(Updated: April 4, 2024 at 11:41 am EDT)
Investing.com — Major U.S. indices rose on Thursday, recovering from recent losses following the release of weekly initial jobless claims data. Claims rose more than forecasters expected, hinting at a slowdown in the labor market and supporting prospects for Fed rate cuts.
Here are some of the biggest drivers of US stocks today:
Shares of Levi Strauss (NYSE 🙂 soared 15% after the retailer raised its annual profit forecast, citing recent cost savings thanks to job cuts and less aggressive discounts on its iconic clothing.
Blackberry (TSX:) shares rose 9% after the Canadian company reported a surprise profit for the fourth quarter, helped by increased demand for its cybersecurity services amid rising online crime and high-profile attacks.
Shares of Tesla (NASDAQ rose 2.4% after the Financial Times reported that the electric vehicle maker is set to study sites in India for a proposed $2 billion to $3 billion electric car plant.
Paramount Global (PARA) shares fell 9% after the WSJ reported that the entertainment conglomerate had entered exclusive merger talks with Skydance Media, favoring the independent studio over a $26 billion bid from Apollo Global Management (NYSE:).
walt disney (NYSE:) shares rose 0.8% after the entertainment giant's shareholders backed CEO Bob Iger and other company directors, ending a battle for board seats started by activist investors Trian Fund Management and Blackwells Capital.
Shares of Reddit (RDDT) fell 1.3%, with analysts describing the social media platform as “an institutional meme stock” as they initiated coverage with an “underperform” rating.
Wayfair (NYSE 🙂 shares rose 5% after Evercore ISI upgraded its stance on the online home furnishings retailer to “outperform” from “online,” saying its risk/reward profile is attractive, as the company has implemented cost-cutting measures to reduce downside risk and improve upside potential as revenue begins to grow again.
Block (SQ) shares fell 3% after Morgan Stanley downgraded the financial services company to “underweight” from “equal weight,” reflecting concerns about the sustainability of the company's Ebitda growth and its implications for future income expansion.
Shares of Meta Platforms (NASDAQ rose 3%, hitting a new all-time intraday high as analysts continue to raise their targets for the stock. They previously raised their Meta target to $585 from $550 per share, maintaining a rating of ” buys”.
Shares of HubSpot (NYSE rose 9.5% after a Reuters report said Alphabet (NASDAQ is in talks with advisors about a possible bid for the company. Shares of rival Salesforce (NYSE ) fell.
Additional information from Louis Juricic
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