Stocks posted solid gains Tuesday and Treasuries rose as dovish comments from Federal Reserve policymakers helped boost risk appetite. Wall Street continued to assess the impacts of the Israel-Hamas war as the conflict enters its fourth day.
These stocks were making moves Tuesday:
PepsiCo
(PEP) reported third-quarter adjusted earnings of $2.25 a share, topping analysts’ estimates of $2.15. Revenue of $23.5 billion also beat expectations. The beverage and snacks maker also raised its full-year guidance. The stock rose 2.1%.
Truist Financial
(TFC) rose 6.4% and was the top-performing stock in the
S&P 500
following a report from Semafor that said the bank was in negotiations to sell the remaining 80% of its insurance brokerage business for $10 billion to private-equity firm Stone Point.
Truist
told Barron’s it doesn’t comment on rumors or speculation.
Unity Software
(U) rose 3.6% after the announcement that John Riccitiello would be retiring as president, chief executive and chairman of the game development platform company. Unity last month announced a controversial new price hike plan that was met with a revolt from customers. The company was forced to apologize and backtrack on some parts of the plan.
Rivian Automotive
(RIVN) rose 5.3% to $19.77 after shares of the electric-truck maker were upgraded to Buy from Neutral with a price target of $24. The stock fell sharply last week after Rivian announced it was selling $1.5 billion in convertible notes to raise additional cash.
Electronic Arts
(EA) was up 3.3% after
BofA
raised its rating on the videogame company to Buy from Neutral and increased the price target to $150 from $145.
Skyworks Solutions
(SWKS) was up 0.8% to $98.99 and
Qorvo
(QRVO) declined 0.9% to $94.07 after
Citi
downgraded both stocks to Sell from Neutral. Citi cut its target price on Skyworks to $87 from $116, and its target on
Qorvo
to $78 from $116.
Northrop Grumman
(NOC), like other defense stocks, led the
S&P 500
on Monday following the Hamas attack on Israel. Northrop jumped 11% but was down 1.1% on Tuesday.
Lockheed Martin
(LMT), which gained 8.9% on Monday, fell 0.3%.
Akero Therapeutics
(AKRO) dropped 67% after results were mixed for its lead product candidate, a treatment for nonalcoholic steatohepatitis, a form of fatty liver disease.
Topline results released by
Ventyx Biosciences
(VTYX) from its trial of VTX002 in patients with moderate-to-severely active ulcerative colitis were at the lower end of company guidance and the stock sank 21%.
Write to Joe Woelfel at [email protected]
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