Hostess Brands shares rally on deal news and Tesla stock is up on an upgrade, and more moving stocks

by user

Here are some of the biggest movers ahead of Monday’s Wall Street open:

Stock gainers:

Shares of Hostess Brands Inc.

jumped more than 10% after The Wall Street Journal reported late Sunday that J.M. Smucker Co.

is close to a roughly $4 billion deal to acquire the snack maker.

Tesla Inc.

shares rose 5.4% in premarket trading after Morgan Stanley upgraded the electronic-vehicle maker to buy from hold, and lifted its price target to $400 from $250 per share. Analyst Adam Jonas cited an advantageous position of the company via its new machine learning supercomputer, Dojo.

Shares of Oracle Corp.

rose 0.9% ahead of the company’s quarterly earnings report due after Monday’s market close. FactSet consensus calls for per-share earnings of $1.15 on sales of $12.5 billion for Oracle.

Kenvue Inc.

shares rose 3% in premarket trading after Deutsche Bank lifted shares of the U.S. consumer health company to buy from hold, saying the stock looks oversold. Analyst Steve Powers said while “certain fundamental uncertainties,” especially looking out to the fourth quarter and full-year 2024 and legal liability risks via talc and acetaminophen are “still valid and outstanding, they are now more than adequately discounted in current valuation.”

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