Hot Stocks: DWAC rises on Trump's indictment; PACB jumps on analyst upgrade; NKLA and GNRC plunges on downgrade; MU slides on regulators scrutiny
The broader market indices gained ground on Friday after the Fed's preferred inflation measurement revealed a smaller-than-expected increase in prices.
Looking at the individual stocks, Digital World Acquisition (NASDAQ:DWAC), the SPAC linked to former President Donald Trump surged after a Manhattan grand jury voted to indict him on felony charges.
Meanwhile, Pacific Bio (NASDAQ:PACB) shares were higher on an analyst upgrade, whereas Nikola (NASDAQ:NKLA) and Generac Holdings (NYSE:GNRC) shares fell on downgrade.
In other news, Micron Technology (NASDAQ:MU) shares slumped after it came under scrutiny from Beijing's national cybersecurity regulator.
Gainers
Trump's Digital World Acquisition (DWAC) shares rose more than 6% in Friday's intraday session after a New York grand jury formally indicted Trump on charges related to âhush moneyâ payments made before his 2016 campaign for president. Trump will now be subject to surrender and arrest in the coming days, despite the fact that the specific allegations are unknown and the felony indictment has been filed under seal.
Pacific Bio (PACB) shares climbed more than 15% after Cowen upgraded the stock to buy from hold saying that the biotech's present management is leading "a growth transformation story." The firm increased its price target to $15 from $13.
Decliners
Nikola (NKLA) shares fell more than 12% after BTIG downgraded the stock from a buy rating to neutral, just as the company announced a $100M stock offering priced at 20% less than its Thursday closing price. Analyst Gregory Lewis and team said the cash injection will provide a near-term liquidity boost, but see more work ahead for the company with its cash burn rate to prevent another capital raise.
Micron Technology (MU) shares slipped about 3% after Chinese regulators said they will review the company's products sold in the country, threatening the chipmaker's key market.
Generac Holdings (GNRC) fell more than 3% after Bank of America Securities analysts downgraded the company to Underperform from a prior investment rating of Neutral. BofA cut its price target on GNRC to $91 a share from $141 a share.
To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.