Stocks rose Monday, pushing the
S&P 500
toward another record closing high after the broad index set a record Friday.
These stocks made moves Monday:
Archer Daniels Midland
fell 24% after the agriculture company placed its chief financial officer, Vikram Luther, under administrative leave pending an investigation by outside counsel for the company and the board’s audit committee “regarding certain accounting practices and procedures with respect to ADM’s Nutrition reporting segment.” The company said it was responding to a voluntary document request from the Securities and Exchange Commission.
NuStar Energy,
the liquids terminal and pipeline operator, jumped 18% to $21.32 after
Sunoco
agreed to buy the company for $7.3 billion, including debt. Under terms of the deal, NuStar was valued at about $23.78. NuStar closed Friday at $18.03. Sunoco traded down 4.6% on Monday.
Gilead Sciences
fell 10% after a Phase 3 trial of Trodelvy in previously treated metastatic non-small cell lung cancer patients didn’t meet its primary endpoint of improved overall survival.
Spirit Airlines
and
JetBlue Airways
said they would appeal a federal judge’s decision that blocked the $3.8 billion merger of the airlines. The airlines said the process was “consistent with the requirements of the merger agreement.” Spirit shares rose 20%. They jumped 17% on Friday after the budget carrier tried to reassure investors with an update that said it expects fourth-quarter revenue at the high end of its initial guidance and that bookings over the holiday period were strong. JetBlue was up 0.2%.
SolarEdge Technologies
announced Sunday that it was cutting about 16% of its global workforce, or roughly 900 employees. “We have made a very difficult, but necessary decision to implement a workforce reduction and other cost-cutting measures in order to align our cost structure with the rapidly changing market dynamics,” said CEO Zvi Lando said in a statement. Shares of the Israel-based solar equipment maker have dropped 23% this year and 77% over the past 12 months. In early November, the company issued a weak revenue outlook, citing a slump in demand. The stock rose 4%.
Western Digital
rose 4.1% to $57 after
Morgan Stanley
named the stock as its top pick in semiconductors, replacing
Nvidia.
Morgan Stanley raised its price target on
Western Digital
to $73 from $52 and maintained an Overweight rating on the shares.
Advanced Micro Devices
fell 3.5%. Analysts at Northland downgraded shares of the chip maker to Market Perform from Outperform and removed their price target. The stock has risen 120% over the past 12 months.
Shares of
SentinelOne
rose 5.8% to $26.29 after analysts at BTIG raised their rating on the security software provider to Buy from Neutral in an enthusiastic research note that cited signs of strong demand from customers.
Macy’s
rejected an unsolicited bid to take the department-store retailer private from Arkhouse Management and Brigade Capital Management. In a statement,
Macy’s
said the bidders failed to address the board’s concerns regarding financing the $5.8 billion deal, adding that there was “the lack of compelling value” in the non-binding proposal from Arkhouse and Brigade Capital. Arkhouse threatened to “pursue all necessary steps,” including taking its offer directly to shareholders. Macy’s rose 3.8%.
Earnings reports expected later in the week come from
Johnson & Johnson,
Procter & Gamble,
Netflix,
Verizon,
General Electric,
Lockheed Martin,
Tesla,
AT&T,
International Business Machines,
Texas Instruments,
Comcast,
Visa,
American Airlines,
Southwest Airlines,
Intel,
and
American Express.
Write to Joe Woelfel at [email protected]
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