Stocks were rising Friday, the last day of a strong second quarter for equities, after the personal consumption expenditures index, the Federal Reserve’s preferred measure of inflation, showed a slight cooling of prices during May.
These stocks were making moves Friday:
Apple
(ticker: AAPL) was rising 1.5% to $192.39, which put its market capitalization above $3 trillion. Shares of the iPhone maker were initiated with a Buy rating at
Citi.
Analyst Atif Malik set a price target of $240 on the stock.
American depositary receipts of
XPeng
(XPEV) gained 9% after the Chinese electric-vehicle maker launched its G6 Model. The starting price of the car’s competitor, the Model Y from
Tesla
(TSLA), is significantly more expensive.
Tesla
(TSLA) was rising 1.6% with the electric-vehicle maker expected to release second-quarter deliveries on Sunday. Analysts expect deliveries of about 445,000 cars, which would be a quarterly record. Deliveries in the first quarter were 423,000. Shares of
Tesla
have risen 109% this year.
Aurinia Pharmaceuticals
(AUPH) gained 8.8% after the biopharmaceutical company said its board “has initiated an exploration of strategic alternatives” that includes a potential sale, merger, or other transaction.
Carnival
(CCL) gained 7.9% to $18.51 after shares of the cruise company were upgraded to Buy from Neutral at Jefferies. The analysts raised their price target on the stock to $25 from $9.
Camping World Holdings
(CWH) was up 4.9% after the recreation-vehicle company was upgraded to Buy from Neutral at DA Davidson.
Shares of chip maker
Nvidia
(NVDA) rose 3% to $420.79. The stock was upgraded to Outperform from Neutral and the price target was raised to $475 from $408 by analysts at Daiwa. The stock has risen more than 180% in 2023.
Nike
(NKE) reported fiscal fourth-quarter earnings that missed analysts’ expectations and issued first-quarter guidance that also came up short. Gross margins took a hit during the fourth quarter, falling 1.4 percentage points to 43.6% because of higher input costs and ongoing discounting activity designed to get rid of excess inventory. Shares of the sneaker giant fell 2.1%.
Shares of
Constellation Brands
(STZ), the beer and spirits company, dipped 1.7% after fiscal first-quarter earnings and sales beat analysts’ estimates.
Adobe
(ADBE) rose 1.3% even after the UK’s Competition and Markets Authority said the software developer’s purchase of Figma — a provider of screen design and whiteboarding tools — “could reduce innovation.”
Adobe
announced in September 2022 it be acquiring Figma for $20 billion.
Write to Joe Woelfel at [email protected]
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