell 1.7% after shares of the the software company were downgraded to Neutral from Overweight at
Shares of
United Airlines
(UAL) rose 1% after the airline and its pilots’ union reached a contract agreement that includes increases in pilot pay of up to 40% over four years.
Earnings reports are expected this week from
Bank of America
(BAC),
Morgan Stanley
(MS),
Lockheed Martin
(LMT),
Tesla
(TSLA),
Netflix
(NFLX),
Goldman Sachs
(GS),
International Business Machines
(IBM),
Johnson & Johnson
(JNJ),
Philip Morris
(PM),
United Airlines
(UAL),
American Airlines
(AAL), and
American Express
(AXP).
Write to Joe Woelfel at joseph.woelfel@barrons.com
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