Finance

Nvidia headquarters in Santa Clara, California, June 5, 2023.
Marlena Sloss | Bloomberg | Getty Images

Check out the companies making headlines in extended trading.
Splunk — Shares added 11% after an earnings beat. Splunk earned 71 cents per share, after adjustments, on $889 million in revenue. Analysts polled by FactSet had forecast Splunk would earn 46 cents per share. The company also raised its forecast.

Nvidia — The chip stock added nearly 9% after reporting second-quarter results. Nvidia earned $2.70 per share, excluding items, on $13.51 billion in revenue, while analysts polled by Refinitiv forecast $2.09 per share in earnings and $11.22 billion in revenue.
Snowflake — Shares added nearly 3% after beating earnings expectations. Snowflake reported a profit of 22 cents per share on an adjusted basis on $674 million in revenue. Analysts polled by Refinitiv forecast 10 cents per share in profit on $662 million in revenue.
Taiwan Semiconductor, AMD, Marvell — Semiconductor stocks were higher after Nvidia reported a second-quarter earnings beat. Taiwan Semiconductor added 3%, while AMD and Marvell gained 3.9% and 5.3%, respectively.
Guess — The fashion stock surged nearly 19% after Guess reported it had earned 72 cents per share, excluding items, on $664.5 million in revenue in the latest quarter.
Super Micro Computer — Shares climbed 8.4% following Nvidia’s earnings beat. Loop Capital reiterated a buy rating on Super Micro Computer stock earlier Wednesday, with analyst Ananda Baruah saying Nvidia’s earnings could boost the stock if the report surpasses estimates.
Autodesk — The software stock climbed 5% after reporting second-quarter results. Autodesk earned $1.91 per share after adjustments on $1.35 billion in revenue, while analysts polled by Refinitiv predicted $1.73 per share in earnings and $1.32 billion in revenue. More

The energizer bunny, a pink mechanical hare that keeps banging its drum owing to long-lasting batteries, will celebrate its 35th anniversary this October. As if to mark the momentous occasion, the American economy is doing its best imitation of the advertising icon. Despite umpteen predictions of a slowdown, it keeps going and going. Recent data suggest it may even be on track for annualised growth of nearly 6% in the third quarter, a pace it has hit only a few times since 2000.As has been the case repeatedly over the past year, a steady stream of better-than-expected data has left analysts scrambling to lift their forecasts. New orders for manufacturing firms reached their highest in nine months in July. Retail sales were perky last month, too, with consumers splurging on everything from restaurant meals to online shopping and clothing to sporting goods. The construction industry has also been buoyant, supported by a rebound in homebuilding. Underpinning all this is the labour market, which has remained hot, making it relatively easy for people to find work at decent wages. The total number of jobs in America has been growing faster than the working-age population, helping to keep the unemployment rate at 3.5%, just shy of a five-decade low.The worry is that such strong growth, veering into overheating, will also beget a long-lasting inflation problem. Added up, America is on track for a gdp figure this quarter that may look more like a “no landing” than the “soft landing” expected a short while ago. The Federal Reserve’s branch in Atlanta uses a range of data points to estimate gdp growth in real time: a technique known as nowcasting, rather than forecasting, because it assigns weights to already observed variables without factoring in expectations for future figures. On August 16th, its last update, the model showed that the economy may expand by 5.8% in the third quarter. That would be a shocker after more than a year of aggressive interest rate hikes by the Fed.Could growth really be that strong? The nowcast almost certainly exaggerates the economy’s vigour. It is normally off by about two percentage points at this point in the quarterly cycle (see chart). One factor this time is likely to be inventories. When firms make sales from their stocks rather than by producing new goods, this drawdown counts as a subtraction from gdp. A recent gap between rising retail sales and declining wholesale transactions suggests that such a drawdown is now taking place and will weigh on growth, according to Andrew Hunter of Capital Economics, a consultancy. Still, even if somewhat exaggerated, the Atlanta Fed’s nowcast is almost always directionally correct. The inference is clear: America’s economy is not just holding up but steaming ahead.The past couple of months have offered some respite on the inflation front. Core prices, which strip out volatile food and energy costs, have risen at their slowest pace in more than two years. But if the economy continues to heat up, inflation may well stage a rebound. Andrew Hollenhorst of Citigroup, a bank, warns that shortages of both workers and housing risk a significant reacceleration of prices next year. Where once optimists thought that inflation might be transitory, now pessimists fear that disinflation will be fleeting, which would scupper hopes for a pivot to monetary loosening by the Fed.The strength of the American economy may also add to financial strains. It is the principal factor explaining why investors have sold off government bonds since May. Yields, which move inversely to prices, have risen by about one percentage point during that time, with long-term Treasury yields climbing to 16-year highs. This has prompted a debate about whether America’s neutral short-term interest rate—where the Fed would set rates to neither stifle nor stimulate growth—has drifted up. Bill Dudley, a former Fed official, has argued that in the long run America may need higher rates to balance the need for more borrowing (implied by higher government deficits) and a smaller funding pool (as retirees spend their savings). A gathering of central bankers in Jackson Hole, Wyoming, taking place after we go to press, was expected to discuss such issues.Wall Street is now convinced that in the short run the Fed will need to keep rates higher than anticipated, too. A few months ago most were pricing in rapid rate cuts starting in September; now most think the Fed will wait until May and will move tepidly. Given the economy’s continuous outperformance, pricing in higher rates further into the future seems prudent.Higher yields are contributing to an increase in funding costs for financial institutions, which are a headache for smaller lenders in particular. Moody’s and s&p, two credit-rating agencies, downgraded a spate of banks this month, a reminder of the continued fragility of the financial sector. Higher borrowing costs are also starting to bite for consumers. Delinquencies on credit cards and car loans have started to increase sharply. Finally, higher rates are clouding the outlook for housing. Like the wider economy, the market has been most notable for its resilience to date. But mortgage rates have jumped over the past couple of months and hit 7.5% this week, their highest since 2001. This is already having a dampening effect on existing home sales, which could spread to homebuilding and construction more generally.The lesson of recent history is that the American economy inevitably blows through such problems. Nothing lasts for ever, though. The higher yields rise, the greater the challenge. In the advertisements the Energizer Bunny’s batteries never fade. In real life even the strongest batteries are drained eventually—or unceremoniously yanked out. ■ More

