Stocks traded higher Monday as Wall Street kicked off an abbreviated Thanksgiving holiday trading week following three-straight weeks of gains that have been fueled by bets the Federal Reserve is finished raising interest rates.
Microsoft
(MSFT) CEO Satya Nadella said Sam Altman, the ousted chief executive at OpenAI, would be joining the technology company to lead a new advanced AI research team. Greg Brockman, OpenAI’s president who resigned Friday following Altman’s dismissal, also will be hired as part of the
Microsoft
team, Nadella said. Microsoft shares were rising 2.1%. Microsoft is the largest investor in OpenAI.
Boeing
(BA) was rising 4.9% to $218.25 after shares of the airplane maker were upgraded to Buy from Hold at
Deutsche Bank
,
and the price target was raised to $270 from $204.
Bristol Myers Squibb
(BMY) was falling 4.1% and
2seventy bio
(TSVT) was down 18% after the Food and Drug Administration pushed back a decision on the approval of earlier use of the Abecma gene therapy.
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Penn Entertainment
(PENN) was upgraded to Buy from Neutral at BofA Global Research and the price target was raised to $30 from $27. Analyst Shaun Kelley cited positive download data for sports-gambling service ESPN Bet. The stock rose 7% to $26.28.
Arm Holdings
(ARM) was rising 6% to $58.27. Wells Fargo analyst Gary Mobley initiated coverage of Arm with an Overweight rating and $70 price target.
U.S.-listed shares of
YPF
(YPF), Argentina’s main oil company, were surging 39% after Javier Milei won the country’s presidency
General Motors
(GM) shares were up 1.9% after the United Auto Workers announced the ratification of new labor deals at GM,
Ford
(F), and
Stellantis
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(STLA). Separately, Kyle Vogt, CEO of Cruise, GM’s self-driving technology and taxi business, resigned. Vogt’s resignation follows a Cruise accident in early October that ultimately ended with the suspension of the company’s license to operate self-driving taxis in California.
Zoom Video Communications
(ZM) is expected by analysts to report third-quarter earnings of $1.08 a share on revenue of $1.12 billion. Zoom Video, which saw tremendous growth during the Covid-19 pandemic, has been seeking to grow by moving beyond its flagship web meeting service. The company, however, likely will post its sixth-straight quarter of single-digit revenue growth. Zoom Video reports earnings after the closing bell Monday. The stock was up 2% ahead of the report.
Earnings reports are also expected Monday from
Agilent Technologies
(A),
Keysight Technologies
(KEYS), and
Trip.com
(TCOM).
The earnings highlight this week will be the fiscal third-quarter earnings report from
Nvidia
(NVDA). The stock rose 1.2%.
Iovance Biotherapeutics
(IOVA) was rising 7.3% to $5.42 after
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Goldman Sachs
initiated coverage on shares of the biotech cancer-treatment developer with a Buy rating and price target of $12.
Chegg
(CHGG) was downgraded to Underweight from Equal Weight at
Morgan Stanley
,
and the stock fell 5%.
Dutch Bros
(BROS) was rising 2.4% after shares of the coffee chain were upgraded to Overweight from Neutral at
J.P. Morgan
.
Krispy Kreme
(DNUT) fell 1.8% as the doughnut company was downgraded to Neutral from Overweight at J.P. Morgan.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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