Tesla, CVS Health and Apple iPhone chipmaker Qualcomm were the top three S&P 500 index gainers on the stock market today. RTX Corp., J.M. Smucker and Newell Brands were the S&P 500's biggest losers on Monday.
The S&P 500 rose 0.7% Monday.
Tesla stock surged 10.1% to 273.58. Shares rose decisively above their 50-day moving average and cleared last week's high of 261.18. That offered an early entry.
On Sunday, Morgan Stanley's Adam Jonas upgraded TSLA stock to overweight, raising his price target by 60% to 400. Jonas said Tesla's Dojo supercomputing efforts could add $500 billion in valuation.
CVS stock popped 4.4% to 68.75 but is still close to a recent 34-month low. Wolfe Research said CVS could regain a four-star rating on a big PPO contract in 2025, which would make the health care giant eligible for more Medicare Advantage bonus payments.
QCOM stock bounced 3.9% to 110.28, rebounding from a three-month low. Qualcomm said it will up 5G modem chips for the Apple iPhone through 2026, after previously expecting Apple to start using its own chip in 2024. Qualcomm stock had tumbled last week on China iPhone demand concerns. Apple will unveil the iPhone 15 on Tuesday.
S&P 500 Losers
RTX stock plunged 7.9% to 76.90, the lowest price since April 2021. Aerospace giant RTX, formerly Raytheon Technologies, expects a $3 billion-$3.5 billion hit to pretax profit over several years after saying it marked 600-700 geared turbo fan engines for quality checks. In the Q2 earnings report on July 25, RTX disclosed the Pratt & Whitney engine defect related to a powder metal used to make certain parts. That news sent RTX stock tumbled.
SJM declined 7% to 131.66, a 52-week low. J.M. Smucker will buy Hostess Brands for $5.6 billion, including assumed debt. J.M. Smucker will pay $30 cash plus 0.3002 share per TWNK share, worth $34.25 as of Friday's close.
NWL stock lost 6% to 9.34, hitting a two-month low. Newell Brands is in a two-year downtrend.
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