Biggest stock movers today: Tesla, Qualcomm, J.M. Smucker and more
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Stock futures inched higher on Monday as market participants await a slew of economic data and earnings from Adobe (ADBE) and Oracle (ORCL) for the week ahead.
Here are some of Monday's biggest movers:
Biggest stock gainers

Shares of Qualcomm Technologies (NASDAQ:QCOM) rose over 8% following an Qualcomm pops as Apple extends chip supply agreement until 2026 with Apple (AAPL) to supply Snapdragon 5G Modem-RF Systems for smartphone launches in 2024, 2025, and 2026.

Tesla (NASDAQ:TSLA) surged almost 6% after Morgan Stanley upped its 12-month price target on the stock by 60% to $400 (from a prior $250). It came along with an upgrade to Overweight from Equal-weight, while the firm designated TSLA as a "top pick," replacing Ferrari's (RACE) U.S. listed shares. According to Morgan Stanley, Tesla's Dojo supercomputer, which is intended to train AI models for self-driving cars, may provide the company with an "asymmetric advantage" and increase the company's market value by more than $600B, or 76%.
Shares of marijuana business Canopy Growth (NASDAQ:CGC)
climbed 25%, putting it on course to continue its surge for another day. On Friday, the stock closed 22% higher, continuing a run of gains fueled by renewed hopes that the SAFE Act, which would regulate cannabis banking, would be introduced in Congress soon.
Crinetics Pharmaceuticals (NASDAQ:CRNX) shares jumped 75% after the company disclosed favorable Phase 3 PATHFNDR-1 research results for paltusotine, an oral investigational drug for acromegaly that met primary and secondary goals. Paltusotine indicated statistical significance in maintaining insulin-like growth factor 1 (IGF-1) levels and symptom control in trial participants while being well-tolerated.

Biggest stock losers
The J.M. Smucker (NYSE:SJM) slipped 7% after the company agreed to acquire Hostess Brands (TWNK) in a cash and stock transaction valued at $34.25 per Hostess Brands share, totaling approximately $5.6B. The deal includes the assumption of debt and includes $30.00 in cash and 0.03002 shares of J.M. Smucker Company for each Hostess Brands common stock share. The purchase price represents a 54% premium to the closing price of $22.18 on August 24, 2023. TWNK shares surged 19% following the acquisition confirmation.

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