Arena, Harley-Davidson, Bluebird Bio, Peloton: what to watch on the stock market today


Wall Street stock indices opened with slight losses after the S&P 500 hit a closing record on the heels of the highest inflation numbers in decades. Here is what we observe in Monday trading:

  • Shares of Arena Pharmaceuticals soared following reports that it was to be acquired by Pfizer for $ 100 a share. Pfizer’s shares rose after an Israeli study said its booster shots were effective against the Omicron variant. UBS upgraded the Pfizer share rating to a buy and raised its price target.
  • Novavax has filed an emergency use request for its Covid-19 vaccine in the United Arab Emirates. Vaccine maker Moderna also won.
  • Harley-Davidson has said its LiveWire electric motorcycle branch will merge with AEA-Bridges Impact, a SPAC, to have LiveWire listed on the stock exchange. The deal gives LiveWire an enterprise value of around $ 1.77 billion.
  • Peloton Interactive shares were recovering some of Friday’s losses after the company’s bike became associated with a character’s disappearance in “And Just Like That,” a “Sex and the City” reboot. But the fall in stocks could also have been a coincidence, as Credit Suisse earlier today lowered its price target for Peloton to $ 50 from $ 112 amid fears of slower growth.
  • General Motors plans to invest more than $ 3 billion to build electric vehicles in Michigan, good news for the automaker’s home state after southern states trapped recent auto projects.
  • Bluebird Bio said its study data showed a sustained clinical response to treatment for sickle cell anemia.
  • Bellus Health said it received positive results in a trial for the treatment of chronic cough.
  • Eli Lilly has said he will work with Foghorn Therapeutics for new oncology targets using Foghorn’s proprietary gene trafficking control platform.
  • Backblaze, Claros Mortgage Trust and PHX Minerals are expected to report earnings after closing.
Card of the day
  • Lithium prices are rising at their fastest pace in years, sparking a race for security of supply and fueling concerns about long-term shortages of a critical ingredient in the rechargeable batteries that power everything from electric vehicles to smartphones.

Write to James Willhite at [email protected]


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