The three major indexes closed higher for the third day in a row on Tuesday, boosted by investor optimism the Federal Reserve is approaching the end of its rate hike campaign.
These stocks made moves Tuesday:
Coinbase
(ticker: COIN), the crypto broker, rose 15%. A federal appeals court said Tuesday the Securities and Exchange Commission acted arbitrarily when it denied Grayscale Investments’ attempts to convert its
Grayscale Bitcoin Trust
(GBTC) into an exchange-traded fund.
AT&T
(T) was up 4.1% to $14.79, while
Verizon Communications
(VZ) gained 3.4% to $34.70. Shares of both telecommunications giants were upgraded to Buy from Neutral at
Citi.
AT&T
‘s price target was left unchanged at $17, while the price target of Verizon stock was increased to $40 from $39.
E.l.f. Beauty
(ELF) rose 9% after the cosmetics company announced the acquisition of skincare brand Naturium for $355 million in cash and stock.
3M
(MMM) agreed to a $6 billion settlement to resolve claims it sold faulty combat earplugs to the U.S. military. The Wall Street Journal had reported over the weekend that 3M and plaintiffs attorneys were nearing a settlement of $5.5 billion. 3M shares rose 1.4% after closing Monday with a gain of 5.2%.
Big Lots
(BIG) was up 27% after the retailer reported a narrower-than-expected adjusted second-quarter loss.
Best Buy
(BBY), the consumer electronics chain, reported fiscal second-quarter adjusted earnings that beat analysts’ estimates and the company said it expected demand for consumer electronics to pick up.
Best Buy
gained 3.9%.
Catalent
(CTLT) shares rose 4.8% after the drug manufacturer reached an agreement with activist investor Elliott Investment to appoint four new independent board members. The company also issued a solid revenue outlook for fiscal 2024.
NIO
(
NIO
) reported second-quarter results that were worse than expected and U.S.-listed shares of the Chinese electric-vehicle maker fell 1.3%.
Oracle
(ORCL) was up 3.3% to $120.66 after analysts at UBS raised the rating on shares of the software company to Buy from Neutral and lifted the stock price target to $140 from $120.
PDD Holdings
(PDD), the parent company of e-commerce sites Pinduoduo and Temu, reported second-quarter adjusted earnings that topped analysts’ estimates and the stock jumped 15%.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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