U.S. markets opened in positive territory on Monday, with investors looking to see if President Trump's tariffs on Chinese imports will have an impact on American manufacturing.
Shares of Spotify Technology S.A. (SPOT, Financial) traded more than 4.5% higher after Cascend Securities' Eric Ross started coverage of the stock with a buy rating and price target of $185, 14% above its current market price. Spotify has the largest subscriber base, with 42% of monthly active users under the age of 25.
On the other hand, shares of Perrigo Company PLC (PRGO, Financial) lost 4% on Monday morning after announcing Sun Pharmaceutical Industries Inc. (SUNPHARMA) and MiCal Pharmaceuticals LLC initiated patent litigations regarding its U.S. marketing application seeking approval for a generic version of topical psoriasis medication Ultravate Lotion (halobetasol propionate).
Gainers
- Symantec Corp. (SYMC, Financial)
- L Brands Inc. (LB, Financial)
- News Corp. (NWS, Financial)
- CVS Health Corp. (CVS, Financial)
Losers
- Xerox Corp. (XRX, Financial)
- Mattel Inc. (MAT, Financial)
- Darden Restaurants Inc. (DRI, Financial)
- Clorox Co. (CLX, Financial)
Global markets
The main European stock markets closed lower. The U.K.'s FTSE 100 fell 0.30%, France's CAC 40 retreated 0.18%, Germany's Dax slid 0.30% and Spain's Ibex 35 lost 0.39%.
In Asia, India’s BSE Sensex gained 0.06%, China's SSE Composite advanced 0.34%, Hong Kong's Hang Seng jumped 1.35% and Japan's Nikkei 225 gained 0.47%.
Disclosure: The author holds no positions in any stocks mentioned.
