- Tesla. Tesla. Tesla. Elon Musk's electric vehicle giant powered to a $1T market cap on Monday, drawing much of Wall Street's attention during the session.
- While TSLA dominated most of the spotlight, many smaller players in the EV space also experienced notable gains. XPeng (NYSE:XPEV), Lucid Motors (NASDAQ:LCID), Lion Electric (NYSE:LEV), Nio (NYSE:NIO) and Canoo (NASDAQ:GOEV) all posted notable gains as well.
- Turning from EVs to the crypto sector, Bakkt (NYSE:BKKT) was another standout winner on the session. The stock more than tripled on a pair of deals for big-name financial firms to use the company's cryptocurrency offerings.
- Elsewhere, investors remained interested in a handful of newcomers on the public market. Portillo's (NASDAQ:PTLO) and Warby Parker (NYSE:WRBY) both attracted further buying interest on Monday, setting their highest marks since joining the Wall Street family.
- Looking at some of the day's sharpest decliners, ERYTECH Pharma (NASDAQ:ERYP) lost about two-fifths of its value on disappointing clinical trial results for a cancer drug.
- Meanwhile, Casper Sleep (NYSE:CSPR) was dragged down by a bearish analyst comment, dropping to a new 52-week low.
Sector In Focus
- Tesla stole the show on Monday, as a multi-billion-dollar deal with a top rental car company drove the stock above $1T in market cap.
- Below the radar, other electric vehicle stocks attracted new investors as well. XPeng (XPEV) was one of the other catalysts in the space, rising more than 11% on the session after it offered details of some of its planned tech upgrades.
- Specifically, the China-based firm hosted a technology event over the weekend. At the gathering, the firm spotlighted information about an advanced driver assistance system and a supercharger network. It also teased tech related to a flying car.
- Given the strength from XPEV and TSLA, other players in the EV space got a lift. Lucid Motors (LCID) and Lion Electric (LEV) both climbed over 11%. Nio (NIO) and Canoo (GOEV) both rose more than 6%.
Standout Gainer
- Bakkt (BKKT) jumped more than 230% after it announced deals with a couple of large players in the financial space, underlining the growing mainstream call for cryptocurrency-related services.
- In the first agreement, BKKT entered into a partnership with Mastercard (NYSE:MA). Under the deal, the credit card giant will tap into BKKT's digital asset platform, giving its clients easier access to cryptocurrencies.
- A second deal saw BKKT connect with fintech and payments company Fiserv (NASDAQ:FISV). The deal calls for an integration of BKKT's offerings into FISV's Carat system.
- BKKT closed the session at $30.60. This represented an advance of $21.45 on the day. Shares also set an intraday 52-week high of $31.57.
Standout Loser
- ERYTECH Pharma (ERYP) plunged 40% after it announced disappointing results for a late-stage trial of the company's eryaspase product in pancreatic cancer patients.
- ERYP revealed that eryaspase failed to hit the primary endpoint in a study looking at the medicine as a second-line treatment for metastatic pancreatic cancer.
- Specifically, the drug did not show a statistically significant extension of survival times for patients receiving eryaspase, compared to chemotherapy alone.
- ERYP dropped $2.19 to close at $3.29. This was just off the intraday 52-week low of $3.20 set during the session.
- The stock suffered a long, steady decline from a 52-week high of $13 set early in the year to reach a level just above $4 in late July.
- ERYP received an injection of optimism on July 30, jumping more than 50% in a single session thanks to receiving a fast track designation from the U.S. Food and Drug Administration for eryaspase.
- Monday's slide more than reversed the gains posted back in July, taking ERYP below its previous lows of the year.
Notable New High
- A handful of high-profile Wall Street newbies reached new peaks on Monday. Portillo's (PTLO), Warby Parker (WRBY) and Dutch Bros. (NYSE:BROS) all recorded their highest levels since going public.
- WRBY rallied nearly 4% after it received a slew of bullish ratings from Wall Street analysts. This included Buy opinions at Citi and Goldman Sachs, with Outperform ratings coming from Cowen, Baird and Telsey Advisory Group.
- Goldman issued the highest price target in that group, with the prediction of $72. Targets at the other four firms ranged from $66 to $68.
- Evercore and Morgan Stanley had more modest expectations, with an Inline rating and Equal-weight rating, respectively.
- WRBY finished Monday's trading at $59.03, a gain of $2.10 on the session. This was its highest close since coming public. The stock also set an intraday 52-week high of $59.78.
- The stock came public in late September in a direct listing, rather than an IPO. That transaction had a reference price of $40, meaning shares have risen just under 50% from that initial point.
- Elsewhere, recent restaurant IPOs Portillo's (PTLO) and Dutch Bros. (BROS) also set new highs on the day, although BROS was unable to hold its gains into the close.
- BROS rallied early in Monday's trading, reaching an intraday 52-week high of $72.50 in the early afternoon. Profit-taking set in at that point, with the stock eventually finishing the day at $66.94, a decline of nearly 3% on the session.
- BROS came public in mid-September in an IPO priced at $23 a share.
- PTLO also rallied early in the day only to lose momentum during the afternoon. In this case, the stock still finished with a notable gain.
- Shares rose about 12% on the session to close at $42.01. They reached an intraday 52-week high of $46.
- PTLO came public last week in an IPO priced at $20 a share.
Notable New Low
- Casper Sleep (CSPR) dropped about 9% on a bearish comment from Wedbush Securities. With the slide, the stock reached a new low.
- Wedbush cut its rating on the stock to Neutral from Outperform. Analyst Seth Basham pointed to "more downside than upside risks," raising concerns about the company's worsening financial stability.
- "Continued supply chain constraints, highlighted clearance sales on the company's website, declining website traffic and Apple's app tracking transparency point to continued challenges," Basham said.
- CSPR dropped 40 cents to close at $4.03. This was just off an intraday 52-week low of $3.95 set earlier in the session.
- The stock set a 52-week high of $12 in early June but trended lower into the end of September. The latest slide took the stock below a recent trading range.
- Shares have lost two-thirds of their value since their summer peak.
- Ready to track Wall Street's biggest movers throughout the session? Turn to SA's dynamic On The Move section.