Shares of Tesla (ticker: TSLA) rose 9.8% to $272.81 after shares of the electric automaker were upgraded to buy from hold by Morgan Stanley analyst Adam Jonas, who also boosted his price target for the stock to a Wall Street high of $400 per share. , up from $250. The upgrade focuses on artificial intelligence, with Jonas writing that Tesla has “developed an advanced supercomputing architecture that pushes new boundaries in custom silicon and may put Tesla at an asymmetric advantage in a $10 trillion total addressable market.”
Qualcomm (QCOM) shares jumped 3.8% after the semiconductor company extended an agreement to make modem chips for Apple’s iPhones until 2026.
Disney (DIS) and Charter Communications (CHTR) have reached an agreement that will bring back popular channels including ESPN and ABC to the cable operator’s nearly 15 million subscribers. This brings to an end the power outage that lasted for more than a week. Disney shares rose 1.1%, while Charter shares jumped 3.6%.
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Carvana (CVNA) stock rose 6.8% after S&P Global Ratings raised its credit rating on the used car seller to CCC+ from D.
JM Smucker (SJM), the food company famous for its jams and jellies, has reached an agreement to buy Hostess Brands (TWNK) for about $5.6 billion, or $34.25 a share. The deal represented a roughly 54% premium to the stock’s closing price on Aug. 24, which was the last trading day before reports a deal could be reached. Hostess Brands rose 19% to $33.58. Smoker shares fell 6.6%.
RTX (RTX), the aerospace and defense company formally known as Raytheon Technologies
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Its shares fell 7.9% after sales guidance was cut due to “a rare condition in the metal powder used in the manufacture of certain engine parts.”
Kenvue (KVUE) rose 3.9% to $212.13. Shares of the company, which sells products such as Band-Aid, Listerine, Neutrogena and Tylenol, have been upgraded to Buy from Hold at Deutsche Bank.
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The price target remains unchanged at $27.
The newspaper reported that Meta Platforms (META), the parent company of Facebook and Instagram, is working on a new AI platform that aims to be as powerful as the most advanced model offered by OpenAI. Meta aims to have the new AI model ready next year, according to the magazine, which cited people familiar with the matter. Meta shares rose 3.3%.
Alibaba’s (BABA) American depositary receipts fell 1.1%. Hong Kong-listed Alibaba shares fell 3% after Daniel Chang, the former head of the e-commerce giant, stepped down as chairman and CEO of the cloud business unit. Alibaba is aiming for a public listing for its cloud unit, the company’s second largest business by revenue.
Shares of Apple (AAPL) rose 0.5% a day ahead of the tech giant’s annual fall launch event, dubbed “Wonderlust” this year. The event is expected to focus on the debut of the iPhone 15. The most notable change to the phone is likely to be the switch to the widely used standard USB-C port from Apple’s Lightning connectors.
Alphabet (GOOGL) rose 0.5% as the Justice Department will finally bring its three-year-old antitrust case against Google to trial starting Tuesday. The Department of Justice argues
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Alphabet Unit illegally monopolizes the Internet search market.
Write to Joe Woelfel at [email protected] and Emily Dattilo at [email protected]
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