Nvidia headquarters in Santa Clara, California, Feb. 23, 2021.
David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.
Nvidia — The chipmaker climbed 3,2% ahead of its quarterly report set for release after the bell. Expectations are high for the chipmaker after its shockingly positive forecast in the prior quarter. Nvidia has been one of the biggest winners on the back of the artificial intelligence boom with shares rising nearly 220% this year.

Peloton — The fitness company shed 22.6% after reporting a wider-than-expected loss for its fiscal fourth quarter and a drop in new subscribers as it grapples with the recent recall of its bike. Peloton reported a loss of 68 cents per share, versus the 38 cent loss per share expected by analysts polled by Refinitiv. Revenue came in slightly ahead of expectations.
Foot Locker — The athletic retailer plunged 28.3% after cutting its outlook again for the year and suspending its quarterly dividend. Earnings came in line with expectations, while revenue missed.
Dick’s Sporting Goods — The sports retailer slipped 0.3%. On Tuesday, the company posted weaker-than-expected earnings and cut its outlook for the year. The stock is coming off its worst day ever, losing 24% in the previous session.
Abercrombie & Fitch — The retailer rallied 23.5% to a new 52-week high. Abercrombie easily beat analysts’ expectations for the previous quarter and raised its full-year outlook.
Apellis Pharmaceuticals — Shares soared 30.2% following the release of Syfovre, a drug used to treat degenerative eye disease. The company said there’s no direct cause between a side effect and a particular needle used for the drug, though practitioners could use a different needle.

