IBM, Black Diamond Therapeutics, Rivian, Tesla: What to watch out for on the stock market today

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WSJ.com: Markets

Updated Jan 11, 2022 9:33 AM ET

Wall Street stock indices fell in morning trading before a statement by Federal Reserve Chairman Jerome Powell offered any indication of future rate hikes. Let’s see on Tuesday:

  • UBS has lowered its rating for IBM shares -1.60%

    to sell and lowered its price target.

  • Electric truck manufacturer Rivian‘S

    RIVN 2.59%

    The chief operating officer left the company last month as the startup ramped up production of its first three models.

The all-electric Rivian R1T truck in Times Square on Listing Day, November 10, 2021.


Photo:

Ann-Sophie Fjello-Jensen / Associated Press

  • Tesla TSLA 0.59%

    sold 70,847 vehicles made in China in December, the China Passenger Car Association said on Tuesday.

  • Zynga ZNGA 4.86%

    still has something in it. The game maker’s stock rose 41% on Monday after Take-Two Interactive TTWO 3.80%

    said it would buy it but it was still looking up on Tuesday morning.

  • Stock of Black Diamond Therapeutics BDTX 13.33%

    jumped after the precision oncology company received Food and Drug Administration approval for a study of its cancer therapy BDTX-1535.

  • Abercrombie & Fitch ANF 7.88%

    The warned sales for the Christmas quarter would lag behind its previous estimate due to inventory delays and tightened Covid-19 restrictions.

  • Health care company Accolade ACCD 27.69%

    reported revenue for the final quarter that more than doubled year over year.

  • Albertson’s ACI -9.75%

    a better-than-expected result in the third quarter and raised the forecast for adjusted earnings and sales growth for the full fiscal year.

Chart of the day
  • Investors are betting that looming interest rate hikes will boost profits in the financial sector and make the sector more attractive than the tech sector, a major contributor to last year’s rally.

Write to James Willhite at james.willhite@wsj.com

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