Stocks were mixed Wednesday as investors digested an advance in U.S. inflation in August.
These stocks made moves Wednesday:
American Airlines (ticker: AAL) slid 5.7% after cutting guidance, prompted by higher labor costs following its pay agreement with pilots and elevated fuel prices.
Spirit Airlines
(SAVE) fell 6.3% after the airline reduced its third-quarter guidance, citing higher fuel prices and an increase in discounted flights booked through the pre-Thanksgiving travel window. Other airline stocks also fell, with
Delta Air Lines
(DAL) down 2.8% and
Southwest Airlines
(LUV) off 1.7%.
Moderna
(MRNA) rose 3.2% after the vaccine maker released positive results from a late-stage trial of an mRNA flu vaccine and noted strides made in investigational treatments for cancer and latent, rare, and infectious diseases.
Ford
(F) rose 1.5% to $12.64, and
General Motors
(GM) rose 0.6% to $33.66.
UBS
initiated coverage of Ford with a Buy rating and price target of $15, while the analysts upgraded General Motors to Buy from Neutral and raised the price target to $44 from $41. The upgrades come as the United Auto Workers and the “Detroit Three” auto makers, including
Stellantis
(STLA), are running out of time to negotiate a new labor contract before the deadline Thursday at 11:59 p.m. UBS said four weeks of a strike at each of the auto makers has been priced in.
American depositary receipts of
NIO
(
NIO
) declined 4.7%,
XPeng
(XPEV) was down 3.1%, and
Li Auto
(LI) fell 0.5% after European Commission President Ursula von der Leyen said an antisubsidy investigation would be launched into Chinese electric-vehicle makers.
Tesla
(TSLA), which holds a sizable share of the European EV market, rose 1.4%.
Rocket Pharmaceuticals
(RCKT) jumped 39% after the pharmaceutical company said it reached alignment with the Food and Drug Administration regarding its global Phase 2 trial for a treatment of Danon disease, a fatal genetic cardiac disease.
Citigroup
(C) was up 1.7% after the bank announced steps to streamline operations under Chief Executive Jane Fraser.
Apple
(AAPL) was down 1.2%, a day after declining 1.7% following the unveiling of its new iPhone lineup.
Write to Joe Woelfel at [email protected]
Read the full article here