Stocks fell Monday, pressured by a weaker-than-expected reading on U.S. manufacturing. Wall Street kicked off the session and second half of 2024 with the three major stock indexes near record highs.
was up 5.2% to $208.18 after shares of the electric-vehicle maker crossed $200 for the first time in three months on Friday ahead of the company’s second-quarter deliveries report. The company usually reports quarterly deliveries on the second day of a new quarter. The most current Wall Street estimates say
will report about 420,000 car deliveries in the second quarter, down from about 466,000 a year earlier.
reached an agreement to buy back its fuselage supplier
for $37.25 a share in stock in a move to improve its manufacturing quality. The deal values Spirit Aero at about $8.3 billion, including the company’s debt. Spirit Aero was a part of
until 2005 when Boeing sold it to a private-equity firm. Spirit Aero then went public a year later. Spirit Aero shares were rising 2.2% to $33.60.
Boeing, meanwhile, was up 1.5%. Reports said the Justice Department will charge Boeing with fraud. The decision comes after the Justice Department said Boeing violated the terms of a 2021 deferred prosecution agreement in May. Prosecutors plan to ask the plane maker to plead guilty to deceiving air-safety regulators about certain aspects of two 737 MAX crashes that occurred within in 2018 and 2019, The Wall Street Journal reported.
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fell 3.6%, having climbed as much as 18% in the premarket session, after Keith Gill, the investor known as Roaring Kitty on social media, reported a 6.6% stake in the pet-products retailer in a regulatory filing.
was down 8.1%. Gill is known for helping to spark the frenzy back in 2021 with his bullish thesis on the videogame retailer.
U.S.-listed shares of
were rising 4.3% after the Chinese electric-vehicle maker delivered 21,209 vehicles in June, an increase of 98% from a year earlier. Deliveries in the second quarter were 57,373 vehicles, up 144% from the second quarter of 2023.
was falling 7%. The stock tumbled 35% on Friday following the federal indictment of a lead scientist working as an advisor for the biotech company, which has an Alzheimer’s drug in Phase 3 trials. The indictment claimed that Hoau-Yan Wang, a paid advisor to the company and a medical professor at the City University of New York, defrauded the National Institutes of Health out of about $16 million in federal grant funds.
Trump Media & Technology Group
,
which owns the Truth Social media platform, rose 3.1% after closing with a decline of 11% on Friday. The Supreme Court ruled Monday that former President Donald Trump can claim some immunity from prosecution for acts taken while in office. The ruling complicates efforts to prosecute Trump for his alleged attempt to subvert the 2020 election, The Wall Street Journal noted.
was down 6.8% to $1.02 after analysts at Goldman Sachs initiated coverage of the telecommunications company with a Sell rating and price target of $1.
Earnings reports are expected this week from
and
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Write to Joe Woelfel at joseph.woelfel@barrons.com
