Stock traded higher Tuesday as Wall Street readied for U.S. inflation data that likely will underpin the Federal Reserve’s decision on interest rates later this month.
These stocks were making moves Tuesday:
Activision Blizzard
(ticker: ATIV) gained 11% after a federal judge denied the Federal Trade Commission’s injunction to block Microsoft’s $69 billion deal to purchase the videogame maker. Activision stock was on pace for its largest percent increase since January 2022, when it gained 26%, according to Dow Jones Market Data.
Microsoft
(MSFT) fell 0.3%.
Amazon.com
(AMZN) was up 1.4% on Prime Day, the online retailer’s shopping extravaganza.
Amazon
stock historically performs better following the end of Prime Day events, according to Dow Jones Market Data. Last year, members purchased more than 300 million items worldwide during the sales event, a record for Amazon. Wells Fargo analyst Ken Gawrelski, meanwhile, added Amazon stock to his firm’s list of “signature picks.”
WD-40
(WDFC), the cleaning products and lubricants maker, reported fiscal third-quarter earnings and sales that rose from a year earlier and beat analysts’ expectations. The company also reiterated its fiscal-year guidance. The stock was up 19%.
Affirm Holdings
(AFRM) gained 11% to $16.40 after the “buy now, pay later” company received a price target raise to $20 from $17 at
Mizuho.
Shutterstock
(SSTK) gained 10% after the photo repository company expanded its partnership with Open AI, signing a new six-year agreement “to solidify its position as a leading provider of high-quality training data for OpenAI models.”
Iovance Biotherapeutics
(IOVA) was falling 10% after the company, a developer of novel cancer immunotherapies, said it was planning a $150 million underwritten public offering of common shares.
Newell Brands
(NWL) was rising 9.7% after the marker of Sharpie pens and Rubbermaid products was initiated at Buy at Canaccord.
Etsy
(ETSY) rose 9.6%, putting the online marketplace for crafts and other goods stock on pace for its largest percent increase since November 2022, when it rose 16%, according to Dow Jones Market Data. JMP Securities maintained its Market Outperform rating on the stock.
Zillow Group
(Z) was raised to Overweight from Neutral by
Piper Sandler
and the price target on shares of the real-estate-services company was raised to $62 from $42. Zillow gained 8.5% to $51.99.
Write to Joe Woelfel at [email protected]
Read the full article here
