Airbnb, Tesla stocks rise, Manchester United, Softbank shares fall and other stocks on the move

By MarketWatch

Manchester United stock set to suffer a record selloff, Tesla's stock bounces back

Here are some of the most notable stock moves on Tuesday.

Stock gainers

Shares of Airbnb Inc. (ABNB) surged more than 7% and of Blackstone Inc.(BX) rose 4%, while shares of were rising 5% after S&P Dow Jones Indices announced that both names would gain inclusion into the S&P 500. The changes take effect before the start of trading Sept. 18.

Tesla Inc.'s stock (TSLA)jumped more than 4%, enough to pace the S&P 500 index's SPXgainers, a day after it fell more than 5%. The electric vehicle giant's stock had sold off on Friday after reports of another round of price cuts in China. That pullback came the day after it closed just shy of reaching a bull-market threshold.

KLA Corp. shares (KLAC) climbed 2% after the semiconductor equipment maker raised its dividend by 11.5% and increased its stock repurchase program by $2 billion.

Brady Corp.'s stock (BRC) shot up 12% after the industrial company reported fiscal fourth-quarter profit that beat expectations and set a $100 million stock repurchase program.

Shares of China-based biopharmaceutical Zai Lab Ltd. (ZLAB) surged more than 8% after Seagen Inc. (SGEN) and Genmab A/S(GMAB.KO) revealed improved survival data from a test of their treatment for cervical cancer, Tivdak. Zai Lab is collaborating with the companies on a China extension study.

Stock losers

Manchester United PLC's U.S.-listed shares (MANU) plummeted nearly 20%, putting them on track for a record one-day selloff, after a Mail Online report that the U.K.-based football club was set to be taken off the market.

Shares of Japan-based holding company Softbank Group Corp. slumped more than 2% after U.K.-based chip designer Arm Holdings Ltd. set terms for its initial public offering. Based on the terms, Arm could be valued at between $48.2 billion and $52.3 billion, which is slightly below the expected range, as recently reported by The Wall Street Journal to be $50 billion to $55 billion.

Newell Brands Inc.'s stock (NWL) sank 4% and Lincoln National Corp.'s stock (LNC) shed nearly 3% after S&P Dow Jones Indices said that those names would be getting the boot from the S&P 500

-MarketWatch

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09-05-23 1255ET

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