Biggest stock movers today: Warner Bros., NIO and more
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Stock futures inched lower on Monday as investors remained cautious ahead of major inflation data, which may further dampen the market's outlook for the rest of the year, especially following hawkish comments from Federal Reserve officials last week.
Here are some of Monday's biggest stock movers:
Biggest stock gainers
Shares of Warner Bros. Discovery (NASDAQ:WBD) rose over 4% following a tentative Studios, writers reach tentative agreement to end strike between the Writers Guild of America and Hollywood studios to end a strike that has been ongoing since May. The agreement covers major points such as regulating artificial intelligence, pay increases, and more residual payments from streaming programs.
Joby Aviation (NYSE:JOBY) shares surged more than 8% following the delivery of its first aircraft to Edwards Air Force Base, approximately six months ahead of the expected 2024 delivery date.
Biggest stock losers
Shares of NIO (NYSE:NIO) plunged over 7% after the company announced the closing of its $500M in principal of convertible senior notes offering due in 2029 and $500M in principal of convertible senior notes due in 2030. Chinese electric vehicle maker sold its outstanding notes to qualified institutional buyers using Rule 144A exemption from the Securities Act of 1933. NIO also purchased $256M in 0.00% convertible senior notes due in 2026 and $244M in 0.50% convertible senior notes due in 2027 for cash using the net proceeds from the notes offering.
Li Auto (NASDAQ:LI) shares fell by 9% due to increased competition fears following rival Huawei's new product launch event. Huawei, known for its smartphones and networking equipment, has been expanding into the electric vehicle market, with its first electric vehicle, the AITO M5, launched in April. Investors are concerned that this could lead to increased competition for Li Auto.

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