Carnival, Lucid, PacWest, Tesla, Pfizer, and more stock market movers

Carnival (CCL) fell 10% even after the cruise company reported a smaller-than-expected loss for the second quarter of the year amid “continued acceleration in demand.” Peers Royal Caribbean (RCL) and Norwegian Cruise Line Holdings (NCLH) fell 1.7% and 5%, respectively.

Lucid Group (stock ticker: LCID) rose 4.4% after it reached a supply agreement with British luxury carmaker Aston Martin to build high-performance electric vehicles. Under the agreement, Lucid will provide Aston Martin with “industry-leading electric vehicle technologies.” Aston Martin will issue 28.4 million new ordinary shares to Lucid, making Lucid a shareholder of approximately 3.7% in Aston Martin.

PacWest Bancorp (PACW) gained 6.1% after the regional bank said it agreed to sell a $3.5 billion portfolio of specialty financing loans to investment manager Ares Management (ARES).

Tesla (TSLA) stock fell 4.8% to $244.28 after a Goldman Sachs analyst downgraded shares of the electric carmaker to Hold from Buy, raising the price target to $248 from $185.

Pfizer (PFE) fell 3.7% after the drug giant said it plans to push its oral candidate danuglipron toward late-stage development as a treatment for type 2 diabetes and obesity, but will stop developing a second candidate known as lotiglipron.

Alphabet (GOOGL) stock fell 2.9% to $118.76 after Google’s parent company was downgraded to Neutral from Buy by analysts at UBS. The price target has been raised to $132 from $123.

Wolfspeed (WOLF) US expansion will be supported by up to $2 billion from a consortium of lenders led by Apollo Global Management
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Bloomberg reported, citing a statement I witnessed. The financing will provide $1.25 billion in cash immediately to chipmaker Wolfspeed
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While another $750 million can be withdrawn later. Wolfspeed stock rose 2.9%.

Moderna (MRNA) gained 1.8% to $120.60 after upgrading shares of the vaccine maker to Buy from Neutral at UBS. UBS cut its price target for the stock to $191 from $221.

Sherwin-Williams (SHW) stock rose 1.7% after the paint and coatings giant was upgraded to Outperform from Market Perform by analysts at BMO Capital.

Universal Business Machines

IBM announced Monday that it will acquire software company Apptio for $4.6 billion. Apptio is owned by the private equity firm Vista Equity Partners. IBM shares rose 1.1%.

Write to Joe Woelfel at [email protected]