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Market Update: Stocks, Oil and Automotive Industry


The S&P 500 registered its worst weekly performance since March as it declined 1.4% last week. On Monday, stock futures were mildly falling despite optimism in the market.

Following a chaotic weekend in Russia, oil prices remained steady.

Lucid Group (LCID)

Lucid Group, the electric vehicle manufacturer, had a profitable day after reaching an agreement with Aston Martin, the British luxury car maker, to construct ultra-luxury high-performance electric vehicles. Lucid will provide Aston Martin with “industry-leading electric vehicle technologies.” Aston Martin will issue Lucid with 28.4 million new ordinary shares, which will make Lucid a shareholder of around 3.7% in Aston Martin. As a result of the announcement, Lucid Group’s shares rose by 6.6%.

Tesla (TSLA)

Meanwhile, shares of Tesla (TSLA) have been steadily rising since the beginning of the year. However, Goldman Sachs has downgraded them to Neutral from Buy following the sharp rally. Despite this update, the price target has been raised to $248 from $185 by the Fly. As a result, Tesla shares saw a small decline of 2.1% in premarket trading on Monday.

Alphabet (GOOGL)

Alphabet Inc., the parent company of Google, was downgraded to Neutral from Buy by analysts at UBS. However, the target price was raised to $132 from $123 despite Alphabet’s 1.7% decline in premarket trading on Monday.

The automotive and tech industries will remain a focus for investors as electric vehicles become increasingly popular and companies such as Lucid and Tesla continue to expand their influence.

Wolfspeed receives $2B in financing led by Apollo Global Management

Chip maker Wolfspeed’s expansion in the United States will receive up to $2 billion in financing led by Apollo Global Management, according to a statement seen by Bloomberg. The funding will give Wolfspeed immediate access to $1.25 billion in cash, with another $750 million available later. Shares in the company fell 0.4% in premarket trading.

IBM nears $5B acquisition of software firm Apptio

IBM is reportedly close to finalising a deal to acquire software firm Apptio for around $5 billion, according to sources close to the matter cited by the Wall Street Journal. Apptio is currently owned by private-equity firm Vista Equity Partners. IBM’s shares were down 0.3% in premarket trading.

Carnival to release Q2 earnings report

Cruise operator Carnival will release its fiscal second-quarter earnings report ahead of the financial markets opening on Monday. According to analysts surveyed by FactSet, the company is expected to report a quarterly loss of 34 cents per share on sales of $4.8 billion, which is double the figure from the same period last year. Shares in Carnival rose 0.8% in premarket trading.

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