Midday Report: Piper Jaffray Drives Tesla Higher; Consumer, Energy Boost U.S. Stocks

Stocks move higher to begin the week, boosted by gains in the energy and consumer goods sector.

Author:: Keris Alison Lahiff
Publish date:: Apr 10, 2017 11:59 AM EDT

Stocks moved higher to begin the week, boosted by gains in the energy and consumer goods sector. Markets came off of session highs, though, on worries over the U.S.'s increasing involvement in the Syrian conflict. Tesla (TSLA) - Get Report gave rise to consumer stocks after Piper Jaffray upgraded its rating to BUY from NEUTRAL and increased its price target by 65%. The firm said it anticipates deliveries of the Model 3 this year. Straight Path Communications (STRP) rocketed higher after AT&T (T) - Get Report agreed to purchase the company in a $1.6 billion deal. The acquisition is expected to close within a year. Lennar (LEN) - Get Report reduced its first-quarter earnings after taking an unexpected financial hit. The homebuilder said it took a one-time $140 million charge tied to a 2008 court cast, reducing quarterly earnings by 70%.