Rivian, Moderna and Wolf stocks rise, UPS and Generac shares fall, and other stocks the move

By MarketWatch

UPS stock falls as negotiations collapse between Teamsters and the company

Here are some of the bigger and more-active movers on Wednesday:

Stock gainers:

Wolfspeed Inc. stock (WOLF) surged 16% in morning trading after the silicon-carbide chip maker said it signed a 10-year wafer-supply agreement with Japan's Renesas Electronics .

Shares of Rivian Automotive Inc. (RIVN) climbed nearly 1% after Amazon.com Inc. said it had rolled out the first electric delivery vans from the electric-vehicle maker. The e-commerce giant said more than 300 new electric vans from Rivian will hit the road in Germany in the coming weeks. Rivian shares were among the EV makers that got a boost on Monday after upbeat delivery and production data from companies including Tesla Inc. (TSLA) and Nio (NIO).

Moderna Inc. shares (MRNA) hiked up 3% after the company said it made regulatory submissions in Europe, Switzerland and Australia for its mRNA-1345 vaccine which targets RSV-associated lower respiratory tract disease (RSV-LRTD) and acute respiratory disease (ARD) in adults aged 60 years or older.

Nikola Corp.'s stock (NKLA) charged up 5%, reversing an earlier intraday drop of as much as 4.4%, after the EV maker reported second-quarter delivery and production numbers.

Pegasystems Inc.'s stock (PEGA)soared 14% after Wedbush turned bullish, with analyst Dan Ives saying the business software company was an "under-the-radar artificial intelligence (AI) story that is now starting to form."

Shares of Digital World Acquisition Corp. (DWAC) ran up 11%, after the special-purpose acquisition company (SPAC) taking former President Donald Trump's media ventures public said it reached a "settlement in principle" with the U.S. Securities and Exchange Commission's enforcement division.

Phinian Inc.'s stock (PHIN) leapt 9% in its debut on the New York Stock Exchange, following the completion of spinoff of the maker of fuel and electric systems and aftermarket products for vehicles from BorgWarner Inc. (BWA)

Stock decliners:

United Parcel Service Inc. stock (UPS) fell more than 1% after the Teamsters union said it rejected the delivery giant's "unacceptable" labor contract offer, prompting UPS to walk away from the bargaining table. UPS responded by saying it didn't walk away, and that it was "proud" of its offer.

Amazon.com Inc. shares (AMZN) slipped 0.3%, and Microsoft Corp.'s stock (MSFT) erased an earlier loss to trade up 0.3%, after The Wall Street Journal, citing sources, reported Tuesday that the White House planned to curb Chinese companies' access to U.S. cloud-computing services. The article said Amazon and Microsoft could be forced to ask the U.S. government for clearance to provide cloud services that use AI chips to Chinese customers.

Shares of Generac Holdings Inc. (GNRC) sank 5.2% to pace the S&P 500 index's decliners. The home-generator maker's stock was pulling back after rocketing 36.9% in June, the biggest monthly gain since its record 48.5% rally in October 2012, as the company said it was seeing a dramatic increase in sales in the Texas region as a heat wave raised concerns over the stability of the state's power grid.

Wabash National Corp. shares (WNC) shed 11% after Raymond James cut its rating on the maker of semi trailers and liquid transportation equipment by two notches, to market perform from strong buy, citing concerns over valuation and ongoing truck-market weakness.

-MarketWatch

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07-05-23 1150ET

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