Tesla, Apple Rise After Stock Split, Philips Falls

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A Tesla logo is painted on a wall inside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson

Tesla jumped 1.0% and Apple (NASDAQ: AAPL) rose 0.8%. The two companies are preparing for the first trading session after share divisions. The purpose of the splits was to make it easier for small investors to buy shares.

AT&T gained 1.1%. The Wall Street Journal reported that it is conducting preliminary negotiations that may end with the sale of the low-performing DirecTV unit. DirecTV rival Dish Network climbed 5.8% on the same story.

Philips ADRs fell 2.1%. The company said the US government has canceled the contract to buy at least 43,000 medical respirators, stating that the need for national stockpiling has decreased. The company has delivered around 12,000 devices since the contract was signed in April.

General Electric lost 1.2%. JPMorgan (NYSE: JPM) analyst Stephen Tusa suspended the price target for the stock, citing the lack of transparency in the current outlook. Tusa’s latest report set the fair value of the stock at less than $ 5, pointing to a price at least 25% below the current price.

Beyond Meat climbed 2.0%. Citigroup analysts raised its rating from “sell” to “neutral.” The stock is now about 50% below its 2019 peak price, but has been mainly cautious since May.

GameStop rose 11.3%, trading at nearly three-month high. RC Ventures announced that it acquired a 9% stake in the video game retailer.

Microsoft (NASDAQ: MSFT) dropped 2.0% and Oracle 2.8%. By introducing new restrictions on artificial intelligence software exports, China has made it difficult to press the US to sell its video application TikTok to a US buyer. Walmart stock fell 2.5% after rising on news that TikTok will partner with Microsoft in buying US assets.

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