U.S. Stocks Open Higher on Monday; Tesla Shares Rise 4% on Barclays Upgrade; SK Hynix Stock Rises 2% as Korean Memory Giant Weighs $12B Special Dividend from Kioxia

Tiger Newspress10-26 21:30

Stocks rose Monday, as technology names gained and oil prices fell to start the week.

The Dow Jones Industrial Average added 212 points, or 0.4%. The S&P 500 gained 0.3%, while the Nasdaq Composite jumped 0.4%.

A potential merger with SpaceX makes Tesla a buy, according to Barclays. The bank upgraded the electric vehicle stock to overweight from equal weight. It also hiked its price target to $450 from $370, suggesting 21% upside from Friday’s close. “The recent dialogue around Tesla has skewed heavily to a potential combination with SPCX,” analyst Dan Levy said Monday in a note to clients. “With a combination heavily expected, and with expectation for some premium to TSLA stock, we believe this should drive upside for the stock.”

SK hynix will announce additional shareholder return measures on the 28th after a board resolution. Regarding rumors that it is pushing a special dividend of 16 trillion won using gains from the sale of equity in the Japanese NAND flash company Kioxia, it said nothing has been finalized.

SK hynix said in a disclosure on the 26th titled "Clarification on rumors or reports (unconfirmed)" that "we are reviewing various shareholder return measures to enhance shareholder value, but nothing has been finalized so far." It added, "We plan to announce additional shareholder return measures at the time of the third-quarter earnings release after a board resolution."

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