Monday, 2 October 2023

Business News

Marathon, Tesla, Moderna and more

Marathon, Tesla, Moderna and more

In an aerial view, the Valero Houston refinery is seen on August 28, 2023 in Houston, Texas.

Brandon Bell | Getty Images

Check out the companies making headlines in midday trading.

Oil stocks — Petroleum refiners Valero Energy and Marathon Petroleum gained 1.4% and 1.5%, respectively, as West Texas Intermediate and Brent crude prices reached their highest levels since November, 2022. The oil services ETF and S&P 500 Energy Index both rose 1%.

Arm Holdings — Shares declined 7.4% on the back of the company’s blockbuster Nasdaq debut Thursday, when it surged nearly 25%. Bernstein initiated coverage of the chip designer with an underperform rating on Monday, saying it’s “too early” to name Arm an AI winner. Needham initiated coverage of the chip designer with a hold rating on Friday, saying Arm’s valuation looks “full” in a post-smartphone era.

Moderna — The pharmaceutical company lost more than 8% Monday, making it the biggest decliner in the S&P 500. Co-founder and board chairman Noubar Afeyan sold 15,000 shares for approximately $1.64 million, according to a Securities and Exchange Commission filing. Pharmaceutical peer Pfizer said in a press conference Monday that it expects a 24% vaccination rate for Covid-19 shots in the U.S. this year. Moderna’s updated Covid vaccines have been approved in both the U.S. and the U.K.  

Tesla — Shares of the electric vehicle maker slipped 3% after Goldman Sachs lowered its earnings estimate. Analyst Mark Delaney cited the potential for further price cuts and lower margins as reasons for the reduction.

PayPal — The payment platform slipped 1.5% following a downgrade to market perform from outperform by MoffetNathanson. The firm said PayP still faces challenges as a new CEO takes the helm.

Ralph Lauren — The luxury retailer saw its shares rise 0.7% after Guggenheim upgraded the stock to buy from neutral. The Wall Street firm said Ralph Lauren’s earnings are set to benefit from several cyclical tailwinds, including clean inventories, lower freight expenses and lower cotton cost, adding that the recent pullback has provided an attractive entry point.

Enphase Energy — Shares lost 2.6% after Citi lowered its price target on shares to $170 from $209 while keeping its buy rating. The new price target implies 41% upside from Friday’s close.

Tenable Holdings — Shares gained 2.6% after TD Cowen initiated coverage of the cybersecurity stock with an outperform rating. Cowen said Tenable appears well positioned to benefit…

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