Investors are eagerly anticipating the release of U.S. inflation data later this week, particularly the consumer price index (CPI) and producer price index (PPI) readings. These crucial indicators are expected to influence the Federal Reserve's monetary policy decisions.
Tesla Upgraded to Buy, Price Target Raised to $400
Tesla (TSLA) saw a remarkable surge of 5.7%, reaching $262.73 per share. This increase came after Morgan Stanley analyst Adam Jonas upgraded the electric-vehicle maker's stock from Hold to Buy. Jonas also raised the stock's price target to a Wall Street high of $400. The upgrade highlighted Tesla's advancements in artificial intelligence, specifically their advanced supercomputing architecture. Jonas believes that Tesla's cutting-edge technology provides them with a significant edge in the $10 trillion total addressable market.
Alibaba ADRs Rise, Hong Kong Shares Decline After Executive Change
In premarket trading, American depositary receipts (ADRs) of Alibaba (BABA) experienced a slight increase. However, Hong Kong listed shares of the e-commerce giant declined by 2.7%. This decline followed the announcement that Daniel Zhang, former chairman and CEO of Alibaba's cloud business unit, had stepped down. Alibaba is currently working towards a public listing of its cloud unit, which happens to be the company's second-largest business in terms of revenue.
Stay tuned for more updates on these stocks as new developments unfold.
J.M. Smucker to Acquire Hostess Brands in $4 Billion Deal
J.M. Smucker (SJM) is reportedly close to finalizing a deal to acquire Hostess Brands (TWNK), the owner of Twinkies, for approximately $4 billion, as per The Wall Street Journal. While Hostess Brands' current market value is around $3.7 billion, this acquisition is expected to bolster Smucker's position in the market. This news has led to a 6.1% increase in Hostess Brands' premarket trading, while Smucker's shares remain inactive at this stage.
Apple's Annual Fall Launch Event "Wonderlust" Focuses on iPhone 15
Apple (AAPL) is preparing for its annual fall launch event, called "Wonderlust" this year, which is scheduled for tomorrow. In the spotlight of this event will be the highly anticipated debut of the iPhone 15. Apple enthusiasts can expect significant changes, including a transition from Apple's proprietary Lightning connectors to the widely adopted USB-C standard port.
Alphabet Faces Antitrust Trial Commencing Tuesday
Alphabet (GOOGL) witnessed a 0.5% rise in its stocks as the Department of Justice gears up to bring its three-year-old antitrust case against Google to trial this week, starting on Tuesday. The DOJ's argument centers around Alphabet's alleged illegal monopoly within the internet search market.
Upcoming Earnings Reports: Oracle, FuelCell Energy, Casey's General Stores, Skillsoft
Several companies are set to release their earnings reports this week. On Monday, Oracle (ORCL), FuelCell Energy (FCEL), Casey's General Stores (CASY), and Skillsoft (SKIL) are all expected to share their financial performance. Additionally, software company Adobe (ADBE) and home builder Lennar (LEN) will also be reporting their earnings later this week.
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