Nike — Shares slid 2.7%, extending its longest losing streak ever to 10 sessions.
Urban Outfitters — The retailer added 3.1% after posting better-than-expected quarterly results. Earnings came in at $1.10 per share against a consensus estimate of 89 cents from analysts polled by Refinitiv. Revenue also beat expectations at $1.27 billion compared with a forecast of $1.25 billion.
La-Z-Boy — The furniture maker dropped 0.5% after management said furniture sales should remain challenged. Elsewhere, the company beat expectations on both lines in its first fiscal quarter.
Charles Schwab — Shares of the financial company rose 2.8% as Charles Schwab looked to snap an 11-day losing streak, including a loss of nearly 5% Tuesday. Charles Schwab announced a debt raise of more than $2 billion Tuesday.
Netflix — Shares climbed 3.5% after Oppenheimer reiterated the streaming giant’s outperform rating, noting that there’s a path back to double-digit revenue growth.
Brown-Forman — Shares of the spirits company gained 3.6% following a double-upgrade from Morgan Stanley. The firm cited improving growth margins as agave prices ease.
Meta — Shares of the tech firm gained 2.3% after Bank of America reiterated its buy rating on the stock. The Wall Street firm said the stock could see “renewed enthusiasm on 2024 upside potential.”
Avery Dennison — The adhesives company climbed 3% following an upgrade to buy from neutral from UBS. The firm said the company could see an earnings inflection point ahead.
Louisiana-Pacific — The building materials stock advanced 3.7% following DA Davidson’s upgrade to buy from neutral. DA Davidson said recent weakness has created a compelling entry point for investors.
Safehold — The real estate investment trust added 1.8% after Goldman Sachs initiated coverage with a buy rating. Goldman Sachs cited a rise in restructuring activity in the near term and for investment volumes to gradually rise in the coming quarters.
Marvell Technology — The semiconductor maker added 3.2% after announcing a coherent digital signal processor for pluggable modules called Orion. The firm said it’s an industry first that will support transport networks for carrier and cloud assets. Elsewhere, Susquehanna reiterated its positive outlook on the stock ahead of its earnings report Thursday.
Advance Auto Parts — Advance Auto Parts rose 3.1% after beating analysts’ revenue expectations for its second quarter. The auto retail company reported revenue of $2.69 billion, greater than the consensus estimate of $2.66 billion, according to Refinitiv. Earnings were lower at $1.43 per share, instead of the $1.66 per share consensus estimate. Separately, the auto parts company also announced Shane O’Kelly was appointed president and CEO, effective September.
— CNBC’s Hakyung Kim, Samantha Subin, Yun Li, Sarah Min and Jesse Pound contributed reporting. More

87% of Gen Z investors bought or sold stock, or withheld additional investment, in 2023 due to high interest rates and inflation, according to Bankrate.
Trading stock based on emotion and not logic typically leads to bad financial decisions, experts said.
However, buying and holding stock may serve young investors well.

Nosystem Images | E+ | Getty Images

Almost 9 in 10 young investors have actively traded stocks this year due to higher interest rates and inflation, according to a new Bankrate survey. And that behavior may cost them in the long run, experts said.
“If younger investors trade in and out of the market, that’s almost guaranteed to underperform,” said James Royal, a Bankrate analyst who conducted the research.

The Federal Reserve started raising interest rates aggressively in March 2022 to rein in persistently high inflation. Borrowing costs are now at their highest level in more than 22 years, though inflation has declined substantially since hitting a pandemic-era peak in June 2022.
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U.S. stocks posted their worst showing since 2008 against that economic backdrop last year. But higher interest rates also meant better rates on savings accounts like high-yield ones offered by online banks.
The S&P 500 stock index has rebounded in 2023 and is up 14% year-to-date.
Eighty-seven percent of Generation Z investors have responded to higher interest rates and inflation by buying or selling stocks, or by withholding additional investment, according to Bankrate.

That share “substantially” exceeds the 52% average among American investors of all ages, Royal said.

The Gen Z group includes anyone aged 18 to 26 with stocks or a related account like a 401(k) plan.
“Gen Z — and, in part, millennials — have never seen a period of high interest rates, nor a period of high inflation,” said certified financial planner Ted Jenkin, founder and CEO of oXYGen Financial based in Atlanta.
However, allowing emotions rather than logic to guide investment decisions generally leads investors to make “a bad financial decision,” said Jenkin, who is a member of CNBC’s Advisor Council.
Jumping in and out of market generally leads investors to miss the market’s biggest days and can also lead to a bigger tax bill for investors, Royal said.
A Bank of America historical analysis of the S&P 500 shows that investors who missed the market’s 10 best days per decade would have a total return of 28% between 1930 and 2020. By comparison, investors who held steady would have a return of 17,715%.   

“You simply don’t want to be timing the market,” Royal said.
Young investors were also the most likely to buy instead of sell stock, relative to other ages, Bankrate found. This may serve young investors well if they hold their investment for at least five years, Jenkin said.
Investors can use a rule of thumb known as the “rule of 120” to determine a rough age-appropriate stock allocation in your portfolio, he said. This entails subtracting your age from 120 — meaning most Gen Z investors will have a portfolio that’s about 90% or more in stocks, he said.
Investors would also likely be better served by buying mutual or exchange-traded funds that track a market index like the S&P 500 – known as “passive” investing – rather than buying a fund that actively trades to try beating the market, Royal said. More

A sign is posted in front of the Nvidia headquarters on May 10, 2018 in Santa Clara, California.
Justin Sullivan | Getty Images News | Getty Images

Check out the companies making headlines in premarket trading.
Nvidia — Shares of the chipmaker ticked up 0.7% in heavy premarket trading. Nvidia will report second-quarter results after the closing bell on Wednesday.

