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Here are today’s trending companies:
Lucid Group – Lucid shares saw a 9% increase as the electric vehicle manufacturer announced a partnership with British luxury automaker Aston Martin to supply powertrain and battery systems.
WSFS Financial – Regional bank WSFS Financial saw a 4.4% increase in its stock value following an upgrade from D.A. Davidson, who noted that the bank may benefit from a long-lasting higher interest rate environment. This boost also positively impacted the SPDR S&P Regional Banking ETF (KRE), which saw a 2% increase in trading.
Pfizer – Pharmaceutical company Pfizer experienced a 4.5% decrease in its stock value as it announced the discontinuation of the development of its experimental obesity and diabetes drug, lotiglipron, due to elevated liver enzymes that could indicate liver damage. No participants reported any symptoms or side effects.
Carnival – Despite reporting a smaller-than-expected loss for its second quarter and sharing an optimistic outlook, cruise line company Carnival saw a significant 12% drop in its stock value. This decline comes as a surprise given the industry’s recovery from the Covid pandemic. Royal Caribbean and Norwegian Cruise Line also experienced decreases of around 3% and 6%, respectively.
Moderna – Moderna’s stock value rose by 2.5% during midday trading as UBS upgraded the pharmaceutical company to a buy rating from neutral. UBS believes that investors have not fully appreciated the potential of other vaccines developed by Moderna.
Alphabet – Shares of Alphabet, the parent company of Google, saw a decline of 1.8% as UBS downgraded the tech giant from buy to neutral. UBS suggests that Alphabet’s potential for growth is limited, and the shift towards artificial intelligence may negatively impact its financial results in the near future.
Tesla – Electric vehicle manufacturer Tesla experienced a 2.8% decrease in its stock value after Goldman Sachs downgraded it from buy to neutral. The downgrade was influenced by Tesla’s recent rally and the increasing competition in the electric vehicle market. This follows similar rating changes from Morgan Stanley and Barclays.
— Reporting contributed by CNBC’s Michelle Fox, Alex Harring, and Jesse Pound
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