A Tesla electric car is parked in a storage area at the port of Zeebrugge in northern Belgium on June 21, 2024.
John Theis | AFP | Getty Images
Top 10 things to watch on Wednesday, July 3
1. Stocks were little changed ahead of the shortened holiday trading session, marking a second straight day of gains. S&P 500It closed above 5,500 for the first time on Tuesday.
2. Tesla The stock has risen for a sixth straight trading day, helped by better-than-expected second-quarter shipment figures released on Tuesday.
3. Constellation Brands The company reported in its pre-trade quarterly report that sales missed expectations by $10 million, but earnings per share were significantly better at $3.57 versus the $3.46 expected. Beer net sales increased 8%, shrinkage increased 6.4%, and shipments increased 7.6%. Most impressive was beer margins of 40.6%. Wine and spirits were weaker, but the company’s full-year outlook was unchanged. The company also repurchased $200 million of its own stock.
Four. Loop Capital is Meta that’s all alphabetWho says you can’t have both?
Five. PepsiCoCowen cut its price target on the stock to $190 from $200, citing weakness in salty snacks, but the research firm maintained a buy recommendation.
6. Jefferies said, Eli Lilly Shares rose to $1,041 from $1,015 after the FDA approved the Alzheimer’s disease drug donanemab on Tuesday.
7. Loopus Capital raises price target for off-price retailer Tx It rose to $125 from $115 a pop. The company said it saw “improved performance” in its end-of-quarter store checks.
8. LululemonBaird lowered its price target to $470 from $505 but maintained an outperform rating. Nike The price rose from $115 to $92 and maintained its buy position.
9. BTIG has launched its coverage MGM Resorts A buy recommendation and a target price of $52. Although the valuation is cheap, the group is highly disliked.
Ten. Dell Added to Bank of America’s US 1 list AmphenolSpot. Amazon It will remain on the list.
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