AT&T downgrade, BridgeBio Pharma's heart treatment, PepsiCo shares slip: Trending stocks
AT&T shares dip following a Citi downgrade citing a Wall Street Journal report on the internet-cable provider's toxic lead cables. BridgeBio Pharma's stock jumps after positive data in its new heart treatment trials. Lastly, PepsiCo shares slide on a downgrade by Morgan Stanley analysts.
Video Transcript
- Let's take a look at how stocks are moving. We're looking at the S&P 500 searching for some direction this morning, as the market faces a packed week of corporate earnings. The move comes after last week's rally on softer than expected inflation data that calmed investors.
- And shares of AT&T are slipping on a downgrade from Citi on the heels of a "Wall Street Journal" investigation into toxic lead cables. Citi citing the industry's use of lead sheathed cabling as an overhang expected to weigh on the stock for the next few months and possibly longer. Telephone and data systems and Frontier communications also getting cut.
- Shares of BridgeBiopharma soaring after the company announced positive results in a late stage trial of a heart treatment. The drug will be submitted to the FDA for approval before the year's end. BridgeBiopharma shares have skyrocketed year to date, gaining 139% so far in 2023.
- And finally, Pepsi shares are also taking a bit of a hit down, 9/10 of 1% after a downgrade from Morgan Stanley. Analysts cut the stock's rating to equal weight, saying most good news from Pepsi's recent earnings has already been priced into the stock. Last week, remember, Pepsi boosted its full year guidance on better than expected earnings.
