Lucid, Tesla, Alphabet, Carnival, and more stock moves

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Equity futures were down slightly on Monday after the

S&P500
fell 1.4% last week for its worst weekly performance since early March. Oil prices held steady after a weekend of chaos in Russia.

These stocks were set to move on Monday:

Lucid Group

(LCID) rose 6.6% after securing a supply deal with Aston Martin, the British luxury carmaker, to build high-performance ultra-luxury electric vehicles. According to the contract,

Lucid

will provide Aston Martin with “state-of-the-art electric vehicle technologies”. Aston Martin will issue 28.4 million new ordinary shares to Lucid, making Lucid an approximate 3.7% shareholder of Aston Martin.

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(TSLA) was down 2.1% in premarket trading at $251.14. Shares of the electric vehicle giant are up more than 108% this year and around 33% in the past month. Goldman Sachs analysts downgraded the stock to Neutral from Buy following the stock’s rally. They did, however, raise their price target to $248 from $185, the Fly reported.

Alphabet

(GOOGL) fell 1.7% in premarket trading to $120.26 after Google’s parent company was downgraded to Neutral from Buy by UBS analysts. The target price dropped from $123 to $132.

Wolfspeed

The expansion of (WOLF) in the United States will be supported by up to $2 billion from a group of lenders led by

Global Apollo Management
,

Bloomberg reported, citing a statement he saw. Funding would make $1.25 billion in cash immediately available to chipmaker

Wolfspeed
,

while another $750 million can be drawn later. Shares of Wolfspeed fell 0.4% in premarket trading.

International Business Machines

(IBM) is close to a deal to acquire software company Apptio for about $5 billion, The Wall Street Journal reported, citing people familiar with the matter. Apptio is owned by private equity firm Vista Equity Partners. IBM shares were down 0.3% in premarket trading.

Carnival

(CCL), the cruise line, has scheduled the publication of the results of the second fiscal quarter before the opening of the stock markets on Monday. Analysts polled by FactSet expect Carnival to post a quarterly loss of 34 cents a share on sales of $4.8 billion, about double from a year earlier. Carnival shares rose 0.8% in premarket trading.

Write to Joe Woelfel at joseph.woelfel@barrons.com