U.S. equities were mixed at midday Thursday, April 11, 2024 as the latest report on inflation showed wholesale prices rose less than expected in March.
Nike got an upgrade from Bank of America, which said the athletic apparel retailer’s financial estimates look achievable, sending shares higher.
Fastenal shares fell as the company blamed poor demand in the manufacturing sector for missing profit and sales forecasts.
U.S. equities were mixed at midday as the latest report on inflation showed
wholesale prices rose less than expected
in March. That followed yesterday’s
hotter-than-expected consumer inflation report
. The Nasdaq rose, while the S&P 500 was little changed, and the Dow fell.
Nike (
NKE
) shares climbed as Bank of America (
BAC
) upgraded the stock and raised its price target, saying earnings estimates finally look achievable, and that the brand could benefit from future catalysts, including the Paris Olympic Games.
Shares of Constellation Brands (
STZ
) gained as the alcoholic beverage maker
beat profit and revenue estimates
and raised its guidance on booming beer sales.
Alpine Immune Sciences (
ALPN
) shares skyrocketed when Vertek Pharmaceuticals (
VRTX
) agreed to
buy the biotech firm
for $4.9 billion. Vertex Pharmaceuticals shares also rose.
Fastenal (
FAST
) shares sank as the maker of fasteners and tools reported
weaker-than-expected results
because of poor demand.
Shares of CarMax (
KMX
) dropped after the used car retailer missed earnings and revenue forecasts as it reduced prices to spur sales.
Globe Life (
GL
) shares were down as CRFA reduced its price target because of concerns about the impact inflation could have on sales by the insurance company’s middle-income target market.
Oil futures lost ground. Gold prices were up. The yield on the 10-year Treasury note was higher. The U.S. dollar advanced against the euro, pound, and yen. Most major cryptocurrencies traded in the green.
