Key Takeaways
- U.S. equities rose at noon Monday, Feb. 12, 2024, with the S&P 500 and Dow reaching recent highs forward of Tuesday's inflation report and extra earnings reviews.
- VF Company was the best-performing inventory within the S&P 500 following reviews its founding household is backing activist investor Engaged Capital in a plan to shake up the agency.
- Hershey shares fell after a downgrade from Morgan Stanley citing falling shopper demand and excessive cocoa costs.
U.S. equities started the brand new buying and selling week with beneficial properties at noon, with the S&P 500 and Dow reaching recent highs forward of Tuesday’s inflation report and extra earnings reviews. The Nasdaq was additionally larger.
VF Company (VFC) was the best-performing inventory within the S&P 500 following a report the household that based the agency helps activist investor Engaged Capital in its effort to shake up the proprietor of North Face and Vans manufacturers.
Shares of Diamondback Power (FANG) soared after the oil producer introduced it’s shopping for Endeavor Power Companions for $26 billion to develop its attain within the Permian Basin.
Lowe’s (LOW) shares gained as JPMorgan raised its score on the inventory, suggesting Fed rate of interest cuts might assist increase gross sales on the house enchancment retailer.
Hershey (HSY) shares declined as Morgan Stanley minimize its score on the inventory, writing the chocolate maker’s margins may very well be harm by falling shopper demand and hovering cocoa costs.
A downgrade from Barclays despatched shares of Rivian Automotive (RIVN) decrease. The financial institution cited the slowing gross sales of electrical autos (EVs).
Oil and gold futures fell. The yield on the 10-year Treasury notice was little modified. The U.S. greenback was larger versus the euro, pound, and yen. Most main cryptocurrencies traded within the inexperienced.
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