PRISM Market Moves on Monday: Tesla Outperforms on Robotaxi News; Paramount and Kroger Drop

US equities are trading higher on Monday afternoon after a rally on Friday. Outperformers on Monday include EVs, led by Tesla ($TSLA), beauty, regional banks, semis, tobacco, airlines, and cruise lines. Dollar stores, homebuilders, biotech, drug stores, oil majors, refiners, casinos, healthcare services, and tech hardware are underperforming. Treasuries are weaker, the Dollar is narrowly mixed, Gold is up +0.1%, Bitcoin futures are up +7.0% and WTI crude is down (1.1%) after rallying 4.5% last week.

Outperformers on Monday are Model N ($MODN) which has gained +10.7% after the company announced it will be taken private by Vista Equity Partners for $30 a share in cash, or a ~11% premium to Friday’s close. GE Vernova ($GEV) is up +5.9% after the company was upgraded to overweight from Neutral at JPMorgan, and Tesla ($TSLA) has risen +4.4% after CEO, Elon Musk, said the company will reveal its Robotaxi product on August 8 2024.

The day’s decliners are Paramount Global ($PARA) which has dropped (5.1%) on reports claiming that terms are being discussed for a deal with Skydance Media, which could see controlling shareholder Shari Redstone receive more than $2 billion in cash, while nonvoting shares would get stock in a combined entity. Sphere Entertainment ($SPHR) has fallen (2.8%) after being downgraded to neutral from buy at Seaport Research Partners, and Kroger ($KR) is down (1.5%) after being downgraded to underperform from neutral at BNP Paribas. Analysts cited increasing competition in the grocery sector.

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PRISM Market Moves on Monday: Tesla Outperforms on Robotaxi News; Paramount and Kroger Drop

Catie Corcoran

Biotech Editor