Stocks closed up Monday while yields on long-term government bonds eased. Traders were looking ahead to a busy week for central banks.
These stocks were on the move:
Shares in chip-design company
Arm Holdings
(ticker: ARM) fell 4.5% to $58 after the company’s trading debut last week. Other chip makers were mixed:
Nvidia
(NVDA) was up 0.15%;
Intel
(INTC) rose 0.3%; and U.S.-listed shares of
Taiwan Semiconductor Manufacturing
(TSM) fell 0.5%.
Micron Technology
(MU) rose 0.9% after being upgraded to Buy from Hold at Deutsche Bank.
GM
(GM) was down 1.8%, Jeep owner
Stellantis
(STLA) fell 1.6%, and Ford (F) was off 2.1% as the United Auto Workers strike against the three auto makers played out. Negotiations between the union and GM,
Stellantis,
and Ford resumed over the weekend. Shares of electric-vehicle pioneer
Tesla
(TSLA) dipped 3%.
Nikola
(NKLA) shares soared 34% to $1.59 after the electric heavy-duty truck start-up announced the appointment of Mary Chan, a managing partner at VectoIQ who helped with the public launch of
Nikola,
as its chief operating officer. She will take over on Oct. 9.
Planet Fitness
(PLNT) fell 3.6% following a downgrade to Hold from Buy at Jefferies. The stock tumbled 16% on Friday after fitness chain announced the departure of CEO Chris Rondeau and named a new interim CEO, effective immediately.
Lyft
(LYFT) slid 4% after the Securities and Exchange Commission said that the ride-hailing company will pay a $10 million penalty because it didn’t disclose a large stock transaction prior to its initial public offering.
DoorDash
(DASH) closed flat after the food delivery service was upgraded to Buy from Neutral at
Mizuho.
NetApp
(NTAP) was off 2%. William Blair downgraded the data-sharing software company to Market Perform from Outperform.
PayPal Holdings
(PYPL) dropped 2%. MoffettNathanson downgraded the payments company to Market Perform from Outperform.
Clorox
(CLX) dropped 2.4% after the cleaning products maker disclosed that a cyberattack, which it confirmed in mid-August, will weigh on its first-quarter financial results.
Stitch Fix
(SFIX) is scheduled to report quarterly earnings after the closing bell Monday. Reports are expected later in the week from
FedEx
(FDX),
General Mills
(GIS),
AutoZone
(AZO),
KB Home
(KBH), and
Darden Restaurants
(DRI).
Write to Rupert Steiner at rupert.steiner@barrons.com and Emily Dattilo at emily.dattilo@dowjones.com
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