Stocks traded higher 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.
(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 1.2%.
(TFC) rose 6.2% 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.
told Barron’s it doesn’t comment on rumors or speculation.
(U) rose 4.9% 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.
Advertisement – Scroll to Continue
(RIVN) rose 4.3% to $19.59 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.
(SWKS) was up 0.4% to $98.63 and
(QRVO) declined 1.8% to $93.18 after
downgraded both stocks to Sell from Neutral. Citi cut its target price on Skyworks to $87 from $116, and its target on
to $78 from $116.
(NOC), like other defense stocks, led the
on Monday following the Hamas attack on Israel. Northrop jumped 11% but was down 1.3% on Tuesday.
(LMT), which gained 8.9% on Monday, fell 0.2%.
Advertisement – Scroll to Continue
(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
(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 26%.
Write to Joe Woelfel at joseph.woelfel@barrons.com
…
Read More: PepsiCo, Truist, Unity Software, Rivian, Ventyx, Akero, and More Stock Market
