Here is an overview of the stocks to follow on Wall Street on Monday.
-APOLLO GLOBAL MANAGEMENT (-2%): the asset manager is holding discussions with a view to the sale of its subsidiary MidCap Financial Investment (+1.1%), specializing in private credit to mid-sized companies, according to the Wall Street Journal.
-FOX (+8%): the audiovisual and media group published a lower profit in the last quarter, due to a decline in its advertising revenue compared to last year, but the result largely exceeded analysts’ expectations. Fox reported adjusted earnings of $1.32 per share, compared to the consensus forecast of $1.
-INTEL (+3.6% to 129.33 dollars): the chip manufacturer remains in demand while Bank of America on Monday raised its price target on the stock from 56 to 96 dollars, while maintaining its “underperform” recommendation. On Friday, the Wall Street Journal reported that Intel had reached a preliminary agreement with Apple to supply certain components. Intel closed up 14% after this information.
Nvidia (+2%): the stock reached a new all-time high on Monday as investors anticipate good quarterly results from the processor manufacturer next week thanks to a jump in its revenues fueled by demand for its AI chips.
-LUMENTUM (+16%): the stock of the manufacturer of optical and photonic products jumped after the announcement of its future entry into the Nasdaq 100 index to replace the real estate data provider CoStar (+0.5%) from May 18. The stock has soared 172% since the start of the year, supported by promising demand prospects for the group’s products dedicated to data centers for AI.
-MICRON TECHNOLOGY (+6.5%): the memory card manufacturer could benefit from a strike at its South Korean competitor Samsung Electronics. Samsung employees want to be more widely involved in the company’s rising profits and have filed an 18-day strike notice starting May 21. According to Jefferies, this strike could affect around 3% of global memory chip production.
-MODERNA (-2.7%): the biotech stock fell after jumping 12% on Friday. The company indicated Thursday that it was conducting research to develop a vaccine against hantaviruses before the epidemic which left several dead on a cruise ship. “These efforts [de recherche] are still at an early stage and are continuing,” Moderna said.
-KKR (-3%): the asset management company announced Monday that its main private credit fund, FS KKR Capital CORP (+0.4% to $10.88), had suffered a loss of $560 million, or nearly 10% of the value of its assets, in the first quarter due to defaults on loans. KKR plans to repurchase $150 million of the fund’s assets, at a price of $11 per share, and participate in a $150 million preferred stock offering to bolster its liquidity.
-CEREBRAS: the processor manufacturer sharply raised the sale price of its shares for its introduction on the Nasdaq, to a range of 150 and 160 dollars, against 115 to 125 dollars previously, thanks to strong demand from investors. The group will also increase the number of shares put up for sale for the operation from 28 to 30 million, which could allow it to raise up to $4.8 billion at the top of the range.
Agefi-Dow Jones The financial newswire
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