Stock futures little changed on Monday as investors await the Federal Reserve’s next policy decision, expecting steady interest rates at its meeting this week.
Here are some of Monday’s biggest stock movers:
Biggest stock gainers
Nikola’s (NASDAQ:NKLA) stock climbed more than 8% after the electric vehicle firm announced the addition of ITD Industries to its dealer network in Canada for Class 8 truck sales and service coverage. The company intends to start delivering the hydrogen fuel cell vehicle in late September or early October.
Alteryx (NYSE:AYX) rose 5% after Morgan Stanley raised its stock recommendation from equal weight to overweight, arguing that its current valuation undervalues its potential for growth and profit. Analysts, led by Sanjit Singh, blame the company’s subpar first-half performance on a more difficult client spending environment and predict that a future budget increase and stronger cloud portfolio will stabilize new business. The prediction for annualized recurring revenue is no longer pessimistic, and the stock price is too cheap to ignore.
Hut 8 Mining (NASDAQ:HUT) shares jumped over 6% after receiving final approval from the Supreme Court of British Columbia for its merger with US Data Mining Group, also known as US Bitcoin Corp. The merger will result in an all-stock merger of equals, creating a U.S.-domiciled company called Hut 8 Corp. The company plans to list its shares on Nasdaq and the Toronto Stock Exchange under the trading symbol “HUT.” The transaction is expected to close during Q4 2023, subject to the approval of USBTC’s stockholders and other customary closing conditions.
Biggest stock losers
Shares of Arm Holdings (NASDAQ:ARM) fell 5% as the freshly listed company tried to establish its footing in the market. Analyst Sara Russo of Bernstein initiated coverage on the stock with an underperform rating, stating that it is too early to declare Arm an AI winner.