Lucid, Tesla, Alphabet, Carnival, and More Stock Market Movers

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Stock futures were falling modestly Monday after the

S&P 500
declined 1.4% last week for its worst weekly performance since early March. Oil prices were steady following a weekend of chaos in Russia.

These stocks were poised to make moves Monday: 

Lucid Group

(LCID) was rising 6.6% after it reached a supply agreement with Aston Martin, the British luxury car maker, to build ultra-luxury high-performance electric vehicles. Under the agreement,

Lucid

will supply Aston Martin with “industry-leading electric vehicle technologies.” Aston Martin will issue 28.4 million new ordinary shares to Lucid, making Lucid a shareholder of about 3.7% in Aston Martin.

Tesla

(TSLA) was declining 2.1% in premarket trading to $251.14. Shares of the electric-vehicle giant have risen more than 108% this year, and about 33% over the past one month. Analysts at Goldman Sachs downgraded the stock to Neutral from Buy following the stock’s rally. They raised their price target, however, to $248 from $185, the Fly reported.

Alphabet

(GOOGL) declined 1.7% in premarket trading to $120.26 after the parent company of Google was downgraded to Neutral from Buy by analysts at UBS. The target price was raised to $132 from $123.

Wolfspeed

‘s (WOLF) expansion in the U.S. will be supported with as much as $2 billion from a group of lenders led by 

Apollo Global Management
,
Bloomberg reported, citing a statement it has seen. The financing would make $1.25 billion of cash immediately available to chip maker

Wolfspeed
,
while another $750 million can be drawn later. Wolfspeed shares fell 0.4% in premarket trading.

International Business Machines

(IBM) is close to a deal to acquire software company Apptio for about $5 billion, The Wall Street Journal reported, citing people familiar with the matter. Apptio is owned by private-equity firm Vista Equity Partners. IBM shares were down 0.3% in premarket trading.

Carnival

(CCL), the cruise operator, has scheduled the release of fiscal second-quarter earnings for before stock markets open Monday. Analysts surveyed by FactSet expect Carnival to report a quarterly loss of 34 cents a share on sales of $4.8 billion, roughly double from a year earlier. Carnival shares rose 0.8% in premarket trading.

Write to Joe Woelfel at joseph.woelfel@barrons.com