Stocks declined Monday and oil prices surged following Hamas’s surprise attack on Israel over the weekend. Bond markets in the U.S. were closed for Columbus Day.
These stocks were making moves Monday:
Exxon Mobil
(XOM) rose 3.2%,
Chevron
(CVX) gained 2.5%,
ConocoPhillips
(COP) rose 4.3%, and U.S.-listed shares of
Shell
(SHEL) were up 2% after the jump in oil prices. Futures for West Texas Intermediate crude, the U.S. benchmark, were rising 3.7% to $85.83 a barrel. Traders were watching how the conflict affects oil production in the Middle East.
Lockheed Martin
(LMT) rose 7.9% and shares of other defense companies such as RTX Corp. (RTX), up 4.2%, and Northrop Grumman (NOC), up 8.5%, also traded higher following Israel’s war with Hamas. Separately,
Lockheed
‘s board on Friday approved the expansion of Lockheed’s stock repurchase program by $6 billion, and the company raised its quarterly dividend to $3.15 a share from $3.
Delta Air Lines
(DAL) fell 5.2%,
American Airlines
(AAL) was down 5.1%, and
United Airlines
(UAL) declined 4.9% as the carriers halted flights to and from Israel after weekend attacks from Gaza, with terror group Hamas directly threatening Ben Gurion Airport.
Shares of
Mirati Therapeutics
(MRTX) fell 5.5% to $56.87 after the oncology developer reached an agreement to be acquired by
Bristol Myers Squibb
(BMY) for $58 a share in cash. Mirati shares closed Friday at $60.20. Under terms of the deal, valued at up to $5.8 billion, Mirati stockholders also will receive one non-tradeable contingent value right per share, potentially worth $12 a share in cash. Bristol Myers rose 0.5%.
Walt Disney
(DIS) rose 1.1%. The Wall Street Journal reported that Nelson Peltz’s Trian Fund Management was pushing for multiple seats on the board of the entertainment giant. Peltz himself will be seeking a seat, the Journal reported, citing people familiar with the matter. Trian is one of Disney’s largest investors with a stake worth upward of $2.5 billion. Disney shares have fallen 4.5% this year.
Alnylam Pharmaceuticals
(ALNY) fell 5.5% after the company said it would no longer pursue an expanded indication for patisiran as a treatment for the cardiomyopathy of transthyretin-mediated (ATTR) amyloidosis after the Food and Drug Administration issued a so-called complete response letter.
Spotify Technology
(SPOT) was down 3.7% to $154.45 after analysts at Redburn Atlantic downgraded the stock to Neutral from Buy and reduced their price target to $160 from $170.
Arm Holdings
(ARM) was up 1% to $54.62 after a number of Wall Street firms initiated coverage on the stock with Buy recommendations. “Arm … is successfully leveraging its significant developer ecosystem (15 million+ software developers) and near 100% market share in smartphones to move into the automotive, industrial/IoT, and datacenter segments of the market,” wrote J.P. Morgan analyst Harlan Sur in a research note. The analyst began coverage on Arm with an Overweight rating and price target of $70.
SolarEdge Technologies
(SEDG) was down 2.6%. A Barclay analyst last week predicted continued hard times for the maker of solar inverters and downgraded the stock to Equal Weight from Overweight.
Write to Joe Woelfel at [email protected]
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