Meta Platforms ( META ) fell 1.3% after the Facebook parent was fined $1.3 billion by EU privacy regulators for sending user information to the US. The fine is a record for the block, according to The Wall Street Journal. “We will appeal the verdict, including the unjustified and unnecessary fine, and seek a stay of the decisions through the courts,” Meta said in a statement.
Ford ( F ) is hosting its 2023 Capital Markets Day in Dearborn, Mich. It calls the event “Delivering Ford+,” a vehicle digitization strategy by adding software for both electric and traditional vehicles. The automaker reiterated that it expects adjusted earnings before interest and taxes to be between $9 billion and $11 billion in 2023. Ford also announced that it has signed long-term lithium supply contracts. Ford shares rose by 0.2%.
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Albemarle ( ALB ) rose 1% after the lithium miner said it would supply more than 100,000 tons of battery-grade lithium hydroxide, which will be used to make about 3 million electric vehicle batteries for Ford.
Shares of PacWest Bancorp ( PACW ) rose 3.7% after the regional lender said Monday it will sell a portfolio of 74 real estate construction loans with a total balance of about $2.6 billion.
DraftKings ( DKNG ) rose 2.9% after shares of the sports betting company were upgraded from Buy to Neutral at UBS.
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Foot Locker ( FL ) fell 2.5% to $29.47 in premarket trading. Shares fell more than 27% on Friday after the shoe retailer cut its revenue and sales guidance for the fiscal year. Williams Trading downgraded the stock to Sell from Hold with a $25 target price, down from $38, Fly reports. Nike:
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(NKE) was also downgraded at Williams Trading to Sell from Hold. Nike fell 1.5% after falling 3.5% on Friday.
Full Truck Alliance ( YMM ), the China-based digital trucking company, reported first-quarter financials and earnings that beat analysts’ estimates. Full Truck Alliance’s American depository receipts increased by 7.2%.
Video conferencing company Zoom Video Communications ( ZM ), Heico ( HEI ) and Nordson ( NDSN ) are scheduled to report after the stock markets close on Monday.
Email Joe Woelfel at joseph.woelfel@barrons.com
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