Tesla rose 2.6% to $258.14 after dropping early in trading. If the electric car maker’s shares close higher, it will mark its ninth consecutive trading day of gains. The stock turned positive last week and is up 3.5% so far this year. Al Root Barons The company noted that the recent rise in the stock’s price has it trading about 28% above analysts’ average price target of just under $200.
Lucid’s second-quarter deliveries rose 3.4 percent to 2,394 units, up 71 percent from the same period last year. Production for the same period fell to 2,110 units from 2,173 units.
Advertisement – Scroll to continue
Morphic Holdings Inc. rose 75% to $55.85 after Eli Lilly agreed to buy the biopharmaceutical company in a cash deal worth about $3.2 billion. Lilly will buy Morphic for $57 a share.
,
The stock closed at $31.84 on Friday. Lilly shares were up 1.1%.
Intel shares rose 4.5 percent to $33.45. The stock has risen in six of the past seven trading days. Analysts at Melius Research say that Intel, Apple and Advanced Micro Devices are also on the rise.
,
The stock could shine later this year as investors turn to tech stocks that have yet to see a major recovery from the focus on artificial intelligence.
Boeing rose 1% after the company pleaded guilty to criminal fraud charges related to the crashes of two 737 Max jets in 2018 and 2019 that killed 346 people. Companies convicted of felonies The company could be subject to suspension or ban as a defense contractor, though Boeing is expected to seek an exemption.
Paramount Global fell 3.2% after the entertainment company agreed to a merger deal with Skydance Media. Skydance and investor RedBird Capital Partners agreed to spend more than $8 billion to buy out Paramount’s controlling shareholder National Amusements and invest in the new Paramount.
Shares of ServiceNow, a digital workflow software company, fell 4.3% to $771.72 after being downgraded to sell from neutral and with a $640 price target at Guggenheim. The analysts said they believe the company’s second-quarter earnings report will be “strong,” but believe the second half of the year poses “risk” to consensus subscriber estimates and “poses material risk to the stock price.”
SolarEdge rose 11% to $27.82. The solar-panel installation technology maker was upgraded to Neutral from Underperform with a $29 price target. The stock has fallen 70% this year.
The Greenbriar Company
,
The railcar maker’s shares fell 11% after third-quarter profit fell short of analyst expectations.
PepsiCo is due to release its earnings report this week.
,
Delta Airlines
,
JPMorgan Chase
,
Wells Fargo
,
and Citigroup
.
Advertisement – Scroll to continue
Contact Joe Woelfel at joseph.woelfel@barrons.com.
