Closing Bell: Joby Rises, Vail Resorts Surges, Stellantis Falls

On this episode of Stock Movers:

 
Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Alix Steel, Scarlet Fu, Carol Massar and Tim Stenovec.

• Air taxi maker Joby (JOBY) shares were up today on the news that Toyota invested $250 million in the company. The investment, originally expected to close in 2024, is part of Toyota’s pledge to boost its total funding in the Santa Cruz, California-based company to $894 million. The latest tranche raises Toyota’s stake to 15.3%, surpassing that of Joby Chief Executive Officer JoeBen Bevirt. A US spokesman for Toyota confirmed the payment. Joby has said it expects the second tranche from Toyota to close later this year.
• Vail Resorts (MTN) shares rose the most since November 2020 after the ski resort operator said Executive Chairperson Rob Katz will return to the role of chief executive officer, replacing Kirsten Lynch, who stepped down. Lynch, who is also leaving the company’s board, will remain in an advisory role, the company said Tuesday. Katz, 58, served as CEO of the ski resort operator from 2006 to 2021.
• Stellantis (STLA) shares moved lower after the Detroit automaker appointed its Americas head Antonio Filosa as chief executive officer, relying on an experienced company insider to turn around the automaker after former boss Carlos Tavares was forced out over slumping sales and profit. Filosa, 51, will take the helm at the maker of Jeep sport utility vehicles and Fiat cars on June 23, Stellantis said Wednesday. He was promoted to head the company’s North American operations in October as part of a broader shake-up in the waning days of Tavares’ tenure, and has been with the group for more than two decades.

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