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Tesla, Alphabet fall premarket; Moderna, Lucid Group rise

Published 06/26/2023, 08:10 PM
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Investing.com -- Stocks in focus in premarket trade on Monday, June 26th. Please refresh for updates.

  • Tesla (NASDAQ:TSLA) stock fell 1.4% after Goldman Sachs downgraded its stance on the EV manufacturer to ‘neutral’ from ‘buy’, citing a heightened valuation after a rally of over 100% since the start of the year, as well as a “difficult pricing environment for new vehicles.”

  • Alphabet (NASDAQ:GOOGL) stock fell 1.4% after UBS downgraded the Google parent to ‘neutral’ from ‘buy’, citing the perception of better risk-reward opportunities in other stocks, specifically Meta Platforms (NASDAQ:META) and Amazon (NASDAQ:AMZN).

  • Moderna (NASDAQ:MRNA) stock rose 2.4% after UBS upgraded the drug maker to ‘buy’ from ‘neutral’, saying the potential from its new vaccines is underappreciated.

  • IBM (NYSE:IBM) stock fell 0.2% after the WSJ reported that the tech giant is nearing a deal to acquire software company Apptio for about $5 billion.

  • Lucid Group (NASDAQ:LCID) stock rose 11% after Aston Martin signed a deal with the EV manufacturer, making cash payments totaling $232 million in exchange for battery-electric powertrain components.

  • PacWest Bancorp (NASDAQ:PACW) stock rose 6.9% after the regional lender agreed to sell its specialty finance loan portfolio to private-equity firm Ares Management (NYSE:ARES), generating $2B “to improve liquidity.”

  • Mercury Systems (NASDAQ:MRCY) stock fell 14.5% after JPMorgan downgraded the aerospace company to ‘neutral’ from ‘overweight’.

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