U.S. stocks closed higher Monday as the S&P 500 ends a solid month of gains. Wall Street this week will be paying close attention to earnings from Apple and Amazon.com, and the monthly U.S. jobs report.
These stocks moved on Monday:
SoFi Technologies (ticker: SOFI) reported a narrower-than-expected loss in the second quarter and revenue that beat estimates, and the fintech raised guidance for 2023. The stock jumped 20% to $11.45.
Nikola (NKLA) shares gained 18% after the electric trucking start-up said J.B. Hunt (JBHT) would purchase 10 battery-electric and three hydrogen-fuel-cell-electric heavy-duty trucks.
New Relic (NEWR) soared 13% to $83.97 after the software solutions company said it would be acquired by investment firms Francisco Partners and TPG in an all-cash transaction valuing New Relic at about $6.5 billion. The company also posted better-than-expected adjusted fiscal first-quarter earnings.
American depositary receipts of XPeng (XPEV) fell 11% to $20.92 after the Chinese electric-vehicle maker was downgraded to Neutral from Buy at UBS with a price target of $23, but was upgraded to Neutral from Underweight at J.P. Morgan. Jefferies upgraded XPeng to Buy from Hold on Friday.
Palantir Technologies (PLTR) rose 11% after the software company jumped 10% on Friday after the stock was initiated with an Outperform rating by Wedbush analyst Dan Ives. “Palantir has built an AI fortress that is unmatched and poised to be a major player in this AI Revolution over the next decade,” Ives wrote in a note titled “The Messi of AI.”
Wayfair (W) was upgraded to Overweight from Neutral at Piper Sandler with a price target of $97, up from $35. The stock rose 6.5% to $77.87.
Johnson & Johnson (JNJ) was falling 4% after a bankruptcy judge tossed out the second chapter 11 case that the healthcare giant filed in its ongoing effort to settle tens of thousands of lawsuits it faces from plaintiffs who say they were harmed by the company’s talc products.
Adobe (ADBE) was rising 3.3% to $546.17 after shares of the software company were upgraded to Overweight from Equal Weight at Morgan Stanley, and the price target on the stock was raised to $660 from $510.
ON Semiconductor (ON) climbed 2.5% after the technology company posted better-than-expected adjusted second-quarter earnings and its outlook for the third quarter also was higher than estimates.
Hasbro (HAS) was up 4.1% to $64.56. Shares of the toys maker were raised to Buy from Neutral and the price target was increased to of $85 from $68. Hasbro is scheduled to report quarterly earnings later this week.
Chevron (CVX) was upgraded to Buy from Neutral at Goldman Sachs with a price target of $187. Chevron last week reported second-quarter earnings of $6 billion, down from a quarterly profit record of $11.6 billion in the same period a year earlier. The stock rose 3% to $163.66.
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