Shares of Sony Corp (MYSE:SNE) jumped on news that activist investor Daniel Loeb is building a stake in the company. Loeb’s hedge fund, Third Point LLC, is raising a dedicated investment vehicle with a target between $500 million and $1 billion in order to stockpile stock, Reuters reported. Third Point’s exact stake in the company is unknown, but the hedge fund wants the Japanese electronics maker to explore options for its movie studio, which has garnered takeover interest, sources told Reuters.
The stock climbed 8.2% to close at $46.61.
General Electric (NYSE:GE) stock took a hit after JP Morgan analyst Stephen Tusa downgraded it to Underweight from Neutral, according to TheStreet. According to Tusa, investors are “underestimating the severity of the company’s challenges. His price target dropped to $5 from $6.
The stock dipped 5.2% to $9.59.
Snap Inc (NYSE:SNAP) is doing well Monday after an upgrade from RBC Markets. Mark Mahaney upgraded the stock to Outperform and boosted his price target to $17 from $10, according to MarketWatch. The social messaging app held its first Partner Summit on Thursday and announced the launch of Snap Games, a selection of mobile games within the app that users can play with their friends.
Shares closed 3.6% ahead at $12.27.
Boeing Co (NYSE:BA) was grounded after Street analysts said Monday that the company isn’t likely to top 500 delivers of its 737 Max planes, Reuters reported. The Chicago company is expected to publish its March delivery numbers on Tuesday. Last week, analysts at Baird estimated that number could be as low as 19, less than half of the consensus estimate of 40 planes. Bank of America downgraded the stock to Neutral from Buy and dropped its price target to $420 from $480, per CNBC.
Shares tumbled 4.4% to $374.61.
Roku Inc (NASDAQ:ROKU) stock waned after Citi Research posted a bearish outlook on the stock Monday. Mark May downgraded the stock to Sell from Neutral, MarketWatch reported, spurred in part by increased pressure from competitors. Apple Inc (NASDAQ:AAPL), for one, announced Apple TV+ and has announced deals to integrate it directly with smart TVs, limiting the need for a Roku device. May also believes Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL) may cut in to the Los Gatos, California company’s market share with its Android TV operating system.
The share price receded 4.2% to end the day at $60.73.
Tesla Inc (NASDAQ:TSLA) rallied on an agreement with Fiat Chrysler Automobiles NV (NYSE:FCAU) that allows the Italian automaker to count Tesla’s electric cars as part of its fleet in order to avoid costly EU emissions penalties, according to the Financial Times. In exchange, Fiat will pay the electric-car maker hundreds of millions in fees to create a so-called “open pool” of cars.
Tesla shares reversed course after early gains, falling 0.6% to $273.20, while Fiat jumped 2.1% to $15.77.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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