Wall Street is on track for another positive day on Friday, with the Dow potentially seeing its eighth consecutive winning day. All three major indexes have been up more than 1% in a relatively quiet week of economic data, led by the Dow’s 1.8% gain. Utilities have been performing well due to power generation needs from AI data center builds and electric vehicles, as evidenced by Constellation Energy’s solid quarter. Mizuho has raised its price target on the company to $217 per share from $132, reflecting confidence in its performance.
Novavax has signed a deal with French drugmaker Sanofi to co-commercialize its Covid vaccine starting next year, resulting in shares more than doubling. This licensing agreement allows Novavax to remove its “going concern” warning. Chinese EV maker Zeekr Intelligent Technology has 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 shares have soared more than 20% after reporting better-than-expected first-quarter earnings, with multiple analysts raising price targets for the salad chain.
KeyBanc has upgraded Warner Bros Discovery to buy from hold, despite the company missing the quarter, citing strong streaming growth potential. The company announced a streaming bundle to compete with other major players in the market. Akamai has experienced a drop in its stock price after reporting weak quarterly earnings and guidance, although its cybersecurity segment continues to show strong growth. Roblox saw a 22% drop in shares after cutting its full-year bookings outlook, leading to price target reductions from Wall Street analysts.
Tapestry’s fiscal third-quarter earnings exceeded Wall Street expectations, but the company has lowered its full-year revenue outlook due to more moderate trends in North America and China. Stifel has downgraded Planet Fitness from buy to hold, questioning the company’s earnings volatility. Jim Cramer’s Charitable Trust offers a free Top 10 Morning Thoughts on the Market email newsletter, providing insights and trade alerts before executing trades. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive timely updates and alerts about market movements and opportunities.
