International Business Machines Corporation
127.67 - 129.24
90.99 - 149.11
Echofin Members Consensus
US markets closed higher yesterday, amid hopes for fresh stimulus package to curb coronavirus crisis. Eaton Vance skyrocketed 48.1%, as the investment company agreed to be acquired by Morgan Stanley for a total value of about $7.0 billion. Coty jumped 12.3%, after the cosmetics company announced the expansion of its “Kylie Skin” line of beauty products. IBM climbed 6.0%, after the company announced that it would spin off its managed infrastructure services unit of its global technology services division into a new public company. Roku advanced 5.3%, after a top broker raised its target price on the stock to $255.0 from $190.0. Medtronic added 2.0%, following a rating upgrade on the stock to ‘Buy’ from ‘Hold’. Regeneron Pharmaceuticals rose 1.4%. The company announced that it has applied for emergency use authorization for its Covid-19 antibody cocktail. The S&P 500 gained 0.8%, to settle at 3,446.8. The DJIA rose 0.4%, to settle at 28,425.5, while the NASDAQ added 0.5%, to close at 11,421.0 .
European equities opened firmer again on Thursday morning, extending gains from a very strong session on Wall Street. France’s CAC led the way after President Macron announced an extra €100bn stimulus package over two years. Remember the EU’s bailout fund is still to be delivered. The FTSE 100 moved back towards the 6,000 level as the pound came under further pressure from a resurgent dollar. . US equity markets jumped – the Dow and S&P 500 both rallied more than 1.5 per cent on another strong day for equities. But Vix futures show no signs of backing down either, which indicates fears about the sustainability of the rally. Technical indicators are stretched too – the 14-day relative strength index is flashing a warning light at above 80 for the S&P 500. Many of the top stocks like Apple are also trading above 80 on the RSI. Salesforce and Apple fell, but there were otherwise broad gains for the Dow, with the likes of IBM and Coca-Cola leading the way. Tesla was down 5 per cent after its stock sale announcement. Apple remains +20 per cent over the last month, representative of the wider tech trend, which remains strong.
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