Wall Street closed little changed on Monday as market participants looked ahead to the U.S. Federal Reserve's expected decision to leave key interest rates unchanged on Wednesday.
Market Snapshot
The Dow Jones Industrial Average rose 6.06 points, or 0.02%, to 34,624.3, the S&P 500 gained 3.21 points, or 0.07%, to 4,453.53 and the Nasdaq Composite added 1.90 points, or 0.01%, to 13,710.24.
Market Movers
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.
Market News
Terran Orbital Corp (NYSE:LLAP) 21% LOWER; announced that it intends to offer and sell in a public offering, subject to market and other conditions, shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase shares of common stock. Each share of common stock (or common stock equivalent in lieu thereof) will be sold with a warrant to purchase the company’s common stock.
Nio Inc Class A ADR (NYSE:NIO) 6% LOWER; announced a proposed offering (the Notes Offering) of $500 million in aggregate principal amount of convertible senior notes due 2029 (the 2029 Notes) and $500M in aggregate principal amount of convertible senior notes due 2030 (the 2030 Notes, and, together with the 2029 Notes, the Notes), subject to market conditions and other factors.
Carrier Global (NYSE:CARR) 3% HIGHER; said to explore listing commercial, home-fire unit, Bloomberg News reported.
Block Inc (NYSE:SQ) 2% LOWER; Alyssa Henry, the Square Chief Executive Officer of Block (SQ) will depart the Company effective October 2, 2023. Ms. Henry has worked at Block for over nine years and provided significant contributions to the Company during that time. Jack Dorsey, the company’s Block Head and Chairperson, will also serve as the Square Head.
Enphase Energy (NASDAQ:ENPH) 2% HIGHER; Director, Thurman Rodgers, disclosed the purchase of over $4M in stock.
Stem Inc (NYSE:STEM) 2% HIGHER; Director, David Buzby, disclosed the purchase of over $300,000 in stock.
United States Steel Corporation (NYSE:X) 1% HIGHER; provided third quarter 2023 adjusted net earnings per diluted share guidance of $1.10 to $1.15. Third quarter 2023 adjusted EBITDA is expected to be approximately $550M. (Consensus sees Q3 EPS of $1.01)
