Stocks closed higher Monday as Wall Street turned its attention this week to U.S. inflation and how the data will influence the Federal Reserve’s path on interest rates.
These stocks were making moves Monday:
Tesla
stock (ticker: TSLA) fell 1% after the electric-vehicle giant disclosed that Chief Financial Officer Zachary Kirkhorn stepped down.
Tesla
has appointed Vaibhav Taneja to fill that role, alongside his current role of chief accounting officer.
Sage Therapeutics
(SAGE) tumbled 54% after the biopharmaceutical company and partner
Biogen
(BIIB) failed to receive Food and Drug Administration approval for a treatment of major depressive disorder.
Biogen
shares rose 0.9%.
Shares of
Yellow
(YELL) fell 31% to $2.48 after the trucking company filed for bankruptcy and said it would be closing the business. The stock soared more than 400% last week even as Yellow—one of the country’s largest and oldest trucking companies— was expected to file for bankruptcy.
Shares of
Sovos Brands
(SOVO), the seller of sauces and soups, rose 25% to $22.56 after the firm agreed to be acquired by
Campbell Soup
(CPB) for $23 a share, or a total enterprise value of about $2.7 billion. Sovos also posted better-than-expected second-quarter earnings.
Veritiv
(VRTV) soared 20% to $169.08 after the distributor of packaging and print products said it has agreed to be acquired by an affiliate of private investment firm CD&R. Shareholders will receive $170 a share in cash.
Tyson Foods
(TSN) declined 3.8% after the meat processor reported fiscal third-quarter earnings and revenue below Wall Street’s expectations, and the company recorded a significant quarterly impairment charge on the closure of chicken facilities.
American depositary receipts of
BioNTech
(BNTX), the German company that developed a Covid-19 vaccine with
Pfizer
(PFE), were falling 7.5% after second-quarter revenue missed expectations. Fellow Covid vaccine maker
Moderna
(MRNA) declined 6.5%.
Cloudflare
(NET) fell 2.5% to $67.79 after the cybersecurity company was downgraded to Sell from Neutral at Guggenheim. The analyst also introduced a $50 price target for the stock.
Lucid
(LCID) reduced prices on most of its lineup of Air luxury sedans, and shares of the electric-vehicle maker were falling 3.2%.
Lucid
is scheduled to report earnings after the closing bell Monday.
Warren Buffett’s
Berkshire Hathaway
(BRK.A, BRK.B) reported second-quarter after-tax operating earnings of $10 billion, a quarterly record, up from $9.4 billion a year earlier on strength in insurance underwriting and higher investment income. Net income was $35.9 billion, swinging from a year-earlier loss of $43.6 billion. Stock repurchases in the second quarter were $1.4 billion, compared with $4.4 billion in the first quarter and $1 billion a year earlier. Berkshire Hathaway’s class B shares rose 3.6% to $362.49.
Write to Joe Woelfel at [email protected]
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