These stocks are making a big impact on the market with their big moves:
Super Micro Computer, Deckers Outdoor — The shares of Super Micro Computer and Deckers Outdoor surged by 12% and 5%, correspondingly, after the announcement from S&P Dow Jones Indices on Friday, stating that both companies would be included in the S&P 500 later this month. They are set to replace Whirlpool and Zion Bancorp, which will transition to the S&P MidCap 400 index as of the March 18 opening.
Macy’s — Macy’s stock witnessed a remarkable surge of nearly 17% following Arkhouse Management’s increase in its buyout offer for the department store chain to $24 from $21 a share, totaling around $6.6 billion.
Apple — Apple experienced a slight decline of about 1% after the European Commission imposed a fine of $1.95 billion on the tech giant. The antitrust penalty alleged that Apple abused its market dominance concerning music streaming app distribution, displaying favoritism towards its products over competitors’ alternatives.
Crypto stocks – Companies whose performance is closely linked to the price of bitcoin saw an uptick in premarket trading after the cryptocurrency reached another two-year peak. Coinbase and Microstrategy saw increases of 6% and 8%, respectively. Within the mining sector, Marathon Digital and Iris Energy each gained 6%, while Riot Platforms added approximately 5% and CleanSpark surged by 8%.
DoorDash — The shares gained 2.8% after RBC upgraded the food delivery platform from sector performance to outperform. RBC highlighted DoorDash’s potential for forging new partnerships, particularly with Lyft, as the catalyst for the upgrade.
Spirit AeroSystems, Boeing — Shares of the fuselage maker climbed by nearly 3% following reports that Boeing is engaged in discussions to acquire Spirit Aerosystems due to quality issues impacting 737 Max jets. Spirit AeroSystems originated from a spin-off by Boeing in 2005.
Lyft — The ride-sharing company witnessed a 6% increase in its stock price following an upgrade from RBC to outperform. RBC emphasized its confidence in Lyft’s 2024 EBITDA estimates, the potential for expansion into food delivery, and Lyft’s position within a “stable duopoly” as key catalysts.
Kyverna Therapeutics — The biopharmaceutical company saw its stock rise by more than 4% after Morgan Stanley initiated coverage with an overweight rating, citing its promising cell therapy for autoimmune disease.
Ferrari — Shares of the luxury automaker declined by 2% after Citi downgraded its rating from neutral to sell. Ferrari’s stock currently exceeds Citi’s price target, prompting valuation concerns for the bank.
Li Auto — U.S.-listed shares of the Chinese automaker fell by nearly 7%, partially offsetting gains from the previous week. Li Auto experienced a 25% rally last week after reporting better-than-expected earnings. However, on Friday, it announced its first fully battery-powered car, following disappointing February delivery figures released on Thursday.
Dutch Bros — Shares of the coffee chain rose by 2.5% after receiving an overweight rating from Piper Sandler. Analyst Brian Mullan noted, “Between the equity raise in September, the SSS strength exhibited since that time, and the formal announcement of Mobile Order & Pay testing and implementation which will take place throughout this year; we think now is the right time for us to become more constructive on BROS.”
