Tesla (NASDAQ:TSLA) stock fell 1.4% after Goldman Sachs downgraded its stance on the EV manufacturer to ‘neutral’ from ‘buy’, citing a heightened valuation after a rally of over 100% since the start of the year, as well as a “difficult pricing environment for new vehicles.”
Alphabet (NASDAQ:GOOGL) stock fell 1.4% after UBS downgraded the Google parent to ‘neutral’ from ‘buy’, citing the perception of better risk-reward opportunities in other stocks, specifically Meta Platforms (NASDAQ:META) and Amazon (NASDAQ:AMZN).
Moderna (NASDAQ:MRNA) stock rose 2.4% after UBS upgraded the drug maker to ‘buy’ from ‘neutral’, saying the potential from its new vaccines is underappreciated.
IBM (NYSE:IBM) stock fell 0.2% after the WSJ reported that the tech giant is nearing a deal to acquire software company Apptio for about $5 billion.
Lucid Group (NASDAQ:LCID) stock rose 11% after Aston Martin signed a deal with the EV manufacturer, making cash payments totaling $232 million in exchange for battery-electric powertrain components.
PacWest Bancorp (NASDAQ:PACW) stock rose 6.9% after the regional lender agreed to sell its specialty finance loan portfolio to private-equity firm Ares Management (NYSE:ARES), generating $2B “to improve liquidity.”
Mercury Systems (NASDAQ:MRCY) stock fell 14.5% after JPMorgan downgraded the aerospace company to ‘neutral’ from ‘overweight’.