Wall Street indexes opened higher to start a busy week of earnings from big technology companies. Here’s what we’re watching in Monday’s trading:
- Pinterest PINS -12.90% shares dropped after U.S. payments giant PayPal PYPL 4.31% Holdings said it isn’t currently pursuing a deal for the social-media platform, days after media reports that the companies were in early talks for a multibillion-dollar deal.
- Bakkt, BKKT 27.87% a cryptocurrency trading platform that went public through a SPAC deal last week, was on the rise in early trading. Rival crypto exchange Coinbase COIN 3.89% was also up, and bitcoin itself was up more than 3% from its Friday 5 p.m. ET level.
- Trading in Digital World Acquisition, DWAC 8.05% the SPAC that is merging with Donald Trump’s media company, was picking up again after last week’s wild ride.
- Phunware, PHUN 12.13% a penny stock also with Trump ties, was also gaining, after Friday’s 471% surge. The small technology company isn’t profitable, but it has worked for the former president’s campaign.
- Cruise operator Carnival CCL -2.21% slipped after Citi cut its rating of the stock to neutral from buy, though the bank also expects the company to shift from burning cash to generating cash over the next 12 months as fleet deployments ramp up.
- Elevator producer Otis Worldwide OTIS -3.33% said its profit rose for the third quarter as sales grew in both the new-equipment and service segments.
- Kimberly-Clark KMB -4.25% lowered its full-year earnings guidance as the paper-products maker said supply-chain challenges have raised costs.
- Tesla TSLA 4.31% shares gained after Japan’s Panasonic PCRFY 3.69% showed off for the first time a larger lithium-ion battery that it plans to supply to the U.S. electric-vehicle maker.
- Clearway Energy CWEN 3.73% agreed to sell its thermal-energy business to KKR for $1.9 billion.
- Facebook FB -0.31% and Crane are among the companies reporting after Monday’s close.
Chart of the Day
- Propane prices haven’t been so high heading into winter in a decade, which is bad news for the millions of rural Americans who rely on the fuel to stay warm.
Write to James Willhite at firstname.lastname@example.org
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