Shares of industrial and transportation companies rose amid optimism about one manufacturing giant.

GE Aerospace rallied a day after the company, formerly known as General Electric, split from its utility-focused GE Vernova affiliate, and Wall Street analysts placed lofty price targets on the airplane-machine maker.

Manufacturing conglomerate Ingersoll Rand is close to making all of its debt unsecured, meaning it will not need to be backed by collateral, a move that could reduce the company's interest costs and further strengthen its credit rating.

FCA US, the North American unit of Stellantis, said it had total sales of 332,540 vehicles in the first quarter, down 10%. Shares of Tesla rose slightly, but could see more downward pressure as the electric-car maker struggles to reinvigorate growth, warned one brokerage. Investors should "prepare for Tesla to initiate cost cutting initiatives to help preserve margin rather than to double down on price cuts," said analysts at brokerage Morgan Stanley. The firm said growth expectations would have to "bottom out" as Tesla investors come to grips with the medium-term outlook for sales -- something that might not happen until the second half of this year, according to the Morgan Stanley analysts.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

04-03-24 1748ET