Stocks traded higher Monday as traders geared up for a busy week of corporate earnings.
These stocks were making moves Monday:
AT&T
(ticker: T) fell 6.8% to $13.59 after the telecom company was downgraded to Neutral from Buy at
Citi.
AT&T
was downgraded by J.P. Morgan last week on concerns over the company’s wireless growth and potential liability for lead-sheathed cables. Verizon Communications (VZ) also slid on the news, falling 7.5%. AT&T was a leading decliner in the
S&P 500
on Monday, and was trading at a 30-year low, according to Dow Jones Market Data. First Solar (FSLR) was the top performer, rising 7.6%.
Ford Motor
(F) fell 5.9% after the car giant said it was cutting prices for its F-150 Lightning all-electric pickup truck.
BridgeBio Pharma
(BBIO) soared 76% 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 10% after the local recommendation site was upgraded to Buy from Neutral at
Goldman Sachs.
Yeti
(YETI) dropped 6.5% after the maker of high-end coolers was downgraded to Underweight from Sector Weight at KeyBanc.
Tesla
(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 3.3% on the news.
Progressive
(PGR) gained 4.3% after the insurance company was upgraded to Overweight from Neutral at
J.P. Morgan.
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 rose 0.1%, U.S.-listed shares of Sony rose 1.3%, and Activision jumped 3.5%.
State Street
(STT) fell 2.4% 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 0.6% after shares of the the software company were downgraded to Neutral from Overweight at
Piper Sandler.
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 [email protected]
Read the full article here
