The Lucid Group (ticker: LCID) rose 7.7% after striking a supply agreement with British luxury carmaker Aston Martin to build high-performance electric vehicles. Under the terms of the agreement, Lucid will supply Aston Martin with “best-in-class electric vehicle technologies”. Aston Martin will issue 28.4 million new common shares to Lucid, giving Lucid an approximately 3.7% stake in Aston Martin.
PacWest Bancorp (PACW) rose 7.1% after the regional bank announced it had agreed to sell a $3.5 billion specialty finance loan portfolio to investment manager Ares Management (ARES).
Moderna (MRNA) is up 2.5% to $121.47 after the vaccine maker’s shares were upgraded to a “buy” from “neutral” by UBS. UBS lowered the stock’s price target to $191 from $221.
Advertisements – Scroll to continue
Tesla (TSLA) is down 1.8% to $252.01. Shares of the electric vehicle giant are up more than 108% this year and about 33% over the last month. Analysts at Goldman Sachs downgraded the stock to neutral from a buy following the stock’s rally. However, they increased their price target to $248 from $185.
Wolfspeed’s (WOLF) US expansion will be backed by up to $2 billion from a group of lenders led by Apollo Global Management, Bloomberg reported, citing a statement it has in its possession. The financing gives chipmaker Wolfspeed $1.25 billion in cash immediately, with an additional $750 million available to call at a later date. Wolfspeed shares are up 5.6% in premarket trading.
Carnival (CCL), the cruise operator, was scheduled to release its fiscal second quarter results ahead of the market on Monday. Analysts polled by FactSet expect Carnival to report a quarterly loss of 34 cents a share on sales of $4.8 billion, about double the year-ago figure. Carnival shares are up 2.2% in premarket trading.
alphabet
Advertisements – Scroll to continue
(GOOGL) is down 1% to $121.08 in premarket trading after Google’s parent company was downgraded to neutral from ‘buy’ by analysts at UBS. The price target was raised to $132 from $123.
International Business Machines (IBM) announced Monday that it will acquire software company Apptio for $4.6 billion. Apptio is owned by private equity firm Vista Equity Partners. IBM shares lost 0.3% in premarket trading.
Write to Joe Woelfel at [email protected]