Market Watch: Key Stock Movements Amid Economic Data Fluctuations

Stock futures are seeing a downtrend while the market is keenly watching a stream of economic data for the week. This comes as a continuation of the challenging month for stockholders.

Here’s a breakdown of some of the significant stock movements to watch for:

  • NIO: The Chinese EV manufacturer experienced a disappointing second quarter, causing its U.S. shares to dip by 6.8% in early trading.
  • AT&T and Verizon: AT&T’s stock climbed 1.6%, and Verizon’s increased by 1.4% in early trading. This uptick came after Citi upgraded their ratings from Neutral to Buy. While AT&T’s price forecast remains at $17, Verizon’s has been adjusted to $40 from the previous $39.
  • 3M: The company settled for $6 billion over allegations of supplying defective combat earplugs to the U.S. military. This followed rumors of a potential $5.5 billion agreement. Despite this, 3M’s shares are up by 0.8% after a 5.2% increase on Monday.
  • Heico: Reporting its Q3 financials, the company surpassed earnings and sales predictions. However, a drop in operating margins from the previous year saw the stock decrease by 5.2%.
  • Catalent: The pharmaceutical firm’s stock went up by 3.5% after an agreement to bring four new board members in collaboration with Elliott Investment. Catalent also gave a positive revenue projection for the 2024 fiscal year.
  • Oracle: UBS shifted its rating from Neutral to Buy for the tech company and increased its price target to $140 from $120, resulting in a 2.6% stock increase.
  • Best Buy: The electronic retailer reported Q2 earnings that surpassed expert predictions, indicating an upcoming surge in the demand for electronics. This led to a 2.6% boost in its shares.
  • PDD Holdings: Parent of Pinduoduo and Temu e-commerce platforms, the company’s Q2 earnings surpassed anticipations, leading to a significant 12% stock surge.
  • Big Lots: The retailer’s shares rose by 12% on the back of a smaller than anticipated Q2 loss.

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Market Watch: Key Stock Movements Amid Economic Data Fluctuations

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