Stocks were rising Friday as investors braced for a reading next week on inflation and the Federal Reserve decision on interest rates. The
S&P 500
on Thursday entered bull market territory.
These stocks were making moves Friday:
Tesla
(ticker: TSLA) was jumping 5.3% to $247.21. Shares of the electric-vehicle giant closed with a gain of 4.6% on Thursday for their 10th straight gain. On Friday, Wedbush raised its price target on Tesla to $300 from $215 and maintained its Outperform rating on the shares.
General Motors
(GM) gained 1.8% after the automaker said its electric vehicles will be able to access
Tesla
‘s (TSLA) supercharging network in 2024. The deal is similar to the agreement
Tesla
and
Ford
(F) announced in May.
The agreements sent charging stocks
ChargePoint
(CHPT) and
EVgo
(EVGO) both down 14% on concerns Elon Musk’s Tesla will monopolize the business.
Planet Labs
(PL), the satellite imaging company, sank 27% after guiding for fiscal-year revenue of about $230 million, down from its prior estimate of $258 million.
Cloud-based software company
Braze
(BRZE) rose 18% after revenue in its fiscal first quarter jumped more than 31% to $101.8 million, and the loss in the period was narrower than analysts’ expectations.
Joby Aviation
(JOBY) rose 12% after shares of the electric air taxi maker were initiated with a Buy rating at Canaccord.
Adobe
(ADBE) gained 3.8% to $455.77 after the provider of content development and marketing software tools was upgraded to Overweight from Equal Weight by analysts at Wells Fargo and received a price target boost to $525 from $420.
Shares of
Corning
(GLW), the specialty glass producer, rose 3.7% to $32.85 after analysts at Morgan Stanley upgraded the stock to Overweight from Equal Weight and boosted their price target to $38 from $35.
Netflix
(NFLX) rose 3.6% to $423.93 after Pivotal Research analysts raised their price target on shares of the streaming company to $535 from $425.
Target
(TGT) was downgraded to Neutral from Buy at
Citi
and the price target was reduced to $130 from $177. Shares of the retailer fell 1.9% to $128.72.
NIO
(NIO), the Chinese electric-vehicle maker, reported a narrower-than-expected first-quarter loss. American depositary receipts of NIO rose 1.7%, reversing earlier losses.
Write to Joe Woelfel at [email protected]
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