Stock futures were edging higher Monday as the
S&P 500
closes out a solid month of gains. Wall Street this week will be paying close attention to earnings from
Apple
and
Amazon.
com, and the monthly U.S. jobs report.
These stocks were poised to make moves Monday:
Johnson & Johnson
(JNJ) was falling 1.1% after a bankruptcy judge tossed out the second chapter 11 case that the healthcare giant filed in its ongoing effort to settle tens of thousands of lawsuits it faces from plaintiffs who say they were harmed by the company’s talc products.
Walmart
(WMT) paid $1.4 billion to buy Tiger Global’s remaining stake in Flipkart, the Indian e-commerce giant, The Wall Street Journal reported.
In recent days, Walmart bought the remaining shares of Flipkart owned by Tiger Global, according to a letter that hedge-fund Tiger Global sent to its investors that was reviewed by the Journal.
Walmart
paid $16 billion for a 77% stake in the privately held Flipkart in 2018, but recently its stake stood at about 75%, according to the Journal. The transaction values Flipkart at $35 billion, down from $38 billion when Flipkart sold shares in 2021. Walmart shares dipped 0.2% in premarket trading.
Chevron
(CVX) was upgraded to Buy from Neutral at
Goldman Sachs
with a price target of $187.
Chevron
last week reported second-quarter earnings of $6 billion, down from a quarterly profit record of $11.6 billion in the same period a year earlier. The stock rose 1.7% to $161.51.
American depositary receipts of
XPeng
(XPEV) were falling 4.7% to $22.30 after the Chinese electric-vehicle maker was downgraded to Neutral from Buy at
UBS
with a price target of $23, but was upgraded to Neutral from Underweight at
J.P. Morgan.
Jefferies upgraded
XPeng
to Buy from Hold on Friday.
Wayfair
(W) was upgraded to Overweight from Neutral at
Piper Sandler
with a price target of $97, up from $35. The stock was rising 4.8% in premarket trading to $76.56.
Earnings reports are expected Monday from
Arista Networks
(ANET),
ON Semiconductor
(ON),
Western Digital
(WDC),
ZoomInfo Technologies
(ZI), and
SoFi Technologies
(SOFI), which is forecast by Wall Street to post a first-quarter loss of 7 cents a share on revenue of $474 million.
SoFi
shares were up 7.1% in premarket trading.
Reports are expected Tuesday from
Advanced Micro Devices
(AMD),
Caterpillar
(CAT),
Pfizer
(PFE), and
Starbucks
(SBUX); Wednesday will see earnings from
CVS Health
(CVS),
PayPal
(PYPL), and
Qualcomm
(QCOM);
Apple
(AAPL),
Amazon.com
(AMZN), and
Alibaba
(BABA) are scheduled for Thursday.
Write to Joe Woelfel at [email protected]
Read the full article here
