Ford Motor Co. shares F, +1.73% rose 2% after UBS lifted its rating on the automaker to buy from sell as part of new coverage of U.S. auto stocks. Shares of General Motors Co. GM, +0.09%, also rated buy, rose less than 1%. The buy calls come a day before the United Auto Workers’ labor contract with the automakers expires, which could lead to a strike if no deal is reached by 11:59 p.m. Eastern on Sept. 14.
Citigroup Inc. shares C, +1.42% tacked on 2% after the announcement of an organizational restructuring in which the banking giant looks to speed up decision making by eliminating some management layers. Rocket Pharmaceuticals Inc. shares RCKT, +36.95% surged 37% after the biotechnology company it’s reached an agreement with the Food and Drug Administration on a Phase 2 trial design for a Danon disease drug as it’s pricing the sale of 7.8 million shares at $16.Nio Inc.‘s stock dropped more than 4%, after the European Union said it’s probing Chinese government subsidies to electric vehicle makers. Among other China-based EV makers, shares of Li Auto Inc. LI, -0.32% eased 0.1% and XPeng Inc.
Shares of American Airlines Group Inc. AAL, -6.02% tanked more than 6% after the air carrier cut its profit outlook, citing higher fuel prices and costs associated with a new labor agreement. Frontier Group Holdings Inc., the parent of Frontier Airlines, also raised its fuel-cost estimate and provided a downbeat adjusted pretax margin outlook, sending the discount air carrier’s stock ULCC, -9.01% down more than 9%.