NIO, AT&T, 3M, Big Lots, Best Buy, Catalent and more stock movers

Stocks traded mostly higher on Tuesday as Wall Street awaited a deluge of economic data this week — including the monthly US jobs report — that will close out a tough month for stocks.

NIO (NIO) reported second-quarter results that were worse than expected and US-listed shares of the Chinese electric vehicle maker fell 7.4%.

AT&T (T) rose 3.1% to $14.66, while Verizon Communications (VZ) rose 2.8% to $34.49. The shares of both telecommunications giants were upgraded to Buy from Neutral at Citi
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AT&T’s price target remained unchanged at $17, while Verizon’s share price target was raised from $39 to $40.

3M (MMM) agreed to a $6 billion settlement to resolve claims it sold defective combat earplugs to the US military. The Wall Street Journal reported this weekend that 3M’s attorneys and plaintiffs were closing in on a $5.5 billion settlement. 3M shares were up 2% after Monday with a gain of 5.2%.

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Big Lots (BIG) rose 24% after the retailer reported a smaller-than-expected second-quarter adjusted loss.

Shares of Catalent (CTLT) rose 6.6% after the drugmaker reached an agreement with activist investor Elliott Investment to appoint four new independent board members. The company also provided solid revenue guidance for fiscal year 2024. Catalent was the


S&P500

Tuesday’s top. Shares of heavy truck maker Paccar (PCAR) were the worst, falling 3.8%.

Best Buy (BBY), the consumer electronics chain, reported second-quarter adjusted earnings that beat analysts’ expectations. The company said it expected demand for consumer electronics to pick up. Best Buy shares gained 5.9%.

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(HEI), a manufacturer of products for the aerospace, defense, medical, telecommunications and electronics industries, reported third-quarter earnings and revenue that beat analyst expectations, but operating margins fell from 22.6% a year earlier to 20.7% . The stock fell 4.5%.

Oracle (ORCL) rose 1.9% to $119.03 after analysts from UBS upgraded the software company’s stock rating to Buy from Neutral and raised its share price target from $120 to $140.

PDD Holdings (PDD), the parent company of e-commerce sites Pinduoduo and Temu, reported second-quarter adjusted earnings that beat analysts’ expectations and its stock rose 19%.

Write to Joe Woelfel at joseph.woelfel@barrons.com

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