These Stocks Moved the Most Today: Warner Bros., Paramount, Netflix, Tesla, CoreWeave, Confluent, Marvell, Carvana, and More

Traders working at the New York Stock Exchange. (NYSE)

Key Points

• Tesla stock falls after a downgrade to Equal Weight from Morgan Stanley, which cites slower EV adoption and a volatile trading outlook.
• Confluent surges after IBM reaches a deal to buy the data-infrastructure company for about $11 billion.
• Warner Bros. Discovery stock jumps as Paramount Skydance launches a hostile bid, just days Warner Bros. reached a deal to be bought by Netflix.

Stocks fell Monday to kick off a week in which the Federal Reserve’s monetary-policy decision likely will take center stage.

These stocks moved Monday:

Warner Bros. Discovery climbed 4.4% after Paramount Skydance launched a hostile bid for the entertainment company. The development came just days after Warner Bros. struck an agreement with Netflix . Paramount jumped 9%, while Netflix dropped 3.4%.

Meanwhile, President Donald Trump said Sunday that streaming giant Netflix’s $72 billion deal to buy Warner Bros. “could be a problem” because it would give Netflix a much larger market share.

Tesla fell 3.4% to $439.58 following a downgrade at Morgan Stanley. Andrew Percoco, the bank’s new analyst covering the electric-vehicle maker, downgraded the stock to Equal Weight from Overweight, pointing to slower EV adoption and a volatile trading outlook for the next 12 months. Percoco hiked his price target to $425 from $410.

Lucid Group dropped 4.9% to $12.76 after the fellow EV maker was downgraded at Morgan Stanley to Underweight from Equal Weight with a $10 price target, down from $30. Rivian Automotive also was downgraded with a $12 price target, sending shares down 1.9% to $17.61.

Confluent surged 29% to $29.87 after International Business Machines struck a deal to acquire the data-infrastructure company. IBM will acquire all of Confluent’s issued and outstanding common shares for $31 a share, or an enterprise value of $11 billion. The transaction is expected to close by the middle of 2026, and is subject to approval by Confluent shareholders, the companies said. IBM stock was 0.4% higher.

Kymera Therapeutics soared 42% after the biopharmaceutical company released “positive results” from a Phase 1b clinical trial for KT-621, its anti-inflammatory drug candidate.

U.S.-listed shares of Structure Therapeutics skyrocketed 102%. Mid-stage data for the drugmaker’s weight-loss drug candidate, released Monday, appeared comparable to that of one of Eli Lilly’s experimental treatments, orfoglipron. Lilly shares fell 1.3%.

Marvell Technology fell 7%. Benchmark Research downgraded the stock to Hold from Buy and withdrew its price target, citing a “high degree of conviction” that the company had lost both Amazon’s Trainium 3 and 4 designs to Taiwanese rival Alchip Technologies.

CoreWeave fell 2.3%. The cloud computing company said it planned to offer $2 billion worth of convertible senior notes due 2031 in a private placement, with an option for initial buyers to purchase up to an additional $300 million.

Used-car retailer Carvana climbed 12%, building materials provider CRH gained 5.9%, and HVAC and plumbing company Comfort Systems USA fell 1.2%. The three stocks will be joining the S&P 500 on Dec. 22, as part of the benchmark index’s quarterly rebalancing, S&P Dow Jones Indices said Friday.

Separately, BofA Securities reiterated a Buy rating on Carvana stock Monday while raising its price target to $455 from $385, suggesting slight upside to Monday’s price of $452.65. Analyst Michael McGovern said he expects Carvana to surpass rival CarMax in quarterly units sold “at some point in 2026.”.

Auto parts provider LKQ fell 2%, chemical company Solstice Advanced Materials slipped 0.9%, and flooring manufacturer Mohawk Industries declined 1.8%. All three stocks will be booted out of the S&P 500 as part of the reshuffling.

Major Bitcoin holder Strategy rose 2.6%. The company disclosed Monday that it had acquired 10,624 digital tokens in the period between Dec. 1 and Dec. 7, for an aggregate purchase price of $962.7 million.

Home builder Toll Brothers was set to report earnings for its fiscal fourth quarter after the closing bell Monday. It fell 2% on Monday.

Earnings reports are expected later in the week from Academy Sports & Outdoors, AutoZone, Campbell’s, Casey’s General Stores, Cracker Barrel Old Country Store, GameStop, Chewy, Adobe, Oracle, Synopsys, Ciena, Broadcom, Costco Wholesale, Lululemon Athletica, and RH.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com and George Glover at george.glover@dowjones.com