Wall Street is experiencing a positive trend with the Dow looking to secure its eighth consecutive winning day, with all three major indexes showing gains of more than 1%. The S&P 500 is nearing its all-time high, showing strength in utilities due to increased power generation needs from AI data center builds and electric vehicles. Constellation Energy’s shares rose nearly 4% following a solid quarter, leading to Mizuho raising its price target to $217 per share from $132. Novavax signed a deal with Sanofi to co-commercialize its Covid vaccine, leading to a doubling of Novavax’s shares and allowing the company to lift its “going concern” warning.
Chinese EV maker Zeekr Intelligent Technology priced 21 million shares at $21 each, the top of the expected range and is set to begin trading on the New York Stock Exchange. Sweetgreen’s stock soared over 20% following better-than-expected first-quarter earnings, receiving multiple price target boosts from analysts. KeyBanc upgraded Warner Bros Discovery to buy from hold after the company announced plans for a streaming bundle, mirroring Disney’s success in the streaming space. Akamai faced a weak quarter and guidance, causing its stock to drop 9%, despite strong cybersecurity growth.
Roblox saw multiple Wall Street analysts reduce their price targets after cutting its full-year bookings outlook, leading shares to tumble 22%. However, after the sell-off, analysts at MoffettNathanson upgraded the stock to hold from sell. Tapestry’s fiscal third-quarter earnings exceeded Wall Street expectations, but the company lowered its full-year revenue outlook due to “more moderate trends” in North America and China. Stifel downgraded Planet Fitness from buy to hold, citing concerns over the company’s earnings volatility. Investors can sign up for the Top 10 Morning Thoughts on the Market email newsletter for free as part of the CNBC Investing Club with Jim Cramer, which offers trade alerts before Jim makes a trade.
