Redburn Atlantic lowered the major streaming service from buy to neutral, causing shares of the company to drop 2.5%. While concurrently fueling competition from Amazon, the company claimed that Spotify’s new audiobook offer doesn’t fit into its initial expectation for margin expansion.
— Zscaler Shares of the cloud security provider increased 4.2% after Barclays upgraded the company to an overweight rating. Analyst Saket Kalia pointed to the secure access service edge, or SASE, cybersecurity market as a driving force.
Therapeutics Mirati After Bristol Myers Squibb announced an agreement to acquire Mirati for $48 per share plus a contingent value right of up to $12 per share, shares of the cancer medicine business dropped more than 5%. Shares of Mirati closed at $60.20.
Tesla
— The automaker’s stock dropped 2.3% on Monday when it was revealed that, according to data from the China Passenger Car Association, its year-over-year sales in China dropped by 10.9% in the previous month.
Taking a Wait
— The sneaker manufacturer increased more than 1% after Baird changed the stock’s rating from neutral to outperform. The company claimed that On’s recent investor day strengthened its belief in the brand’s health and anticipated three-year growth pipeline.
Wireless Solutions
After Bank of America began the stock with a buy recommendation, Motorola increased 3.3%. The bank noted healthy growth, a stable order pipeline, and significant pricing power.
Datadog — Datadog fell 3.6% as Bank of America downgraded the cloud company from buy to neutral, citing the possibility of declining demand-checked revenue.
Oil stocks – Following the weekend escalation of the Israel-Hamas conflict, energy stocks jumped. Shares of Halliburton, CF Industries, and Hess each saw gains of 5%, 6.5%, and 6.5%, respectively.
Defense stocks – Like the oil sector, the defense stocks rose as a result of the intensifying hostilities between Israel and Palestine. General Dynamics, L3Harris Technologies, and Northrop Grumman all saw increases of 10.8%, 9.1%, and 8.4%, respectively.
Aviation stocks In general, airline names dropped after a number of big carriers stopped flying to Israel after this past weekend’s incidents. American Airlines lost 5.3%, Delta Air Lines dropped 4.5%, and United Airlines fell 5.3%.
