Stocks were holding steady Monday as yields on long-term government bonds rose. Traders were looking ahead to a busy week for central banks.
These stocks were on the move:
Shares in chip-design company
Arm Holdings
(ticker: ARM) fell 5.4% to $57.45 after the company’s trading debut last week. Other chip makers were mixed:
Nvidia
(NVDA) was down 0.1%;
Intel
(INTC) rose 0.8%; and U.S.-listed shares of
Taiwan Semiconductor Manufacturing
(TSM) fell 0.2%.
Micron Technology
(MU) rose 1.4% after being upgraded to Buy from Hold at Deutsche Bank.
GM
(GM) was down 1.3%, Jeep owner
Stellantis
(STLA) fell 1.2%, and Ford (F) was off 1.7% as the United Auto Workers strike against the three auto makers played out. Negotiations between the union and GM,
Stellantis,
and Ford resumed over the weekend. Shares of electric-vehicle pioneer
Tesla
(TSLA) dipped 2.6%.
Nikola
(NKLA) shares soared 28% to $1.54 after the electric heavy-duty truck start-up announced the appointment of Mary Chan, a managing partner at VectoIQ who helped with the public launch of
Nikola,
as its chief operating officer. She will take over on Oct. 9.
DoorDash
(DASH) gained 2.9% after the food delivery service was upgraded to Buy from Neutral at
Mizuho.
NetApp
(NTAP) was off 2.1%. William Blair downgraded the data-sharing software company to Market Perform from Outperform.
Planet Fitness
(PLNT) fell 1.6% following a downgrade to Hold from Buy at Jefferies. The stock tumbled 16% on Friday after fitness chain announced the departure of CEO Chris Rondeau and named a new interim CEO, effective immediately.
PayPal Holdings
(PYPL) dropped 1.3%. MoffettNathanson downgraded the payments company to Market Perform from Outperform.
Ralph Lauren
(RL) gained 1.2% after Guggenheim upgraded the premium apparel company was upgraded to Buy from Neutral.
Carvana
(CVNA) dropped 0.8% even after Wedbush raised its rating on the used-car seller to Neutral from Underperform.
Stitch Fix
(SFIX) is scheduled to report quarterly earnings after the closing bell Monday. Reports are expected later in the week from
FedEx
(FDX),
General Mills
(GIS),
AutoZone
(AZO),
KB Home
(KBH), and
Darden Restaurants
(DRI).
Write to Rupert Steiner at [email protected] and Emily Dattilo at [email protected]
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