By Joe Woelfel
Stocks were mostly higher Monday, kicking off December after both the S&P 500 and the Dow Jones Industrial Average finished last month in record territory.
These stocks were making moves Monday:
Intel was rising 2.1% after the chip maker announced CEO Pat Gelsinger retired from the chip maker and stepped down from the board, effective Dec. 1.
Super Micro Computer stock soared 14% after the server maker said it completed its investigation into accounting issues and found no evidence of fraud or misconduct by management. The stock fell 6.9% on Friday but finished November with a gain of more than 20%. Bridgewater Associates, the world's largest hedge fund by assets, added to its holdings of Super Micro in the third quarter, according to a filing with the Securities and Exchange Commission.
Tesla rose 2.9% to $355.32. The electric-vehicle maker over the weekend began rolling out version 13 of its highest-level driver assistance software, Full Self-Driving. The new version "upgrades every part of the end-to-end driving network," wrote Ashok Elluswamy, Tesla's vice president of AI software, in a tweet on Saturday. FSD updates are closely watched by investors. Tesla believes it's the product that ultimately will transform the millions of Tesla vehicles on roads into true self-driving cars. Stifel analyst Stephen Gengaro, meanwhile, raised his price target on the stock to $411 from $287 and maintained his Buy rating.
U.S-listed shares of XPeng rose 8.6% after the Chinese EV maker reported 30,895 vehicles in November, up 54% from a year earlier, and 29% from October. Li Auto was down 3.3% after posting deliveries last month of 48,740 vehicles, up 19% from a year earlier but down more than 5% from October. It was Li Auto's second straight sequential deliveries decline. NIO was up 2.6%. The company reported deliveries in November of 20,575 deliveries, up 29% from a year earlier but down 1.9% from October.
Stellantis declined 7.7% after CEO Carlos Tavares resigned, effective immediately. Shares of the Jeep maker have declined 43% this year. Wall Street has lowered earnings estimates for 2024 several times as the auto company had dealt with lower sales and bloated dealer inventories.
Nvidia rose 1.5%. Bridgewater sold 1.8 million shares to end the third quarter with 4.8 million shares in the leading maker of chips for artificial-intelligence applications. Meanwhile, the U.S. government announced fresh measures to restrict China's access to advanced semiconductor technology. Coming into Monday, Nvidia shares have risen 179% this year.
Upstart Holdings declined 10% to $70.70 after shares of the artificial-intelligence lending platform were downgraded to Underweight from Neutral at J.P. Morgan. Analysts raised the price target on the stock to $57 from $45. "We expect the third-party funding environment to improve in 2025, which appears to be more than priced in at current levels, with shares trading nine times forward sales," J.P. Morgan said in a research report.
Gap rose 4.3% after J.P. Morgan upgraded shares of the retailer to Overweight from Neutral. Earlier this month, Gap reported third-quarter earnings that topped analysts' expectations and raised guidance for the fiscal year.
Earnings reports are expected Monday from Zscaler and Credo Technology Group.
Reports are expected later in the week from Salesforce, Marvell Technology, Pure Storage, Okta, Box Inc., Synopsys, Hormel Foods, Dollar Tree, Chewy, Campbell's, SentinelOne, Kroger, Lululemon Athletica, Hewlett Packard Enterprise, Samsara, DocuSign, Ulta Beauty, and Dollar General.
Write to Joe Woelfel at joseph.woelfel@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
December 02, 2024 09:46 ET (14:46 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Comments