Hot Stocks: AAPL falls on downgrade; MANU rises on Qatar bid expectations; TM gains; BIIB dips
Michael M. Santiago
The major market indexes rose during Tuesday's intraday session as new inflation data fueled speculation that the Federal Reserve may forego a rate rise when it meets this week.
Looking at the specific stocks, Manchester United (NYSE:MANU) shares jumped on Qatar bid expectations, while Toyota Motors (NYSE:TM) rose after it announced plans to launch commercial solid-state batteries.
Meanwhile, Apple (NASDAQ:AAPL) shares dipped following an analyst downgrade, while Biogen (NASDAQ:BIIB) shares plummeted after a report that Leqembi may not be extensively utilized for Alzheimer's in Europe.
In other news, Beyond Meat (NASDAQ:BYND) shares rose after the company announced a new iteration of its Beyond Sausage product.
Gainers
Manchester United (MANU) shares rose 10% after a Qatari newspaper story claimed that a buyout deal from Sheikh Jassim is gaining momentum. Last week, Sheikh Jassim reportedly presented an enhanced proposal of 5B pounds ($6.25B) for absolute ownership of the team, plus 1B pounds in club investment.
Toyota Motors (TM) stock rose nearly 6% after the Japanese carmaker announced plans to produce commercial solid-state batteries as early as 2027, as well as sell 1.5M all-electric vehicles per year by 2026, and 3.5M all-electric vehicles yearly by 2030.
Decliners
Apple (AAPL) shares fell 0.3% after UBS downgraded the tech giant to Neutral from Buy due to slower iPhone and Services Growth, lower demand patterns, and a 50% premium to the market, resulting in an unfavorable risk/reward. However, UBS analysts raised their price target on the stock to $190 from $180.
Biogen (BIIB) shares decreased by 4% after a group of nine neurologists and researchers familiar with Alzheimer's disease stated that Leqembi (lecanemab) may not be widely used in Europe due to its effectiveness and brain swelling concerns. Leqembi is now being reviewed by the European Medicines Agency, with a decision likely later this year or in early 2024.
To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.
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