Stock futures rose on Monday as investors looked ahead to U.S. inflation data later in the week and pondered the impact of consumer price index and producer price index readings on monetary policy from the Federal Reserve.
Tesla
( TSLA ) Shares of the electric vehicle maker rose 5.7% to $262.66 after being upgraded to Buy from Hold by Morgan Stanley analyst Adam Jonas, who raised his stock price target to $400 on Wall Street from $250. The update is centered around artificial intelligence and Jonah wrote that.
Tesla
“It has developed an advanced supercomputing architecture that pushes new boundaries in custom silicon and could give Tesla a disproportionate advantage in a $10 trillion total reachable market.”
American depositary receipts
Ali Baba
( BABA ) rose 0.3% in premarket trading. Hong Kong shares are listed.
Ali Baba
It fell 2.7% after the e-commerce giant’s former chairman, Daniel Zhang, stepped down as chairman and CEO of its cloud business unit. Alibaba is seeking a public listing of its cloud division, the company’s second-largest business by revenue.
JM Smucker
(
SJM
) is it. A deal is nearing. To find the owner of Twinkies
Host brands
(TWNK) about $4 billion, The Wall Street Journal reported, citing people familiar with the matter. Host Brands is currently valued at around $3.7 billion. Host Brands rose 6.7% in premarket trading. Smucker shares were inactive in the premarket session.
Apple
( AAPL ) shares rose 0.7% in premarket trading, a day ahead of the tech giant’s annual fall launch event, dubbed this year’s “Wonderlust.” The event is expected to focus on the iPhone 15 debut. Perhaps the most noticeable change on the phone is the addition of the widely used USB-C standard port
Apple
S
Proprietary lightning connectors.
Alphabet
( GOOGL ) rose 0.3% The Justice Department will finally go to trial in a three-year antitrust case against Google starting Tuesday. DOJ argues
Alphabet
Unit has an illegal monopoly in the Internet search market.
Meta forums
(META) The parent company of Facebook and Instagram is working on a new artificial intelligence system intended to be more powerful than the more advanced model offered by OpenAI, the Journal reports. Meta aims to have the new AI model ready next year, the Journal said, citing people familiar with the matter. Meta shares rose 0.7 percent.
Earnings reports are expected from Monday
Oracle
(ORCL),
Fuel cell energy
(FCEL),
Casey’s General Stores
(CASY), and
Skillsoft
(Understood).
Software company
Adobe
(ADBE) will report earnings this week, as will the homebuilder
Lennar
(LEN)
Write to Joe Woelfel at [email protected]
