They say the morning goes like clockwork, but there’s no guarantee the afternoon will follow suit — at least not on Wall Street. As of midday Wednesday, stocks were surging across the board, with the Dow Jones Industrial Average and S&P 500 hitting new all-time highs after last week’s big selloff.
Walmart – After the company reported quarterly results that above Wall Street projections and increased its forward outlook, shares of Walmart rose 6.54%. According to Refinitiv, the company’s adjusted profits per share was $1.50 on $152.81 billion in revenue, against analysts’ expectations of $1.32 and $147.75 billion, respectively.
Retail stocks – Following Walmart and Home Depot, retail stocks increased.
‘s stronger-than-expected third quarter financial results. Home Depot increased by 1.63%, whereas Target Shares increased by 3.95%. Kohl’s 1.97% was added, and Bed Bath & Beyond paired returned gains and decreased 0.27% towards the end. Macy’s 4.48% in ahead, and Nordstrom grew by 2.36%.
Hong Kong Semiconductor
— After Warren Buffett’s Berkshire Hathaway acquired a $4 billion additional interest in the Taiwanese chipmaker, the stock climbed 10.52%. By the conclusion of the third quarter, Berkshire had added more than 60 million shares of Taiwan Semi’s American depositary receipts, becoming Taiwan
Shares of the media firm, Paramount Global, gained 5.14% when it was reported in a filing that Berkshire Hathaway had expanded its stake to $1.7 billion at the end of the third quarter. Due to cable cutting and a decline in advertising income, Paramount is still down more than 30% for the year.
Southern Pacific — After Omaha-based Berkshire increased its stake in the lumber manufacturer last quarter, the shares of the firm increased 7.84%. At the end of September, the conglomerate’s investment was worth $297 million.
Bath & Body Works — Bath and Body Works gained 2.6% on news that Dan Loeb’s Third Point purchased $265 million worth of the retailer’s stock in the third quarter, according to an SEC filing.
Netflix — The world’s largest streaming service had a 3.65% increase after Bank of America double-upgraded the stock from underperform to buy. He said that the new ad tier and crackdown on password sharing might contribute to a 23.6% boost in the stock’s value.
Shares of Fulcrum Therapeutics increased 5.43% when Goldman Sachs started covering the firm as a buy and stated that if its major experimental medications continued to perform well, there might be a 61.5% increase in value.
Vodafone – Following the company’s reduction of its profits estimate and cash flow forecast, Vodafone’s shares fell 6.82%. The cellphone operator highlighted the difficult economic climate.
— Getty Images’ shares fell 15.93% after the company’s most recent quarter’s sales fell short of Wall Street forecasts.
— Albemarle The lithium miner’s stock fell by 6.48%. U.S. lithium equities are under pressure due to rumours that an unnamed Chinese cathode producer is lowering its output goals, according to FactSet.
Shares of the cryptocurrency bank, Signature Bank, increased 6.61% when the company revealed that it has little exposure to FTX and any possible damage that may result from its collapse. Signature stated that it only has a deposit connection with the exchange and that this represents less than 0.1% of its total deposits. It does not lend cryptocurrency to customers or make investments in it on their behalf.
The stock of Mobileye Global, a developer of software for autonomous vehicles, increased 1.77% after Baird began to follow it and gave it an outperform rating. In a report titled “Net, we recommend purchase/would lean into any volatility, for this premier franchise/longer-term optionality,” analyst Luke Junk referred to Mobileye as the market leader.
Sunnova Energy — Following the initiation of coverage with buy recommendations by Deutsche Bank, shares of the solar firm increased by 5.67%. Enphase Energy increased 0.94%, and First Solar increased by 3.91%.
Capital One Financial – The shares of the local bank fell 7.18% after Bank of America downgraded it from buy to neutral. Mihir Bhatia, an analyst, likewise decreased his $124 price objective to $113 per share.
Carnival – Shares of the cruise line increased 5.28% as another data offered a possible slowdown in inflation. Norwegian Cruise Line and Royal Caribbean Cruises both saw increases of 2.41% and 4.49%, respectively.
Chinese stocks – Following President Joe Biden’s meeting with Chinese President Xi Jinping and in spite of dismal retail sales figures, Chinese firms listed on the American stock market saw gains. Tencent Music Entertainment increased 30.56% and also produced positive top- and bottom-line results. Alibaba increased by around 11.17%. Baidu increased by 9.02% and Pinduoduo by 8.53%, while JD.com increased by over 7.14%.