On this episode of Stock Movers:
- Coinbase (COIN) share are gaining after Argus Research Corp initiated coverage of the stock with a recommendation of buy and a $400 price target. The stock has 20 analyst buy, 16 hold and four sell ratings with an average price target of $315, according to data compiled by Bloomberg; shares are up 56% year-to-date.
- Kenvue (KVUE) is moving after it said Chief Executive Officer Thibaut Mongon will leave the company as it continues to revamp the maker of Tylenol, Neutrogena and Listerine brands. Board director Kirk Perry will take over as interim CEO, effective immediately, and the company has commenced a search for a new CEO. The company's board chair Larry Merlo said "The board’s strategic review is underway, and we are considering a broad range of potential alternatives, including ways to simplify the Company’s portfolio and how it operates"
- Tesla (TSLA) shares are moving amid continued tension between Elon Musk and President Trump. Other news items traders are watching include Chinese rival BYD planning to ramp up its expansion efforts in Saudi Arabia, building on momentum from Tesla Inc.’s launch in the country. Tesla will also stand trial over claims that the company is partly to blame for a fatal 2019 crash in Florida that occurred when the Autopilot system in a Model S allegedly failed to detect a parked SUV.
- Synopsis (SNPS) is moving this morning and at one point was the biggest upside mover in early trading. The company secured China's approval to buy out Ansys Inc. for $35 billion, according to Bloomberg. The buyout was already approved by European and US authorities, and Synopsys has now cleared one of the last major hurdles to a deal intended to shore up its market position.
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