Stock futures traded higher Monday as investors looked ahead to U.S. inflation data later in the week and pondered what influence the consumer price index and producer price index readings will have on monetary policy from the Federal Reserve.
(TSLA) rose 5.7% to $262.66 after shares of the electric-vehicle maker were upgraded to Buy from Hold by Morgan Stanley analyst Adam Jonas, who also boosted the stock’s price target to a Wall Street high of $400 a share, up from $250. The upgrade centers around artificial intelligence with Jonas writing that
“has developed an advanced supercomputing architecture that pushes new boundaries in custom silicon and may put Tesla at an asymmetric advantage in a $10 trillion total addressable market.”
American depositary receipts of
(BABA) edged up 0.3% in premarket trading. Hong-Kong listed shares of
declined 2.7% after Daniel Zhang, former chairman of the e-commerce giant, stepped down as chairman and chief executive of its cloud business unit. Alibaba is aiming for a public listing of its cloud unit, the company’s second-largest business by revenue.
(
) is nearing a deal to acquire Twinkies owner
(TWNK) for about $4 billion, The Wall Street Journal reported, citing people familiar with the matter. Hostess Brands’ value currently stands at about $3.7 billion. Hostess Brands was up 6.7% in premarket trading. Smucker shares were inactive in the premarket session.
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(AAPL) shares were up 0.7% in premarket trading, a day before the tech giant’s annual fall launch event, dubbed “Wonderlust” this year. The event is expected to focus on the debut of the iPhone 15. The most notable change to the phone likely will be a shift to the widely used USB-C standard port from
Apple
’s
proprietary Lightning connectors.
(GOOGL) rose 0.3% as the Department of Justice finally will bring its three-year-old antitrust case against Google to trial beginning Tuesday. The DOJ argues that the
unit has an illegal monopoly in the internet search market.
(META), the parent company of Facebook and Instagram, is working on a new artificial-intelligence system intended to be as powerful as the most advanced model offered by OpenAI, the Journal reported. Meta aims for the new AI model to be ready next year, according to the Journal, which cited people familiar with the matter. Meta shares rose 0.7%.
Earnings reports are expected Monday from
(ORCL),
(FCEL),
(CASY), and
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(SKIL).
Software company
(ADBE) reports earnings later this week as does home builder
(LEN).
Write to Joe Woelfel at joseph.woelfel@barrons.com
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Read More: Tesla, Alibaba, Hostess Brands, Apple, Oracle, and More Stock Market Movers
