IBM, Black Diamond Therapeutics, Rivian, Tesla: What to watch in the stock market today

Wall Street stock indices fell during morning trading ahead of testimony from Federal Reserve Chairman Jerome Powell that could offer clues about future rate hikes. This is what we watch Tuesday:

• UBS Downgraded Its Rating On IBM Shares -1.60%

  sell and lowered the price target.

• Electric truck manufacturer Rivian‘s

  RIVN 2.59%

  general manager left the company last month when the startup ramped up production of its first three models.

• Tesla TSLA 0.59%

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

• Zynga ZNGA 4.86%

  there is still something in it. The gamemaker’s share rose 41% on Monday after Take-Two Interactive TTWO 3.80%

  said it would buy it but Tuesday morning it still started to rise.

• Shares of Black Diamond Therapeutics BDTX 13.33%

  jumped after the precision oncology company received approval from the U.S. Food and Drug Administration for an investigation into its BDTX-1535 cancer therapy.

• Abercrombie & Fitch ANF 7.88%

  warned that sales for the holiday quarter would fall short of previous estimates due to inventory delays and heightened Covid-19 restrictions.

• Health insurer Accolade ACCD 27.69%

  reported revenue for the recent quarter that more than doubled from a year earlier.

• Albertson’s ACIA -9.75%

  delivered better-than-expected third-quarter results and raised its expectations for adjusted earnings and revenue growth for the full fiscal year.

Card of the day

• Investors are betting that impending rate hikes will boost earnings in the financial sector and make the sector more attractive than technology, one of the main contributors to last year’s rally.

Write to James Willhite at [email protected]

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