Tesla, Qualcomm, Alibaba, Hostess Brands, Apple, and More Stock Market Movers
Top Stocks Today: Tesla, Qualcomm, Alibaba, Hostess, Apple & More
As of September 11, 2023 at 8:03 am Eastern Time, the following information has been revised from the original post on September 11, 2023 at 4:33 am Eastern Time.
On Monday, there was an increase in stock futures trading because investors were anticipating the release of U.S. inflation data later in the week. They were curious to see how the consumer price index and producer price index readings could affect the Federal Reserve's monetary policy.
On Monday, these shares were ready to take action:
Stocks of Tesla, the company that manufactures electric vehicles, saw an increase of 6.2%. This was due to an upgrade in rating from Hold to Buy by Morgan Stanley analyst Adam Jonas. Additionally, Jonas raised the stock's price target from $250 to $400, which is considered higher than the Wall Street standard. This upgrade was based on Tesla's advancements in the field of artificial intelligence, particularly in the development of a cutting-edge computing structure. Jonas believes that this could place Tesla at an advantageous position in a market worth $10 trillion.
The semiconductor company, Qualcomm (QCOM), experienced an increase of 8.2% in its stocks. This was the result of the company expanding an agreement to continue producing modem chips for Apple's (AAPL) iPhones until 2026.
Before stock market trading started, the American depositary receipts of Alibaba (BABA) dropped by 0.7%. In addition, the Hong-Kong listed shares of Alibaba suffered a decline of 3%. This occurred after its former chairman, Daniel Zhang, resigned from his role as both chairman and chief executive of the company's cloud business unit. Meanwhile, Alibaba has announced plans to make its cloud unit go public, which happens to be its second-largest business in terms of revenue.
The Wall Street Journal recently reported that J.M. Smucker (SJM) is getting closer to acquiring Hostess Brands (TWNK), the owner of Twinkies, for approximately $4 billion. People familiar with the matter were cited as the source of this information. Hostess Brands is currently valued at approximately $3.7 billion. It was observed that Hostess Brands saw a 14% increase in pre-market trading, whereas Smucker shares saw a 2.5% decline.
The stock price of Kenvue (KVUE) increased by 3.6% and reached $22.06. Deutsche Bank has upgraded the company's shares from Hold to Buy. Kenvue sells various products like Band-Aid, Listerine, Neutrogena, and Tylenol. Despite the upgrade, the price target of the stocks remained unchanged at $27.
The company that owns Facebook and Instagram, known as Meta Platforms, is currently developing an artificial intelligence (AI) system that's supposed to be just as advanced as the one created by OpenAI - according to an article in the Journal. The Journal cites insiders who state that the tech giant aspires to have its groundbreaking AI prototype available by next year. Following this news, Meta's stock rose by 1.3%.
The corporation RTX, previously referred to as Raytheon Technologies, experienced a decrease of 3.1% in their stock value. This was due to a change in their sales forecast caused by an uncommon issue regarding the powder metal utilized in the production of specific engine components.
Before Apple's annual fall launch event, nicknamed "Wonderlust" this year, the premarket trading for AAPL shares increased by 1%. The event is anticipated to revolve around the introduction of the iPhone 15, with the most significant modification to the phone probably being a conversion to the commonly employed USB-C standard port instead of Apple's special Lightning connection.
FuelCell Energy, a business focused on creating fuel cell technology and producing hydrogen, recently released their earnings report for the third fiscal quarter, revealing a loss that was not as large as anticipated. As a result, the company's shares increased by 0.7% in early morning trading.
The value of Adobe (ADBE) advanced by 0.5% and reached $563.01 following an increase in the aimed price of its stock. The new target price stands at $660, up from the previous one of $600, as reported by Jefferies. The upcoming financial results of Adobe, a software firm, will be disclosed later this week.
Google's parent company, Alphabet, experienced a slight increase in its stock by 0.3% due to the Department of Justice (DOJ) announcing that it will be taking its antitrust case against the search engine giant to court after three years. The DOJ claims that Google has an unlawful monopoly in the online search industry.
On Monday, reports on earnings are anticipated from three companies: Oracle (ORCL), Casey's General Stores (CASY), and Skillsoft (SKIL).
Send an email to Joseph Woelfel through his address at [email protected].
