In the stock market, Tesla experienced a slight decline of 0.3% in premarket trading after a 20-day period of closing higher. This streak of positive performance marked the longest run for the electric vehicle maker’s stock since June 13, 2023, when it rose for 13 consecutive trading days. The momentum behind Tesla’s recent rally was fueled by a better-than-expected second-quarter delivery report released by the company last week.
Corning, a specialty glass maker, saw its shares continue to rise in premarket trading, jumping 1.3% after experiencing a 12% increase on Monday. The company attributed this growth to an upward revision of its orientation for the second quarter, highlighting strong adoption of its new optical connectivity products for generative AI.
On the other hand, BP faced a setback as its stock plummeted by 3.7% following the company’s announcement of an expected impairment charge of up to $2 billion in the second quarter. Additionally, lower realized refining margins are anticipated to negatively impact the company’s oil trading earnings by up to $700 million.
Intel, a chipmaker, experienced a positive trend with a 4.3% increase in premarket trading after closing up 6.2% on Monday. This upward trajectory was reinforced by a note from Melius Research suggesting that Intel could have a strong second half of the year. Meanwhile, Helios Technologies saw a decline of 8.2% after the company placed its CEO and President Josef Matosevic on paid leave following an internal board review. Despite this development, Helios clarified that the alleged conduct prompting the review is unrelated to the company’s strategic direction or financial reporting.
Kymera Therapeutics enjoyed a 10% rise in after-hours trading on Monday as a result of Sanofi’s plan to expand ongoing Phase 2 trials in hidradenitis suppurativa and atopic dermatitis, aiming to expedite progress towards pivotal studies.
In terms of upcoming events, earnings reports are anticipated from Helena of Troy, Smart Global Holdings, and Sushi Kura on Tuesday. These updates are expected to provide further insights into the performance of these companies in the current market environment.
Overall, the stock market witnessed a mix of positive and negative movements among key companies, reflecting the dynamic nature of the financial landscape. Investors will be closely monitoring these developments to make informed decisions regarding their investment strategies.
For further information or inquiries, readers can reach out to Joe Woelfel at joseph.woelfel@barrons.com.
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