Biggest stock movers today: TSLA, ERIC, and more (NASDAQ:TSLA)

Stock futures edged higher early Friday following cooling CPI data ahead of big bank earnings due later today.

Here are some of Friday’s biggest stock movers:

Biggest stock gainers

Following Q2 results, Ericsson’s (NASDAQ:ERIC) stock price rose more than 7% despite a 7% Y/Y dip in revenue, as the decline was smaller than expected, especially with strong growth in North America. The company benefited from a major contract win with AT&T and a shift in sales from lower-margin India to the higher-margin US market, though they still posted a loss due to an impairment charge.
Immutep (NASDAQ:IMMP) shares surged over 20% after announcing positive results from the TACTI-003 Phase IIb trial of eftilagimod alfa (efti) with Merck’s KEYTRUDA® (pembrolizumab) as a first-line treatment for recurrent or metastatic head and neck squamous cell carcinoma (HNSCC) patients with negative PD-L1 expression. The combination achieved a 35.5% objective response rate (ORR) and a 58.1% disease control rate (DCR), significantly outperforming historical controls for anti-PD-1 monotherapy. Additionally, the combination showed a 9.7% complete response rate, with one patient showing a notable improvement to a partial responder status after 14 months. Due to these promising results, Immutep will engage with regulatory agencies to discuss the next steps, supported by the FDA Fast Track designation for efti in 1L HNSCC regardless of PD-L1 expression.

Following an 8% drop due to a report of a possible delay in its August 8 robotaxi event, Tesla (NASDAQ:TSLA) extended losses over 3% in premarket trading on Friday after UBS downgraded the stock from Neutral to Sell. UBS analysts highlighted that while Tesla benefits from positive developments beyond its core auto business, the premium attached to its future growth initiatives, driven by AI enthusiasm, is difficult to value. They estimate a remaining value of over $500B for future growth, implying a future value of $1T, which only justifies current stock levels. To justify a Buy rating, a larger opportunity is needed, especially as AI investments are costly and long-term, and any decline in AI enthusiasm could impact Tesla’s valuation.