Biggest S&P 500 Movers on Friday
1 hr 37 min ago
Advancers
- DexCom (DXCM) shares led the S&P 500 higher, jumping 3.2%. The company said its G7 continuous glucose monitoring (GCM) system will become available through the public prescription drug plan in Québec, Canada. DexCom stock plunged late last month after the medical device firm released a lackluster second-quarter earnings report, but the shares have recovered some of that lost ground in August.
- Shares of cosmetics retailer Ulta Beauty (ULTA) were up 3.1% on Friday, extending gains posted in the prior session. The uptick came after regulatory filings revealed Berkshire Hathaway (BRK.A), the holding company run by legendary investor Warren Buffett, acquired a position in the beauty products seller. Following news of Berkshire’s stake, Morningstar voiced its agreement about Ulta Beauty stock as a potential investment opportunity, citing a loyal customer base, offerings across price points, and expansion plans in Mexico.
- Tapestry (TPR) shares gained 3.1% after the provider of luxury goods and accessories posted better-than-expected sales and profits for its fiscal fourth quarter. The company’s Coach brand helped drive the strong performance, boosted by robust demand for its Tabby shoulder bags. However, Tapestry saw some softness in its other brands, Kate Spade and Stuart Weitzman, as well as a slowdown in its China business.
- Bath & Body Works (BBWI) shares added 2.4%. The retailer of scents and personal care products recently launched the latest installment in a series of fragrances and candles inspired by the popular Netflix (NFLX) series Stranger Things. The company also declared last week that it will pay a quarterly cash dividend of 20 cents per share. Bath & Body Works expects to release second-quarter earnings results before the markets open on Aug. 28.
Decliners
- Amcor (AMCR) shares dropped 3.7%, racking up the widest loss in the S&P 500, following the global packaging giant’s fiscal fourth-quarter earnings report. Although earnings per share (EPS) matched expectations, quarterly revenue fell short of estimates. Amcor has faced challenges related to soft customer demand as well as destocking in North America and Europe, but it expects to grow volumes and earnings in fiscal 2025.
- Shares of Chipotle Mexican Grill (CMG) lost 2.8%. Earlier this week, news broke that CEO Brian Niccol would be departing the fast-casual restaurant to take the helm at Starbucks (SBUX). Several analysts expressed concern about the loss of the all-star food industry executive, with Evercore and Baird lowering their price targets on Chipotle stock, noting Niccol’s exit could drag down investor sentiment.
- Palo Alto Networks (PANW) shares fell 2.7% ahead of the cybersecurity firm’s fiscal fourth-quarter earnings report, set for release on Monday. The losses on Friday marked a reversal from gains posted earlier in the week as several Wall Street analysts boosted price targets on Palo Alto stock. However, analysts expect the firm to report a slight year-over-year EPS decline in its upcoming earnings.
Major Indexes Post Biggest Weekly Gains of the Year
2 hr 54 min ago
A quiet day of trading Friday capped off a big week for U.S. stocks, as the major indexes each recorded their biggest percentage gains of 2024.
The Nasdaq gained 5.3% this week, as tech stocks soared after a sharp selloff in recent weeks. The S&P 500 added 3.9% and the Dow gained 2.9% over the week.
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How Warren Buffett’s Berkshire Hathaway Grew Its Cash Pile
4 hr 32 min ago
Warren Buffett’s Berkshire Hathaway (BRK.A, BRK.B) added a few new positions and raised some of its equity stakes in the second quarter, filings this week showed, though it trimmed more of its stock holdings than it added, bringing Berkshire Hathaway’s cash and U.S. Treasury holdings to a record high at $276.9 billion.
The size of Berkshire’s growing cash pile and selling spree over several quarters have raised speculation Buffett could be concerned about the market becoming overheated, raising cash for successors, or unimpressed with other options.
Back in May, Buffett said Berkshire was building its cash position and suggested it’s been difficult finding opportunities meeting Berkshire’s criteria.
Read the full story here.
S&P 500 and Nasdaq Set to End Four-Week Losing Streaks
5 hr 59 min ago
The S&P 500 and Nasdaq have posted four straight weekly losses, but that streak is set to come to a close this week.
As of about 1:00 pm ET Friday, the S&P 500 had recovered almost all of the ground lost during the four-week swoon, while the Nasdaq was still down about 4% since the close of trading on July 12.
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Walmart Levels to Watch After Stock Hit Record High
8 hr 15 min ago
Shares of Walmart (WMT) are on the rise again Friday, one day after surging on the strength of a strong earnings report and rosy outlook.
The share price set a record close Thursday on the highest trading volume since mid May, suggesting active participation by institutional investors.
A bars pattern, which takes the stock’s trending move from early May to mid-July and positions it from this month’s low, forecasts an upside target in Walmart shares of around $80.
During a retracement, the retailer’s shares may encounter support around $71 and $62.
Read the full technical analysis here.
H&R Block Soars After Earnings, Dividend Boost
8 hr 38 min ago
H&R Block (HRB) shares jumped Friday, a day after the tax-prep firm reported higher-than-forecast fiscal 2024 fourth-quarter results.
H&R Block said revenue for the three months to June 30 edged higher to $1.06 billion from $1.03 billion a year ago, while net profit fell to $257.8 million from $302.3 million. The results topped consensus analysts’ estimates on both the top and bottom lines.
The company also said it would issue a quarterly dividend of 37.5 cents a share, a 17% increase, and launch a new share-buyback program of $1.5 billion.
H&R Block shares were up 17% in recent trading to a new all-time high.
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Nvidia Price Levels to Watch After Recent Rally
9 hr 50 min ago
Nvidia (NVDA) shares were down slightly in early trading Friday. The stock has gained 24% since Aug. 7, when it closed below $100 for the first time since May.
The recent recovery in Nvidia’s shares has occurred on below-average volume, indicating the move may be driven by retail investors rather than larger market participants.
Nvidia shares could encounter support at $116 and $97, but may face selling pressure at $136 and near a bars pattern price target around $152.
Read our full technical analysis here.
Stock Futures Point to Lower Open for Major Indexes
10 hr 33 min ago
Futures tied to the Dow Jones Industrial Average were down 0.3%.
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S&P 500 futures were off 0.5%.
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Nasdaq 100 futures were down 0.6%.
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