Luis Alvarez
Stock futures edged slightly higher in the premarket hours of Monday as market participants looked forward to the Federal Reserve meeting and key job data scheduled for later in the week.
Here are some of Monday’s biggest stock movers:
Biggest stock gainers
- Tesla (NASDAQ:TSLA) shares jumped as much as 6% following reports of a partnership agreement between the automaker and Baidu to deploy the EV maker’s Full-Self Driving technology, with Baidu providing support for mapping and navigation. The news comes alongside Tesla’s recent success in meeting a crucial data security and privacy requirement in China.
- Koninklijke Philips N.V. (NYSE:PHG) shares soared more than 37% after announcing a $1.1B settlement to resolve personal injury litigation and class action related to the global recall of its ventilators used for sleep apnea treatment. The agreement, which does not imply fault or liability, covers about 58,000 individuals and is expected to be paid in 2025. Additionally, Philips concluded an agreement with insurers to pay €540M, expected this year, to cover product liability claims related to the recall. PHG also reported Q1 earnings results: non-GAAP EPS of €0.26, revenue of €4.1B (-1.7% Y/Y), comparable sales growth of 2.4%, and a reaffirmed FY2024 outlook.
Biggest stock losers
- On Monday morning, crypto-linked stocks were lower, as the oldest cryptocurrency, Bitcoin (BTC-USD), dropped about 2% and is currently trading around $62K. Several key crypto stocks fell significantly, including Stronghold Digital Mining (SDIG) -8%, Cipher Mining (CIFR) -4%, TeraWulf (WULF) -3%, Coinbase (COIN) -2%, Marathon Digital (MARA) -3%, Riot Platforms (RIOT) and MicroStrategy (MSTR) -2%, respectively.
