Stocks were rising Monday, extending gains after the
S&P 500
closed Friday at an all-time high.
These stocks were making moves Monday:
Archer Daniels Midland
was down 17% after the agriculture company placed its chief financial officer, Vikram Luther, under administrative leave pending an investigation by outside counsel for the company and the board’s audit committee “regarding certain accounting practices and procedures with respect to ADM’s Nutrition reporting segment.” The company said it was responding to a voluntary document request from the Securities and Exchange Commission.
NuStar Energy,
the liquids terminal and pipeline operator, jumped 13% to $20.40 after
Sunoco
agreed to buy the company for $7.3 billion, including debt. Under terms of the deal, NuStar was valued at about $23.78. NuStar closed Friday at $18.03. Sunoco traded down 8.8% on Monday.
Gilead Sciences
was falling 9.7% after a Phase 3 trial of Trodelvy in previously treated metastatic non-small cell lung cancer patients didn’t meet its primary endpoint of improved overall survival.
Spirit Airlines
and
JetBlue Airways
said they would appeal a federal judge’s decision that blocked the $3.8 billion merger of the airlines. The airlines said the process was “consistent with the requirements of the merger agreement.” Spirit shares were rising 3.4%. They jumped 17% on Friday after the budget carrier tried to reassure investors with an update that said it expects fourth-quarter revenue at the high end of its initial guidance and that bookings over the holiday period were strong. JetBlue was up 1.1%.
SolarEdge Technologies
announced Sunday that it was cutting about 16% of its global workforce, or roughly 900 employees. “We have made a very difficult, but necessary decision to implement a workforce reduction and other cost-cutting measures in order to align our cost structure with the rapidly changing market dynamics,” said CEO Zvi Lando said in a statement. Shares of the Israel-based solar equipment maker have dropped 26% this year and 77% over the past 12 months. In early November, the company issued a weak revenue outlook, citing a slump in demand. The stock rose 5.2%.
Western Digital
rose 5% to $57.49 after
Morgan Stanley
named the stock as its top pick in semiconductors, replacing
Nvidia.
Morgan Stanley raised its price target on
Western Digital
to $73 from $52 and maintained an Overweight rating on the shares
Macy’s
rejected an unsolicited bid to take the department-store retailer private from Arkhouse Management and Brigade Capital Management. In a statement,
Macy’s
said the bidders failed to address the board’s concerns regarding financing the $5.8 billion deal, adding that there was “the lack of compelling value” in the non-binding proposal from Arkhouse and Brigade Capital. Arkhouse threatened to “pursue all necessary steps,” including taking its offer directly to shareholders. Macy’s rose 3.2%.
Boeing
fell 0.5% after the Federal Aviation Administration recommended airlines visually inspect
Boeing
737-900ER aircraft because the jet has the same door plug design as the one that blew out of an Alaska Airlines 737 MAX 9 flight earlier this month. “The Boeing 737-900ER is not part of the newer MAX fleet but has the same door plug design,” the FAA said in a statement.
Earnings reports are expected Monday after the stock market closes from
United Airlines
and
Logitech.
Reports are expected later in the week from
Johnson & Johnson,
Procter & Gamble,
Netflix,
Verizon,
General Electric,
Lockheed Martin,
Tesla,
AT&T,
International Business Machines,
Texas Instruments,
Comcast,
Visa,
American Airlines,
Southwest Airlines,
Intel,
and
American Express.
Write to Joe Woelfel at [email protected]
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