Stocks posted solid gains Tuesday and Treasury yields fell as dovish comments from Federal Reserve policy makers helped boost risk appetite. Wall Street continued to assess the impacts of the Israel-Hamas war as the conflict enters its fourth day.
These stocks made moves Tuesday:
PepsiCo
(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 1.9%.
Truist Financial
(TFC) rose 6.7% and was the top-performing stock in the
S&P 500
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.
Truist
told Barron’s it doesn’t comment on rumors or speculation.
Unity Software
(U) rose 1% 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.
Rivian Automotive
(RIVN) rose 4.6% to $19.64 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.
Electronic Arts
(EA) was up 2.8% to $128.08 after
BofA
raised its rating on the videogame company to Buy from Neutral and increased the price target to $150 from $145.
Skyworks Solutions
(SWKS) was up 0.1% to $98.30 and
Qorvo
(QRVO) declined 1.7% to $93.26 after
Citi
downgraded both stocks to Sell from Neutral. Citi cut its target price on Skyworks to $87 from $116, and its target on
Qorvo
to $78 from $116.
Northrop Grumman
(NOC), like other defense stocks, led the
S&P 500
on Monday following the Hamas attack on Israel and jumped 11%. But it was down 1.4% on Tuesday.
Lockheed Martin
(LMT), which gained 8.9% on Monday, fell 0.3%.
Akero Therapeutics
(AKRO) dropped 63% after results were mixed for its lead product candidate, a treatment for nonalcoholic steatohepatitis, a form of fatty liver disease.
Top line results released by
Ventyx Biosciences
(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 [email protected]
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