Peloton — Stock in the exercise bike stock plummeted more than 27% after posting quarterly results. Peloton reported an adjusted loss of 68 cents per share on $642.1 million in revenue, while analysts polled by Refinitiv had forecasted a 38-cent loss and $639 million.
Novavax — Shares rose nearly 2% in early trading. The move higher comes one day after the biotech company said its new Covid vaccine is effective against the Eris variant of the virus. On Tuesday, the stock surged more than 13%
Kohl’s — The stock added 2.6% after beating expectations for the second quarter. The company reported adjusted earnings of 52 cents per share, while analysts polled by Refinitiv expected 22 cents. Revenue came in slightly lower, however, with the company reporting $3.68 billion against a forecast of $3.69 billion.
Apellis Pharmaceuticals – Shares of the pharmaceutical company surged nearly 30% in premarket trading after Apellis released a safety update about Syfovre, a drug used to treat a degenerative eye disease. Apellis said that no direct cause has been found between a side effect and a particular filter needle used with Syfovre, but that practitioners should use a different filter needle instead.
Foot Locker — The stock plunged more than 32% before the bell after the sneaker retailer slashed its outlook for the second time this year. Adjusted earnings came in at 4 cents per share, in line with expectations for the fiscal second quarter, but revenues fell short of the $1.88 billion anticipated. Foot Locker also suspended its quarterly dividend.

Safehold — Stock in the real estate fell 0.6% after Goldman Sachs initiated coverage of the company with a buy rating earlier in Wednesday.
Dicks Sporting Goods — Shares were trading 2% lower a day after the company reported lower-than-expected earnings and cut its forward guidance.
— CNBC’s Samantha Subin, Jesse Pound and Sarah Min contributed reporting. More

A Dick’s Sporting Goods store in Niles, Illinois, May 20, 2014.
Getty Images

Check out the companies making headlines in midday trading.
Dick’s Sporting Goods — The retail stock tumbled 24.1% after Dick’s reported a rare earnings miss and slashed guidance for the year, due in part to an uptick in store theft. Earnings per share for its fiscal second quarter was $2.82, far short of the $3.81 consensus estimate, per Refinitiv. Revenue was $3.22 billion, versus the $3.24 billion expected.

Macy’s — The department store stock sank 14% after Macy’s reiterated its cautious full-year outlook. Macy’s said it expects adjusted earnings per share between $2.70 and $3.20, adding it sees comparable store sales falling between 6% and 7.5%.
Lowe’s — Lowe’s shares gained nearly 4% after the home improvement retailer topped earnings expectations and reiterated its full-year guidance. The company reported earnings of $4.56 per share, versus the $4.49 expected by analysts surveyed by Refinitiv. Revenue came in at $24.96 billion, shy of the $24.99 billion anticipated.
Charles Schwab — Shares of the brokerage firm slid 5% after it said Monday that it plans to cut jobs to save $500 million in costs. Bloomberg also reported the company is looking to raise debt in the bond market.
American Airlines — The airline stock dipped 2.2% after American Airlines’ pilots approved a new labor deal that includes a 21% pay bump.
Baidu — U.S.-listed shares of the Chinese internet company gained nearly 3% after Baidu reported stronger-than-expected results for the second quarter, with revenue rising 15% on a year-over-year basis. Baidu attributed artificial intelligence to a boost in online marketing sales growth for the period. 

Microsoft, Activision — Shares of Microsoft and Activision rose 0.2% and 1%, respectively, after the tech giant submitted a new deal for the takeover of the video game company, offering a spate of concessions after U.K. regulators rejected its initial proposal. Under the restructured deal, Microsoft will not acquire cloud rights for existing Activision PC and console games, or for new games released by Activision over the next 15 years. 
AppLovin — The marketing stock rose 1.2% to a 52-week high following a Jefferies upgrade to buy from hold. Jefferies said the company should continue to win market share and grow its software business. 
Emerson Electric — The engineering company climbed 1.1% after an upgrade to overweight from JPMorgan. Analyst Stephen Tusa highlighted improving earnings visibility after Emerson completed a merger of its software business with AspenTech last year.
Fabrinet — The advanced manufacturing services company surged 31.6% on the back of its fiscal fourth-quarter results. The company beat both top and bottom lines. Fabrinet CEO Seamus Grady cited strong growth in data communications revenue and new AI products.
Zoom Video — Shares of the video communications platform lost about 2% even after the company posted better-than-expected second-quarter results. Zoom Video also issued a stronger-than-expected earnings per share guidance for the third quarter and full year. The company reported adjusted earnings of $1.34 a share on revenue totaling $1.14 billion.
Madison Square Garden Entertainment — Shares rose 5.1% after Bank of America initiated coverage with a buy rating, calling it an “attractive opportunity” for investors to own a growth-focused and “pure-play” live entertainment stock.
Aramark — The food service stock rose about 1.6%. UBS upgraded it to buy from a neutral rating, and said Aramark is approaching a margin inflection point.
— CNBC’s Alex Harring, Yun Li, Hakyung Kim, Brian Evans, Michelle Fox and Sarah Min contributed reporting. More

