Stocks closed 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.
These stocks made moves Monday:
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 rose 2.1%. Microsoft is the largest investor in OpenAI.
Boeing
(BA) rose 4.7% to $217.71 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) fell 3.8% 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.
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 6.8% to $26.25.
Arm Holdings
(ARM) was rising 6.7% to $58.68. 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, surged 40% after Javier Milei won the country’s presidency.
General Motors
(GM) shares were up 1.8% after the United Auto Workers announced the ratification of new labor deals at GM,
Ford
(F), and
Stellantis
(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) stock was up 2.9% ahead of its latest earnings report. The stock surged 6.1% in after-hours trading when the firm reported third-quarter non-GAAP earnings of $1.29 a share and revenue of $1.14 billion.
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 2.3%.
Iovance Biotherapeutics
(IOVA) rose 8.7% to $5.49 after
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 6.2%.
Dutch Bros
(BROS) rose 3.5% after shares of the coffee chain were upgraded to Overweight from Neutral at
J.P. Morgan.
Krispy Kreme
(DNUT) fell 1.3% 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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