Stocks traded higher Friday after hiring in the U.S. eased in June, with companies adding 209,000 jobs during the month.
These stocks were making moves Friday:
Rivian Automotive
(ticker: RIVN) was rising 17% to $25.37 after the price target on shares of the electric-vehicles maker was raised to $30 from $25 at Wedbush. A close higher would give Rivian its eighth-straight session of gains.
Tesla
(TSLA) rose 0.9% to $278.98. The stock’s price target was raised to $300 from $230 at
Mizuho.
Separately,
Tesla
said it would offer EV buyers in China a cash rebate if they could show a referral from an existing owner, a sign of continuing competition in the Chinese EV market.
American depositary receipts of
Alibaba
(BABA) were rising 8.9% after Chinese authorities fined Ant Group almost $1 billion.
Alibaba
owns a third of the fintech company. The fine will put to bed a probe of Ant and will allow the company to seek a financial holding company license, and eventually conduct an initial public offering. An IPO effort in 2020 was scrapped following a clampdown by Chinese regulators.
Levi Strauss
(LEVI), the jeans maker, cut its revenue outlook for the fiscal year and the stock was tumbling 6.7%.
Levi Strauss
said it now expects sales growth of between 1.5% to 2.5%, down from its prior forecast of 1.5% to 3%. Adjusted earnings, the company estimated, would be $1.10 to $1.20 a share, below a previous range of $1.30 to $1.40.
First Solar
(FSLR) gained 4.9% after the solar company said it entered a five-year revolving credit and guarantee facility for $1 billion.
Leqembi, the Alzheimer’s treatment developed by
Biogen
(BIIB) and partner
Eisai,
was granted full approval from the Food and Drug Administration. The Centers for Medicare and Medicaid Services previously has said it would cover much of the cost of Leqembi—the yearly list price of the drug is $26,500—for patients if it received full approval from the FDA. Shares fell 2.8%.
Newmont
(NEM) rose 1.8%. Shares of the gold producer were upgraded to Overweight from Equal Weight at
Barclays.
Same-store sales at
Costco
(COST) in June declined by 1.4%. The warehouse retailer estimated that a drop in gasoline prices dragged down total-store comparable sales by 4 percentage points. Not counting moves in gasoline prices and foreign-exchange rates, same-store sales in June rose by 3%. The stock fell 1.3%.
Williams-Sonoma
(WSM) fell 1.3% after the home goods retailer was downgraded to Underweight from Equal Weight at Barclays.
Paramount Global
(PARA) rose 1.3% to $16.69 even after the stock was downgraded to Underperform from Peer Perform with a $14 price target at Wolfe Research.
Warner Bros. Discovery
(WBD) rose 0.9%. It was downgraded by Wolfe to Peer Perform from Outperform.
Write to Joe Woelfel at [email protected]
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