Live Nasdaq Composite: INTC Climbs 7 Percent, PEP’s Merger Monday
After Friday’s recovery rally, the markets remain cautiously optimistic and are mostly extending gains right out of the gate. All three of the major stock market averages, including the Dow Jones Industrial Average, Nasdaq Composite and S&P 500 came out of the gate with gains. The Nasdaq Composite has since turned modestly lower. The S&P […] The post Live Nasdaq Composite: INTC Climbs 7 Percent, PEP’s Merger Monday appeared first on 24/7 Wall St..
After Friday’s recovery rally, the markets remain cautiously optimistic and are mostly extending gains right out of the gate. All three of the major stock market averages, including the Dow Jones Industrial Average, Nasdaq Composite and S&P 500 came out of the gate with gains. The Nasdaq Composite has since turned modestly lower. The S&P 500 is determined to climb out of correction turf in which it fell 10% from its most recent all-time high. Chip stocks are moving higher, led by Intel (Nasdaq: INTC) and AMD (Nasdaq: AMD) with increases of 6% and 4.6%, respectively.
Intel’s newly appointed CEO reportedly plans an overhaul of the archaic company, giving investors something to cheer. The Magnificent Seven stocks are mixed, with Tesla (Nasdaq: TSLA) weighing on the tech sector with a decline of 3.3%. On the flip side, Netflix (Nasdaq: NFLX) is gaining 3.3% for a 10% total gain over the past five trading sessions. DZ Bank reportedly just raised its price target on the content streaming giant to $1,200 from $1,140, while MoffettNathanson upgraded the stock to a “buy” rating from “neutral” amid positive catalysts.
On the economic data front, retail sales inched 0.2% higher in February, below expectations but not enough to knock the markets off their perch this morning. Most sectors are trading in the green, led by energy and consumer staple stocks.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 137.15 (+0.33%)
Nasdaq Composite: Down 31.35 (-0.18%)
S&P 500: Up 12.77 (+0.25%)
Key Points
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The markets came out of the gate extending Friday’s gains but the Nasdaq Composite has turned modestly lower.
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Intel is rallying 7% on reports that the new boss is planning a much-needed overhaul.
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PepsiCo stock is rising in what is shaping up to be a Merger Monday.
Market Movers
PepsiCo (NYSE: PEP) is gaining 1.7% on its announced acquisition of trendy prebiotic soda company Poppi in close to a $2 billion transaction.
Big-box and e-commerce retailer Walmart (NYSE: WMT) is up 2.2% on reports of a newly inked partnership with buy-now-pay-later phenomenon Klarna, the latter of which is gearing up for an IPO.
Seaport analysts upgraded shares of Formula One (Nasdaq: FWOMK) to a “buy” from “neutral” saying that selling in the stock was overdone on tariff worries.
The post Live Nasdaq Composite: INTC Climbs 7 Percent, PEP’s Merger Monday appeared first on 24/7 Wall St..
