Movers & Shakers: Tesla, Ford and WeWork shares fall, Netflix’s stock gains, and other stocks on the move

by | Oct 3, 2023 | Stock Market

Here are some of the bigger, more active movers on Tuesday: Stock gainers: Netflix Inc.’s stock
rose 0.6% toward a third-straight gain, after the video-streaming giant is planning to raise the price of its ad-free service once the current actors strike ends, as The Wall Street Journal reported.

HP Inc. shares HPQ rose 2% after the provider of personal computing devices’ stock was double upgraded, to buy from underperform, at BofA Securities, which cited attractive valuation and expectations that free cash flow will bottom this year, which could lead to the resumption of capital returns to shareholders. Shares of ALX Oncology Holdings Inc.
soared 48% after the company said it would discuss interim Phase 2 trial results on a call Tuesday. Vericity Inc. shares
nearly doubled, enough to pace the Nasdaq exchange’s gainers, after the insurance services company announced an agreement to be acquired by Canada-based iA Financial Corp.
for $11.40 a share in cash, which represented a 101% premium over Monday’s closing price. Point Biopharma Global Inc.’s stock
shot up 85%, and was the Nasdaq’s second-biggest gainer, after the cancer treatment company announced an agreement to be bought by drug giant Eli Lilly & Co.
in a deal valued at about $1.4 billion. Eli Lilly’s stock fell 3%. Stock decliners: Tesla Inc. shares
dropped more than 3% after a downbeat research note from a long-time bearish analyst, who sees a problem with the outlook for the electric vehicle giant’s profitability outlook following a disappointing deliveries report. Separately, the EV company launched a less expensive, rear-wheel-drive version of its bestselling Model Y crossover SUV in the U.S. on Monday night. Shares of Ford Motor Co.
fell 1.5% and of General Motors Co.
gave up 2.6%, after the automakers furloughed more employees, as part of the knock-on effect of the strike by United Auto Workers. Shares of WeWork Inc.
tumbled 23% toward a record low after the provider of co-working office space said it would miss interest payments so it could continue talks with its lenders. McCormick & Co. Inc.’s stock
sank 9%, enough to pace the S&P 500 index’s decliners, after the spice and flavors company reported fiscal third-quarter profit that matched expectations but sales that came up short, citing a slower-than-expected recovery in China. Airbnb Inc. shares
slumped nearly 6% toward a five-week low after the vacation rental platform was downgraded at KeyBanc Capital, citing expectations of a pullback in leisure travel.

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