Despite falling into negative territory in early trading, stocks bounced off their morning lows and edged into positive ground throughout most of the afternoon trading. It seemed that there had been a bit of a shift in investor sentiment early, even though the market received some underwhelming economic data to start the day. However, that momentum eventually reversed course once again, and stocks sold off into negative territory by the close.
Home Builder EarningsBefore the opening bell this morning, home builders Lennar Corp. (LEN
) and KB Home (KBH) reported their third quarter earnings. Both companies reported a rise in profits for the most recent quarter, topping Wall Street expectations. As such, both stocks rallied today, finishing in the green by the close.
Aside from the home builders, shares of Applied Materials (AMAT) rose in the day’s trading after the company announced a merger with Tokyo Electron. The two firms will merge to form a new $29 billion semiconductor company. Also surging today were shares of Eastern Insurance Holdings (EIHI), after it was announced that ProAssurance (PRA) would be acquiring the company for $24.50 per share.
In other news, The Jones Group (JNY) shares got a boost from rumors that private equity firm KKR is looking to acquire the fashion apparel and footwear company. Moreover, Illinois Tool Works (ITW) shares rose after it announced that it is planning to divest its industrial packaging segment.
As for Wall Street analyst upgrades, shares of Microchip Technology (MCHP), Church & Dwight (CHD), Sotheby’s (BID), Nike (NKE), and Goodyear Tire (GT
) rose due to the positive commentary.
In negative territory today ere shares of Carnival Corp (CCL) after disappointing third quarter earnings. Also, Microsoft (MSFT) shares edg
No comments:
Post a Comment