Stocks closed lower Monday as traders kept an eye on developments in Europe following a brief rebellion by mercenary troops in Russia, and awaited key economic data later in the week.
These stocks made moves Monday:
Carnival
(ticker: CCL) declined 7.7% even after the cruise company posted a narrower-than-expected loss for its second quarter amid “continued acceleration of demand.” Peers
Royal Caribbean
(
RCL
) and
Norwegian Cruise Line Holdings
(NCLH) fell 0.7% and 4.5%, respectively.
Lucid Group
(LCID) was rising 1.6% after it reached a supply agreement with Aston Martin, the British luxury car maker, to build high-performance electric vehicles. Under the agreement,
Lucid
will supply Aston Martin with “industry-leading electric-vehicle technologies.” Aston Martin will issue 28.4 million new ordinary shares to Lucid, making Lucid a shareholder of about 3.7% in Aston Martin.
PacWest Bancorp
(PACW) gained 4% after the regional bank said it agreed to sell a $3.5 billion specialty finance loan portfolio to investment manager
Ares Management
(
ARES
).
Tesla
(TSLA) stock dropped 6.1% to $241.05 after an analyst at Goldman Sachs downgraded shares of the electric-vehicles maker to Hold from Buy, while raising the price target to $248 from $185.
Pfizer
(PFE) declined 3.7% after the pharmaceutical giant said it was planning to advance its oral candidate danuglipron toward late-stage development as a treatment for type 2 diabetes and obesity, but will stop development of a second candidate known as lotiglipron.
Alphabet
(GOOGL) declined 3.3% to $118.34 after the parent company of Google was downgraded to Neutral from Buy by analysts at UBS. The target price was raised to $132 from $123.
Wolfspeed
‘s (WOLF) expansion in the U.S. will be supported with as much as $2 billion from a group of lenders led by
Apollo Global Management,
Bloomberg reported, citing a statement it has seen. The financing would make $1.25 billion of cash immediately available to chip maker
Wolfspeed,
while another $750 million can be drawn later. Wolfspeed shares rose 2.7%.
Moderna
(MRNA) gained 1.6% to $120.41 after shares of the vaccine maker were upgraded to Buy from Neutral at UBS. UBS reduced the price target on the stock to $191 from $221.
Sherwin-Williams
(SHW) rose 1.9% after the paint and coatings giant was upgraded to Outperform from Market Perform by analysts at BMO Capital.
International Business Machines
(IBM) announced Monday it will acquire software company Apptio for $4.6 billion. Apptio is owned by private-equity firm Vista Equity Partners. IBM shares were up 1.5%.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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