Stocks fell on Tuesday as stocks continued to come under pressure from rising bond yields. The yield on 10-year Treasury bonds reached 4.75%, and is heading towards its highest level since 2007.
These stocks were moving Tuesday:
(HPQ) rose 2.4% to $26.28 after the stock was upgraded to buy from underperform at BofA and the price target was raised to $33 from $25. BofA analysts said they are seeing an improvement in the PC market backdrop and that the company has been stricter on cost controls. Separately, Warren Buffett
(BRK.B) sold another 5.1 million HP shares in recent days as it continues to reduce its stake in the personal computer and printer maker. Berkshire now owns 100.9 million shares of HP, worth about $2.6 billion based on the current market price of HP shares.
W. K. Kellogg
(KLG) was given a sell rating and $11 price target by analysts at Goldman Sachs. The stock fell 8.6% to $12.20.
W. K. Kellogg
fell 9.1% on Monday and
(K) decreased by 6% after the two companies separated from the former Kellogg Company. WK Kellogg comprises the North American cereal business
It is home to snack brands such as Pringles.
(MKC), the parent company of flavor brands such as French’s, Frank’s RedHot,
Spice, Inc. reported fiscal third-quarter adjusted earnings of 65 cents per share, which was in line with analyst estimates, but revenue of $1.68 billion fell short of that. The stock fell 9.6% and was the worst performer on the market
Standard & Poor’s 500.
(ODD), a beauty products company, said it expects the third quarter to be its “strongest third quarter ever.” Oddity expects year-over-year net revenue growth for the third quarter of 29% to 31%, above initial guidance of 18% to 23%. It also said it expects gross margin of 68.5%, about 100 basis points higher than its previous guidance. Analysts at Truist updated their recommendation on Oddity to Buy from Hold. The stock rose 7.9%.
(LLY) reaches an agreement to acquire a radiopharmaceutical company
Point Biopharma International
(PNT) for $12.50 per share, or $1.4 billion. Point Biopharma shares rose 85% to $12.38.
(WRBY) rose 5.6% to $14.01 after shares of the eyewear retailer were upgraded to Outperform from In Line with a $20 price target at Evercore ISI.
Clean energy fuel
(CLNE) rose 8.8% to $3.91 after Raymond James upgraded the stock to a strong buy from Outperform with an unchanged price target of $6.
(ABNB) was downgraded to sector weight from Overweight at Keybanc below a price target, as analysts say the company’s margins have reached a near-term peak and revenue growth could slow to 11% y/y in 2024 as overnight room and daily average Growth rate is moderate. The stock fell 5.2%.
stronghold (and) and General Motors GM has laid off nearly 500 additional workers combined as an ongoing strike by the United Auto Workers forces automakers to idle more plants. Separately, GM said it had received a counteroffer from the UAW to the company’s latest proposal. A GM spokesperson told the Detroit Free Press that there was a meeting Monday between GM and the UAW. “The union has filed opposition to our proposal as of September 21. We are evaluating, but there are still significant gaps.” Ford shares fell 1.6% and General Motors shares fell 2.7%.
(DNUT) rose 2% after it said it was exploring strategic alternatives including an all-cash sale of Insomnia Cookies.
Insomnia Cookies bought a majority stake in 2018 and said it expects revenue of about $230 million in fiscal 2023.
Write to Joe Woelfel at [email protected]
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”