Here are ten individual stocks headlining the market’s upward swing.
Winners: Tesla, Boeing, & Apple Impress
Tesla stock led the Nasdaq with a spectacular 5.61% rally. TSLA’s single-day surge came one day after TipRanks reported that JMP analyst Joseph Osha believes that the stock is undervalued by 45%.
The icing on the cake? Elon Musk revealed that the Tesla Model S had broken the speed record for a four-door sedan at Laguna Seca Raceway, a famous California racetrack.
Boeing stock surged 3% after CEO Dennis Muilenburg said that he expects the controversial 737 MAX to return to service before the end of 2019. The company’s most popular jet has been grounded since March, contributing to a 72% plunge in year-over-year plane deliveries.
Apple trailed only Boeing among Dow Jones Industrial Average stocks, rising 2.85% the day after it debuted the iPhone 11. Wall Street cheered the smartphone’s $50 price cut, and the Tim Cook-led firm’s market cap briefly touched $1 trillion.
Merck stock experienced a 1.51% relief rally on Wednesday following a brutal start to the week. MRK clung to gains despite a Reuters report uncovering evidence that a court had allowed the drugmaker to conceal a drug’s risks.
Trade war bellwether Caterpillar rose 1.11% amid continued optimism that the US and China will make progress toward a new trade agreement.
Losers: Trump Sends Chevron Lower
Take-Two Interactive (NASDAQ:TTWO)
Gaming company Take-Two Interactive was one over several companies hit hard by Apple’s Tuesday product launch event. Shareholders are particularly concerned about the impact that Apple’s $4.99 per month Arcade service will have on the mobile gaming market.
Shares in 3M declined 1.44% a day after a company executive endured questioning by the House of Representatives in connection with its use of chemical substances called PFAS. Congress is reviewing legislation that would curtail the use of PFAS, which are commonly used in waterproofing but might contribute to cancer and other health problems.
Activision Blizzard (NASDAQ:ATVI)
Activision Blizzard stock slid 1.32% amid concerns that its flagship Call of Duty franchise is suffering from brand fatigue and that the upcoming Modern Warfare sequel will drag on growth. Analysts also point to the disappointing Sekiro: Shadows Die launch as another warning sign for ATVI.
Beleaguered video game retailer GameStop was forced to watch its shares careen 9.53% lower in response to a report that it would close 200 stores by the end of the year. CFO James Bell also revealed that shareholders should expect even more closures over the next 24 months.
Chevron shares dipped 0.92% after Bloomberg published a report revealing that President Trump discussed easing sanctions on oil-rich Iran in advance of a possible meeting with Iranian President Hassan Rouhani. Former National Security Advisor John Bolton, whom Trump fired on Tuesday, opposed that strategy. The report also ignited a 2.68% plunge in the price of crude oil.
Last modified: September 23, 2020 1:00 PM