Dec 14th, 2023 – The Dow Jones closed higher on Thursday at 54.23 with a growth of 0.43%. The S&P also grew, closing at 4,719.55 adding 0,26%, while the Nasdaq gained 0.19% to 14,761.56.
GM’s stock (GM) jumped 5% after the announcement that Cruise is laying off 900 employees, about 24% of its workforce. The layoff consists mostly of commercial operations and related corporate functions. It comes as a consequence of the October 2nd accident, when a pedestrian was dragged 20 feet by a Cruise self-driving car after being hit by another vehicle. The layoff came just one day after the Cruise dismissed nine “key leaders” and will resize the company from the 3800 employees it had before Thursday’s cut. The stock closed the day at 36.25 with a growth of 6.65%. (H.Field, M.Wayland)
Shares of Moderna (MRNA) rose around 14% on Thursday after the news of a personalized cancer vaccine, produced in partnership with Merck, reduced the risk of late-stage melanoma by 49%. The stock struggled to maintain attention as it recovers from COVID vaccine highs in 2022, but as the CEO Stéphane Bancel said there may be a change soon as the company focuses on bringing more vaccines to the market with the biggest news being the cancer vaccine expected to launch in 2025. At the end of the day the stock closed at 85.87 with a growth of 9.25%. (A.Khemlani)
FedEx (FDX) shares grew 0,47 pre market after brokerage Bernstein raised the company’s target price to $340 from $305, keeping its “outperform” rating as up to Wednesday’s close stock had risen 58.10% YTD. The increase in target price comes following a slight improvement in international market conditions with improving air freight rates through peak season that should lead to higher than expected EBIT for the company. Following this change in PT the company closed at 279.46 with a growth of 2.06%. (A.Parmar)
Author: Luca Sesena