Stock Gainers
Ford Motor Co. (F) shares rose 2% following UBS’s upgrade of the automaker’s rating from sell to buy. This upgrade was part of the new coverage of U.S. auto stocks. Shares of General Motors (GM), also rated as buy, saw a 1% increase. Neutral-rated Tesla saw a modest rise of 0.5%.
Rocket Pharmaceuticals Soars
Rocket Pharmaceuticals experienced a significant surge of 18% in its shares (RCKT) as it announced reaching an agreement with the Food and Drug Administration on a Phase 2 trial design for a Danon disease drug. As part of this exciting development, the company has priced the sale of 7.8 million shares at $16.
Stock Decliners: Chinese EV Makers Under Scrutiny
Shares of Nio (NIO) and Li Auto (LI) both declined by 2%. The European Union has initiated an investigation into Chinese government subsidies for electric vehicle manufacturers.
Apple Faces Challenges
Shares of Apple (AAPL) slipped 0.2% amid speculations about a Chinese ban on foreign phones. However, a Chinese government spokesperson denied the ban but acknowledged “security incidents” involving the iPhone.
Evolution Petroleum Misses Expectations
Evolution Petroleum (EPM) witnessed a significant decline of 15% as the shale oil and gas company failed to meet analyst earnings expectations. Additionally, the company reported extended downtime and maintenance across multiple fields.
