Market Movements: CrowdStrike, Rivian, and Estée Lauder Lead Stock Gains
- CrowdStrike shares rose 3.4% following a buy rating upgrade from Deutsche Bank.
- Rivian’s stock climbed 3.8% as UBS upgraded it to buy, citing a buying opportunity.
- Energy stocks like ExxonMobil and Chevron dipped due to declining oil prices.
CrowdStrike Holdings experienced a 3.4% rise in its stock value after Deutsche Bank upgraded the cybersecurity firm from hold to buy. Analyst Brad Zelnick noted that the market has not yet fully recognized how artificial intelligence (AI) will enhance the cybersecurity sector. In a related movement, Palo Alto Networks saw a 2% increase in its shares.
Rivian Automotive’s stock jumped by 3.8% following an upgrade to buy from UBS. Analyst Joseph Spak highlighted that the recent sell-off of Rivian’s stock presents a buying opportunity ahead of a significant ramp-up in production of its R2 midsize SUV model.
Memory stocks such as Micron, SanDisk, and Western Digital also rose approximately 2% as investors returned to artificial intelligence stocks after a notable decline the previous Friday.
Estée Lauder Companies saw its shares increase by 3.5% after reporting first-quarter fiscal results that surpassed analysts’ expectations. The beauty company posted an adjusted earnings figure of 72 cents per share on revenue of $3.72 billion, outperforming the anticipated profit of 51 cents per share on revenue of $3.65 billion. The company additionally raised its full-year earnings outlook.
Marvell Technology and Lumentum Holdings saw their shares increase by 3% and 2%, respectively, before trading was halted. This surge followed an announcement that Marvell will acquire Lumentum in an all-stock deal valued at $115 billion, with a closing date expected in the first half of 2028.
In contrast, energy stocks like ExxonMobil, Chevron, and Valero fell as oil prices declined. ExxonMobil’s shares dropped by 1.2%, Chevron slipped nearly 1%, and Valero retreated by 1.5%.
Bloom Energy and Vertiv experienced a slight rebound after notable declines the previous Friday. Bloom Energy’s stock rose by 2.3% after an 8% plunge, while Vertiv gained 2.5% following a 5% drop.
News Courtesy of CNBC
