Chewy, GameStop, Boeing, Spirit Aero, Tesla, NIO, DJT, Cassava, and other market movers

Stocks fell on Monday after weaker-than-expected US manufacturing data sent the market lower. Wall Street started the session and the second half of 2024 with the three major stock indexes hitting record highs.

Tesla shares on Friday rose 5.2% to $208.18 ahead of the company's second-quarter deliveries report, after it surpassed $200 for the first time in three months. The company typically reports quarterly deliveries on the second day of a new quarter. Wall Street's most recent estimates call for Tesla to report about 420,000 car deliveries in the second quarter, up from about 466,000 a year earlier.

Boeing reached an agreement to buy back its fuselage supplier Spirit AeroSystems for $37.25 per share in a move to improve its manufacturing quality. The deal values ​​Spirit Aero at about $8.3 billion, including the company's debt. Spirit Aero was part of Boeing until 2005, when Boeing sold it to a private equity firm. Spirit Aero went public a year later. Spirit Aero shares rose 2.2% to $33.60.

Meanwhile, Boeing rose 1.5% amid reports that the Justice Department will charge Boeing with fraud. The decision comes after the Justice Department said in May that the company violated the terms of a 2021 deferred prosecution agreement. Prosecutors plan to ask the plane maker to plead guilty to deceiving air safety regulators about some aspects of two 737 MAX crashes that occurred in 2018 and 2019, The Wall Street Journal reported.


Chewy fell 3.6%, after climbing as much as 18% in the premarket session, after investor Keith Gill, known on social media as Roaring Kitty, reported a 6.6% stake in the pet-products retailer in a regulatory filing. GameStop fell 8.1%. Gill is known for helping spark the mania in 2021 with his bullish thesis on the videogame retailer.

NIO's US-listed shares rose 4.3% after the Chinese electric vehicle maker delivered 21,209 vehicles in June, a 98% increase from a year earlier. Deliveries in the second quarter were 57,373 vehicles, up 144% from the second quarter of 2023.

Casava Sciences fell 7%. The stock tumbled 35% on Friday following a federal indictment of a prominent scientist who served as a consultant for the biotech company, which has an Alzheimer's drug in Phase 3 trials. The indictment claimed that Hou-Yan Wang, a paid consultant to the company and a medical professor at the City University of New York, defrauded the National Institutes of Health by fraudulently siphoning off nearly $16 million in federal grant funds.

Trump Media & Technology Group

The stock, which owns the truth social media platform, rose 3.1% after closing down 11% on Friday. The Supreme Court ruled on Monday that former President Donald Trump can claim some immunity from prosecution for actions taken while in office. The ruling complicates efforts to prosecute Trump for an alleged effort to subvert the 2020 election, The Wall Street Journal said.

Lumen Technologies shares fell 6.8% to $1.02 after analysts at Goldman Sachs initiated coverage on the telecom company with a sell rating and a $1 price target.

Constellation Brands is expected to report earnings this week

MSc Industrial Direct

and Simulation Plus


Write to Joe Woelfel at [email protected]

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