Wall Street’s gains last week were the best of the year. (NYSE)
Stocks eked out gains on Monday after Wall Street posted its best week of the year on the increasing belief that the Federal Reserve is finished with hiking interest rates.
These stocks made moves Monday:
Dish Network
(DISH) reported a third-quarter loss of 26 cents a share, a swing from year-earlier profit of 65 cents. Analysts had been expecting a profit of 11 cents a share in the latest third quarter.
Dish
said net pay-TV subscribers fell about 64,000 in the period, while retail wireless net subscribers decreased by about 225,000. The company also announced that its CEO was stepping down. The stock sank 37%.
Paramount Global
(PARA) fell 7.8% to $12.69 after analysts at BofA Securities downgraded the stock to Underperform from Buy, and cut their price target to $9 from $32. Analyst Jessica Reif Ehrlich said her previous bullish view on the stock came with the assumption that Paramount would sell some of its assets. However, despite receiving bids for assets like Showtime and BET Media Group, it doesn’t look like sales will be coming anytime soon, she said.
SolarEdge Technologies
(SEDG) was downgraded to Hold from Buy at
HSBC
and the stock’s target price was slashed to $80 from $243. Shares of the solar stock declined 5.1% to $71.77.
Tesla
(TSLA) dipped 0.3% after rising earlier in the session. Reports from Germany have said the electric-vehicle maker was prepping a car that will be priced around €25,000, or $27,000. Also, the company is raising pay for factory workers at Tesla’s Gigafactory on the outskirts of Berlin. Tesla has been under pressure from Germany’s IG Metall union, which is trying to organize the plant and get Tesla to agree to a union contract, The Wall Street Journal reported.
Berkshire Hathaway
‘s (BRK.B) third-quarter operating earnings surged 40% to a record $10.8 billion after taxes. The conglomerate headed by Warren Buffett saw sharply higher insurance underwriting profits and increased investment income on its huge cash holdings.
Berkshire Hathaway
held $157 billion of cash and investments at the end of the third quarter, a record. Berkshire Hathaway’s class B shares fell 1.5%.
BioNTech
(BNTX) reported a profit of €0.67 a share vs. expectations that called for a loss. Revenue fell in the period but also topped Wall Street forecasts.
BioNTech
said it expects full-year Covid-related revenue of about €4 billion, down from prior guidance of €5 billion. U.S.-listed shares of BioNTech rose 4.1%.
Bumble
(BMBL) fell 4.4% after the company, which operates the dating apps
Bumble
and Badoo, said in a filing that CEO Whitney Wolfe Herd was stepping down and would be replaced by Lidiane Jones, the chief executive of Slack Technologies.
Albemarle
(ALB) fell 6.7% after shares of the lithium miner were downgraded to Neutral from Buy at UBS.
Freshpet
(FRPT) rose 17% after the pet-food company reported a narrower-than-expected third-quarter loss and raised its revenue outlook for the year.
Booking Holdings
(BKNG) rose 3.9% to $2,971.43 after shares of the travel website were upgraded to Buy from Neutral at D.A. Davidson. The target price for the stock was left unchanged at $3,400.
Write to Joe Woelfel at [email protected]
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