![]() ![]() "It's going to take some time for people to realize that, at the end of the day, this is just a solid company with amazing resources to rebuild," he said, explaining that the platform's upcoming ad-supported offering and crackdown on password sharing should help "expand its revenue source." Santosh Rao, head of research at Manhattan Venture Partners, told Yahoo Finance that "the worst is priced in" and advised investors to be patient and focus on the next several quarters. Sheridan slashed his price target to $186 (down from $265), citing "concerns around the impact of a consumer recession as well as heightened levels of competition on demand trends." On Friday, Goldman Sachs ( GS) analyst Eric Sheridan downgraded shares to Sell from Neutral. The analyst admitted to "prematurely" upgrading the stock to Hold following the company's Q4 earnings report. The S&P index recorded 29 new 52-week highs and two new lows, while the Nasdaq recorded 84 new highs and 60 new lows.The bears are also out in force: On Tuesday, Benchmark analyst Matthew Harrigan reverted back to a Sell rating on the stock and issued a new price target of $157 a share. Horton (DHI.N) added 4.7% to top the S&P 500 index after reporting upbeat fourth-quarter results.ĭeclining issues outnumbered advancers for a 1.56-to-1 ratio on the NYSE and a 1.91-to-1 ratio on the Nasdaq. Zynga Inc (ZNGA.O) jumped 9.5% after the "FarmVille" creator beat quarterly net bookings estimates, while D.R. Robinhood Markets Inc (HOOD.O) slipped 2.8% after the online retail brokerage said a third party had obtained access to the email addresses of about five million of its customers in a security breach incident. Musk's proposal also raised questions about whether he may have again violated his settlement with the U.S. Tesla Inc (TSLA.O) tumbled 10.2%, pulling down the consumer discretionary sector (.SPLRCD) and extending losses after Chief Executive Elon Musk's Twitter poll proposing to sell a tenth of his holdings garnered a 57.9% vote in favor of the sale. conglomerate said it would split itself into three companies focused on aviation, healthcare and power. ![]() The Labor Department's core CPI index, a gauge excluding prices of volatile items such as food and energy, is expected to have risen 4.3% last month.Īmong the top performers on Tuesday, General Electric Co (GE.N) jumped 3.6% after the U.S. consumer prices data for October on Wednesday, which will likely highlight the impact of strained supply chains on American consumers. They're going to continue to just hope that it goes away but I don't think it's going away," Dick said. "The only way to keep pace on the control is probably to raise rates, so Federal Reserve is stuck. The Labor Department's producer prices data indicated high inflation, which has become a bigger concern for investors than the COVID-19 crisis, could persist for a while amid supply chain issues. It's been a pretty good run, money managers may be lightening up thinking that we get a little bit of a correction," said Dennis Dick, a trader at Bright Trading LLC. "We're at a point where the market is just taking a few chips off the table. stock index (.SPX) and the Nasdaq (.IXIC) notched record closing highs on Monday for the eighth straight session.Ī better-than-expected earnings season, positive news around COVID-19 antiviral pills and the loosening of travel curbs have recently fueled a record-breaking rally in U.S. ![]() Seven of the 11 major S&P 500 sector indexes were lower in afternoon trading, after the benchmark U.S. Nov 9 (Reuters) - Wall Street's main indexes retreated from record highs on Tuesday as a solid rise in producer prices last month deepened concerns over inflation, while General Electric jumped on its plan to split into three public companies. ![]()
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