Carnival, Lucid, PacWest, Tesla, Pfizer, and more stock market movers

Stocks mostly fell on Monday as traders kept an eye on developments in Europe after a brief revolt by mercenary forces in Russia, and waited for key economic data later in the week.

Carnival (CCL) fell 10% even after the cruise company reported a smaller-than-expected loss for the second quarter of the year amid “continued acceleration in demand.” Peers Royal Caribbean (RCL) and Norwegian Cruise Line Holdings (NCLH) fell 1.7% and 5%, respectively.

Lucid Group (stock ticker: LCID) rose 4.4% after it reached a supply agreement with British luxury carmaker Aston Martin to build high-performance electric vehicles. Under the agreement, Lucid will provide Aston Martin with “industry-leading electric vehicle technologies.” Aston Martin will issue 28.4 million new ordinary shares to Lucid, making Lucid a shareholder of approximately 3.7% in Aston Martin.

PacWest Bancorp (PACW) gained 6.1% after the regional bank said it agreed to sell a $3.5 billion portfolio of specialty financing loans to investment manager Ares Management (ARES).

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Tesla (TSLA) stock fell 4.8% to $244.28 after a Goldman Sachs analyst downgraded shares of the electric carmaker to Hold from Buy, raising the price target to $248 from $185.

Pfizer (PFE) fell 3.7% after the drug giant said it plans to push its oral candidate danuglipron toward late-stage development as a treatment for type 2 diabetes and obesity, but will stop developing a second candidate known as lotiglipron.

Alphabet (GOOGL) stock fell 2.9% to $118.76 after Google’s parent company was downgraded to Neutral from Buy by analysts at UBS. The price target has been raised to $132 from $123.

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Wolfspeed (WOLF) US expansion will be supported by up to $2 billion from a consortium of lenders led by Apollo Global Management
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Bloomberg reported, citing a statement I witnessed. The financing will provide $1.25 billion in cash immediately to chipmaker Wolfspeed
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While another $750 million can be withdrawn later. Wolfspeed stock rose 2.9%.

Moderna (MRNA) gained 1.8% to $120.60 after upgrading shares of the vaccine maker to Buy from Neutral at UBS. UBS cut its price target for the stock to $191 from $221.

Sherwin-Williams (SHW) stock rose 1.7% after the paint and coatings giant was upgraded to Outperform from Market Perform by analysts at BMO Capital.

Universal Business Machines

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IBM announced Monday that it will acquire software company Apptio for $4.6 billion. Apptio is owned by the private equity firm Vista Equity Partners. IBM shares rose 1.1%.

Write to Joe Woelfel at [email protected]

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