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Stock Market Today: Treasury Yields Resume Their Climb
Tech stocks were a bright spot, with chip maker shares up ahead of Nvidia’s earnings.
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Marketwatch:
Palo Alto Networks (PANW): Shares rose more than 15%
Tesla (TSLA): The car maker's stock rose more than 4%.
Nikola (NKLA): Stock sank around 25%
Earthstone Energy (ESTE): Earthstone's gained nearly 15%.
Zoom (ZM): Set to post earnings after the close#stocks pic.twitter.com/UPPHrIrCSc— The_Journalbiz (@the_journalbiz) August 21, 2023
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Stocks to Watch Monday: Palo Alto Networks, Zoom, Tesla
Tech stocks were a bright spot, with chip maker shares up ahead of Nvidia’s earnings
Palo Alto Networks (PANW): Shares rose more than 15% in late morning trading after the cybersecurity firm’s earnings beat analysts’ estimates. The unusually timed Friday-night release had Wall Street worried but its better-than-expected results soothed the angst.
Tesla (TSLA): The car maker’s stock rose more than 4%. Tesla shares lost more than 11% last week, as the company released cheaper versions of some key U.S. models and cut some prices in China.
Nikola (NKLA): The automaker said it planned to sell up to $325 million of convertible bonds, and warned that it wasn’t sure when it would be able to restart production of battery-powered electric trucks after a recent recall. Nikola stock sank around 25% in late morning trading.
Permian Resources (PR), Earthstone Energy (ESTE): Permian agreed to buy Earthstone in an all-stock deal that values the rival oil-and-gas producer at about $4.5 billion including debt. Permian stock was up around 1%, while Earthstone’s gained nearly 15%.
Sculptor Capital Management (SCU): A group of high-profile investors including Boaz Weinstein and William Ackman made a rival offer for the hedge-fund firm, The Wall Street Journal reported. The sculptor had already agreed to a sale to real-estate investment firm Rithm Capital for about $639 million.
Zoom Video Communications (ZM): The video-conferencing company is among those set to post earnings after the close.
