Movers: American Equity Investment, Rivian, UPS, Wolfspeed

Scott Peters
05 Jul, 2023
New York City

The S&P 500 index traded down 0.4% to 4,438.49 and the Nasdaq Composite edged lower 0.3% to 13,776.85.  

The yield on 2-year Treasury notes increased to 4.91%, 10-year Treasury notes inched higher to 3.86% and 30-year Treasury bonds edged up to 3.89%. 

Electric vehicle makers were in focus for the second day this week after Tesla and Rivian reported production data. 

Rivian Automotive Inc gained 4% to $20.29 and on Monday the company said vehicle deliveries in the June quarter surged 59% from a year ago to 12,640 units. 

Tesla Inc edged slightly higher to $280.11 and extended Monday's gains of 5% after the company reported vehicle production in the June quarter increased 83% to about 477,000. 

United Parcel Service, Inc declined 2.4% to $179.45 after talks with the labor union reached an impasse. 

The current labor agreement between UPS and Teamster expires at the end of July. 

On Wednesday, the Teamsters union said in a press release that UPS "walked away from table" but the company countered saying it had not walked away from negotiations and was hoping for the union to resume negotiations. 

American Equity Investment Life Holding increased 1.0% to $52.30 after the company agreed to be acquired by Brookfield Reinsurance for $4.3 billion. 

Wolfspeed Inc surged 13.2% to $64.26 after the company signed a multiyear agreement with Renesas to provide 150mm and 200mm silicon carbide wafers and epitaxial wafers for $2 billion.   

Compared to conventional silicon power semiconductors, silicon carbide devices enable higher energy efficiency, greater power density and a lower system cost.