Lucid, Tesla, PacWest, Moderna, Wolfspeed, and More Stock Market Movers

Lucid Group
(ticker: LCID) was rising 7.7% after it reached a supply agreement with Aston Martin, the British luxury car maker, to build high-performance electric vehicles. Under the agreement,
Lucid
will supply Aston Martin with “industry-leading electric-vehicle technologies.” Aston Martin will issue 28.4 million new ordinary shares to Lucid, making Lucid a shareholder of about 3.7% in Aston Martin.

PacWest Bancorp
(PACW) gained 7.1% after the regional bank said it agreed to sell a $3.5 billion specialty finance loan portfolio to investment manager
Ares Management
(
ARES
).

Moderna
(MRNA) gained 2.5% to $121.47 after shares of the vaccine maker were upgraded to Buy from Neutral at UBS. UBS reduced the price target on the stock to $191 from $221.

Tesla
(TSLA) was declining 1.8% to $252.01. Shares of the electric-vehicle giant have risen more than 108% this year, and about 33% over the past one month. Analysts at Goldman Sachs downgraded the stock to Neutral from Buy following the stock’s rally. They raised their price target, however, to $248 from $185.

Wolfspeed
‘s (WOLF) expansion in the U.S. will be supported with as much as $2 billion from a group of lenders led by
Apollo Global Management,
Bloomberg reported, citing a statement it has seen. The financing would make $1.25 billion of cash immediately available to chip maker
Wolfspeed,
while another $750 million can be drawn later. Wolfspeed shares rose 5.6% in premarket trading.

Carnival
(CCL), the cruise operator, has scheduled the release of fiscal second-quarter earnings for before stock markets open Monday. Analysts surveyed by FactSet expect Carnival to report a quarterly loss of 34 cents a share on sales of $4.8 billion, roughly double from a year earlier. Carnival shares rose 2.2% in premarket trading.

Alphabet
(GOOGL) declined 1% in premarket trading to $121.08 after the parent company of Google was downgraded to Neutral from Buy by analysts at UBS. The target price was raised to $132 from $123.

International Business Machines
(IBM) announced Monday it will acquire software company Apptio for $4.6 billion. Apptio is owned by private-equity firm Vista Equity Partners. IBM shares were down 0.3% in premarket trading.

Write to Joe Woelfel at [email protected]