Stocks rose Monday with the
S&P 500
coming off a winning week after comments from Federal Reserve Chairman Jerome Powell indicated the U.S. central bank would be proceeding cautiously on interest-rate increases.
These stocks were making moves Monday:
3M
(MMM) rose 5.8% following a report from The Wall Street Journal that said the company and plaintiffs attorneys were nearing a settlement in which 3M would pay $5.5 billion to resolve claims it sold faulty combat earplugs to the U.S. military. Negotiations are continuing, people close to the discussions told the Journal, and the final amount hasn’t been established yet.
Jabil
(JBL) reached an agreement to sell its manufacturing business in China to
BYD Electronic,
a subsidiary of Chinese electric-vehicle maker
BYD,
in a deal valued at about $2.2 billion. In a statement,
Jabil
said the transaction would be the largest in the history of the contract electronics manufacturer. Jabil shares were up 7%.
Hawaiian Electric
(HE) surged 41% after the utility pushed back against allegations its power lines caused a deadly wildfire on the island of Maui in Hawaii. The company suggested it intends to defend itself as it faces lawsuits around the devastating wildfires in Hawaii earlier this month.
Novocure
(NVCR) dropped 33% after a failure of an ovarian cancer study. The Swiss company said a late-stage trial of Tumor Treating Fields with paclitaxel failed to meet its primary endpoint of overall survival in patients with ovarian cancer.
U.S.-listed shares of
XPeng
(XPEV) jumped 2.7% after the Chinese electric-vehicle maker announced it would acquire
DiDi Global
‘s (DIDI) smart auto development business for $744 million.
CrowdStrike
(CRWD) was downgraded to Equal Weight from Overweight at
Morgan Stanley
and the price target was lowered to $167 from $178. Shares of the cybersecurity company fell 2.6% to $145.66.
American depositary receipts of
Alibaba
(BABA) rose 2.5%,
JD.com
(JD) gained 2.1%, and
Baidu
(BIDU) rose 1.5% after the Chinese government said it would reduce a tax on trading and take other steps to boost its capital markets.
Horizon Therapeutics
(HZNP) was up 5.7% after the Federal Trade Commission suspended its challenge of
Amgen
‘s (AMGN) $27.8 billion acquisition of the biotechnology company. The pause, effective until Sept. 18, allows the FTC’s three commissioners to decide whether the agency should settle the case, The Wall Street Journal reported.
Nvidia
(NVDA) was falling 1.6%. Barron’s highlighted that even with the stock’s 215% jump this year the latest earnings report from the leader in AI chips made the shares cheaper. The forward price/earnings ratio, which measures a stock’s current price relative to earnings in the future, often in the next year, shows Nvidia shares are now cheaper than they have been since Jan. 5, though the stock has soared since then.
Write to Joe Woelfel at [email protected]
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