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Stocks experienced mixed results on Monday, influenced by a surge in oil prices and the fall of airline shares following Hamas’s attack on Israel. West Texas Intermediate crude prices were driven up by the conflict, benefiting oil companies including Exxon Mobil (NYSE:), Chevron (NYSE:), ConocoPhillips (NYSE:), and Shell (LON:).
Defense firms also saw their shares rise in response to the conflict. Lockheed Martin (NYSE:), which recently expanded its stock repurchase program by $6 billion, RTX Corp., and Northrop Grumman (NYSE:) – the top-performing stock in the post-conflict – all experienced an uptick in their share prices.
However, the conflict had a negative impact on airlines. Delta Air Lines (NYSE:), American Airlines (NASDAQ:), and United Airlines saw their stocks fall after suspending flights to and from Ben Gurion Airport. Additionally, travel-related stocks like Carnival (NYSE:NYSE:) also declined.
In other market news, shares of oncology developer Mirati Therapeutics (NASDAQ:) fell following its acquisition agreement with Bristol Myers (NYSE:) Squibb for $58 a share in cash. In contrast, Bristol Myers Squibb’s shares rose slightly.
Entertainment giant Walt Disney (NYSE:) saw its shares rise after Nelson Peltz’s Trian Fund Management pushed for multiple board seats. Conversely, Alnylam Pharmaceuticals’ shares fell after it stopped pursuing an expanded indication for patisiran as a treatment following a complete response letter from the FDA.
In technology sector news, Spotify (NYSE:) Technology’s shares fell after Redburn Atlantic downgraded the stock and lowered their price target. Despite buy recommendations from Wall Street firms including J.P. Morgan analyst Harlan Sur, Arm Holdings (NASDAQ:)’ shares also fell. SolarEdge Technologies (NASDAQ:)’ shares followed a similar pattern after a downgrade by a Barclay analyst.
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