Market Updates
U.S. Movers: Apple, JM Smucker, Hostess Brands, RTX Corp, Tesla, Qualcomm
Scott Peters
11 Sep, 2023
New York City
Market indexes rebounded on Monday after investors searched for bargains in tech stocks and awaited the release of inflation data later in the week.
The S&P 500 index traded up 0.3% to 4,472.41 and the Nasdaq Composite advanced 0.4% to 13,816.10.
J.M. Smucker, the maker of peanut butter, jelly, coffee and pet foods, said it agreed to acquire Twinkies maker Hostess Brands for $34.25 a share in stock and cash.
The offer valued Hostess Brands for $5.6 billion including debt and the purchase is expected to close by the end of January 2024.
J.M. Smucker Co declined 6.8% to $132.0 and Hostess Brands Inc soared 19.1% to $33.47.
RTX Corp declined 6.6% to $77.90 after the company said it plans to take a pre-tax charge of $3 billion in its current quarter results because of issues related to some of Pratt & Whitney aircraft engine manufacturing that power Airbus A320 neo.
Tesla Inc jumped 7.4% to $266.81 after Morgan Stanley analyst made positive comments and said that the company has made significant breakthrough in its software for autonomous vehicle.
Analyst Adam Jonas said that stock could rally as much as 60% and add as much as $500 billion in market cap as the company makes advances in its supercomputing project Dojo.
Qualcomm Inc jumped 3.2% to $110.29 after the company said it will provide modems for smartphones made by Apple Inc through 2026.
Apple has been working for more than four years to develop its own modem chipsets and purchased Intel's modem division in 2019.
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