U.S. stocks on the move: Cenovus Energy, TeraWulf, Alector
WULF•U.S. indexes were muted at Monday’s open. Cenovus agreed to buy Athabasca in a C$5.7 billion deal, TeraWulf doubled power capacity at its Kentucky data center campus, and Alector surged on a Genentech deal for an experimental Parkinson’s drug.
1. Market and featured stocks
Wall Street’s main indexes were muted at the open as technology stocks eased from record highs. Investors looked for fresh clues on monetary policy, with Treasury yields and oil prices still elevated. Cenovus fell after agreeing to buy Athabasca for C$5.7 billion, TeraWulf shares rose after it doubled power capacity at its Kentucky data center campus, and Alector surged on a Genentech deal for an experimental Parkinson’s drug.
2. Other stock moves
Establishment Labs gained after U.S. FDA approval for more Motiva implant sizes, while Bristol Myers Squibb was downgraded by Leerink over pipeline risks. Texas Roadhouse, Lumexa Imaging, Harley-Davidson and Estée Lauder rose after brokerage upgrades or initiations; Align Technology slipped after a downgrade over slowing demand, and Insmed shares fell after CFO Sara Bonstein stepped down. RXO gained after C.H. Robinson unveiled a $5.8 billion acquisition, GEO Group rose on a $950 million sale of an ICE facility and expanded stock buyback, and Vistra rose on reports of a $4.2 billion U.S. nuclear loan. Vaxcyte surged after late-stage trial success for its pneumococcal vaccine, PTC surged after Schneider Electric agreed to a $22.6 billion buyout deal, and Brazilian ADRs rallied after Bolsonaro’s strong showing lifted sentiment.
