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The S&P 500 was flat, the Dow Jones Industrial Average rose 0.1%, or 24 points, and the Nasdaq was up 0.1%.
Johnson and Johnson leads health care lower as bankruptcy plan rejected
Johnson & Johnson (NYSE:JNJ) fell more than 4% after the judge on Friday rejected the company’s plan to place its subsidiary LTL Management into bankruptcy, known as a Texas two-step strategy, to deal with tens of thousands of legal claims alleging its talc caused cancer.
DexCom Inc (NASDAQ:DXCM) was also a drag on health care, falling more than 6% giving up its recent gains despite raising its annual revenue forecast last week.
CSX (NASDAQ:CSX) fell nearly 2% after RBC downgraded its rating on the railroad company to Sector Perform from Underperform, citing coal volume headwinds.
Coal, which makes up nearly a fifth of revenues at CSX, is expected to fall by 20% in 2024, according to a recent forecast from the Energy Information Administration. That is likely to lead to downward earnings revisions, RBC said.
Salesforce (NYSE:CRM) was downgraded by Morgan Stanley to Equal-Weight from Overweigh but losses were kept in check as the latter also lifted its price target on the stock to $278 from $251.
Hasbro (NASDAQ:HAS) was up more than 1% after Bank of America upgraded the shares to Buy from Neutral on optimism that the toymaker is likely to deliver better-than-expected earnings on Thursday.
Big tech is set to remain in the headlines this week as Apple Inc (NASDAQ:AAPL) and Amazon.com Inc (NASDAQ:AMZN) are to deliver reports later this week following better-than-expected quarterly from Microsoft (NASDAQ:MSFT), Meta Platforms Inc (NASDAQ:META), and Alphabet Inc (NASDAQ:GOOGL).
Tupperware Brands (NYSE:TUP) rose nearly 40%, taking its gains in July to over 450%, a move that many believe is driven by the meme stock craze that took hold with OG-meme stocks like GameStop Corp (NYSE:GME).
About 27.00% of Tupperware Brands’ shares are currently sold short.
