Lululemon, Pfizer, and News Corp are among the companies making significant moves in the stock market today. Lululemon’s shares surged by over 10% after it was announced that the athleisure clothing company will be added to the S & P 500 on Wednesday. This move comes as Activision Blizzard is being replaced following its takeover by Microsoft.
Shares of Pfizer rallied 5% after an upgrade by Jeffries to a buy rating. Despite cutting its full-year guidance last week due to slumping vaccine sales, the firm sees an attractive buying opportunity. However, vaccine makers Moderna and BioNTech experienced declines, losing 4.7% and 5.4% respectively. Novavax also dropped 6%.
In other news, News Corp’s stock added 3% after activist shareholder Starboard Value revealed a stake in the company. It has plans to recommend that the company spin off its digital real estate division, according to reports from Reuters and The Wall Street Journal.
Alignment Healthcare saw a significant rise of 20% after being upgraded to a strong buy rating by Raymond James. The firm cited the health-care company’s retention of its four-star Medicare rating, renewed focus on growth, and attractive valuation.
Cybersecurity stock Varonis Systems witnessed a 6.2% increase following an upgrade to overweight by Morgan Stanley. The firm noted the company’s potential benefits from exposure to artificial intelligence.
English soccer club Manchester United experienced a 6% drop in shares after British billionaire Jim Ratcliffe made a bid for a 25% stake in the company. This follows the withdrawal of a bid from Qatari businessman Sheikh Jassim bin Hamad al Thani.
Education technology stock Tal Education saw a 7.2% increase after UBS upgraded its shares to a buy rating. The upgrade was based on an attractive valuation and tailwinds from Tal Education’s nonacademic tutoring business.
Charles Schwab’s stock rose over 5% following better-than-expected earnings. The brokerage earned 77 cents per share, surpassing an LSEG forecast of 74 cents per share. However, the company lowered its full-year revenue outlook.
Shares of lithium producer Albemarle added 2.7% as it withdrew its offer to acquire Liontown Resources due to growing complexities associated with the transaction.
Transportation services company Greenbrier witnessed nearly a 5% increase in shares after an upgrade by Susquehanna. The analyst cited a strengthening backdrop for the railcar industry and below-potential margins as catalysts for “moderate upside” in Greenbrier.
On the other hand, Vista Outdoor’s stock sank by 24% as the sports and recreation company released preliminary fiscal second-quarter results showing a decline in sales year over year due to a challenging economic environment. Vista Outdoor also lowered its full-year earnings and revenue guidance.
Finally, Henry Schein, a provider of solutions for health-care professionals, saw a slip of almost 2% in shares after announcing a cybersecurity incident that affected part of its manufacturing and distribution businesses over the weekend.
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