Stock futures were falling modestly Monday after the
S&P 500
declined 1.4% last week for its worst weekly performance since early March. Oil prices were steady following a weekend of chaos in Russia.
These stocks were poised to make moves Monday:
Lucid Group
(LCID) was rising 8.8% after it reached a supply agreement with Aston Martin, the British luxury car maker, to build high-performance electric vehicles. Under the agreement,
Lucid
will supply Aston Martin with “industry-leading electric-vehicle technologies.” Aston Martin will issue 28.4 million new ordinary shares to Lucid, making Lucid a shareholder of about 3.7% in Aston Martin.
Tesla
(TSLA) was declining 2.1% in premarket trading to $251.27. Shares of the electric-vehicle giant have risen more than 108% this year, and about 33% over the past one month. Analysts at Goldman Sachs downgraded the stock to Neutral from Buy following the stock’s rally. They raised their price target, however, to $248 from $185.
Alphabet
(GOOGL) declined 1.6% in premarket trading to $120.44 after the parent company of Google was downgraded to Neutral from Buy by analysts at UBS. The target price was raised to $132 from $123.
Moderna
(MRNA) gained 3.2% to $122.23 after shares of the vaccine maker were upgraded to Buy from Neutral at UBS. UBS reduced the price target on the stock to $191 from $221.
Wolfspeed
‘s (WOLF) expansion in the U.S. will be supported with as much as $2 billion from a group of lenders led by
Apollo Global Management,
Bloomberg reported, citing a statement it has seen. The financing would make $1.25 billion of cash immediately available to chip maker
Wolfspeed,
while another $750 million can be drawn later. Wolfspeed shares rose 0.2% in premarket trading.
International Business Machines
(IBM) is close to a deal to acquire software company Apptio for about $5 billion, The Wall Street Journal reported, citing people familiar with the matter. Apptio is owned by private-equity firm Vista Equity Partners. IBM shares were down 0.6% in premarket trading.
Carnival
(CCL), the cruise operator, has scheduled the release of fiscal second-quarter earnings for before stock markets open Monday. Analysts surveyed by FactSet expect Carnival to report a quarterly loss of 34 cents a share on sales of $4.8 billion, roughly double from a year earlier. Carnival shares rose 0.8% in premarket trading.
Write to Joe Woelfel at [email protected]
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