Only eight months ago China’s economy was expected to roar back to life. Zero-covid had been abandoned; the country’s shoppers and tourists allowed to roam free. Yet the hoped-for rebound has fizzled out. gdp growth, which some economists had expected to hit an annualised rate of 10% in the second quarter of the year, instead struggled to just over 3%. The economy has tumbled into deflation. A strangely slow official response, and a property crisis that is going from bad to worse, have provoked fears of a prolonged downturn. What happens in the world’s second-largest economy matters everywhere else. Because China is so big, its changing economic fortunes can drive overall global growth figures. But a slowing China also directly affects other countries’ prospects. Its households and companies will buy fewer goods and services than they would have otherwise, with consequences both for the producers of these goods and the other consumers of them. In some places, China’s difficulties will be a source of pain. In others, though, they will bring relief. Commodity exporters are especially exposed to China’s slowdown. The country guzzles almost a fifth of the world’s oil, half of its refined copper, nickel and zinc, and more than three-fifths of its iron ore. China’s property woes will mean that it requires less of such supplies. That will be a knock for countries such as Zambia, where exports of copper and other metals to China amount to 20% of gdp, and Australia, a big supplier of coal and iron (see chart 1). On August 22nd bhp, an Australian firm and the world’s biggest miner, reported its lowest annual profit in three years, and warned that China’s stimulus efforts were not producing changes on the ground. Weak spots in the West include Germany (see chart 2). Faltering demand from China is one reason why the country’s economy has stagnated of late. And some Western firms are exposed through their reliance on the country for revenues. In 2021 the 200 biggest multinationals in America, Europe and Japan made 13% of their sales in China, earning $700bn. Tesla is more exposed still, making around a fifth of its sales in China; Qualcomm, a chipmaker, makes a staggering two-thirds. Provided the slowdown does not escalate into full-blown crisis, the pain will remain concentrated. Sales to China account for only 4-8% of business for all listed firms in America, Europe and Japan. Exports from America, Britain, France and Spain come to 1-2% of their respective outputs. Even in Germany, with an export share of 4%, it would take China collapsing to generate a sizeable hit to its economy. Moreover, China’s struggles come at a time when the rest of the world is doing better than expected. In July the imf revised its forecast for global growth, compared with its projections in April. Most notable has been the rude health of the world’s biggest importer, America, which some surveys suggest is growing at the red-hot pace of nearly 5%.When set against this backdrop, China’s slowing growth should even provide some relief for the world’s consumers, since it will mean less demand for commodities, bringing down prices and import costs. That in turn will ease the task faced by the Federal Reserve and other central banks. Many have already raised rates to their highest level in decades, and would not relish having to go further still. But what if things go badly wrong in China? Under a worst-case scenario, a property meltdown could reverberate through the world’s financial markets. A study by the Bank of England in 2018 found that a “hard landing” in China, where economic growth fell from 7% to -1%, would cause global asset prices to fall and rich-world currencies to rise as investors rushed in the direction of safer assets. Overall, British gdp would drop by 1.2%. Although most Western financial institutions have relatively little exposure to China, there are exceptions, such as hsbc and Standard Chartered, two British banks. A longer slowdown could lead China to turn inwards, reducing investments and loans. Having become the world’s biggest bilateral creditor in 2017, it has already cut back as projects turn sour. Officials may become fussier still if they are fire-fighting at home. Observers will watch celebrations of a decade of the “Belt and Road Initiative”, the label under which China has splurged on bridges in Mozambique and ports in Pakistan, for signals of intent. Real difficulties at home would also change how the world sees China. Rapid growth, along with generous lending, boosted the country’s reputation. According to a recent survey of 24 countries by Pew, a pollster, people in rich places had a generally unfavourable view of China. The picture was different in much of the emerging world: Mexicans, Kenyans, Nigerians and South Africans all saw China in a more favourable light, and welcomed Chinese investment. The question is whether that will still be true in a year’s time. ■ More

A Dick’s Sporting Goods store stands in Staten Island on March 09, 2022 in New York City.
Spencer Platt | Getty Images

Check out the companies making headlines before the bell:
Fabrinet — Fabrinet surged 21% after its fiscal fourth-quarter results late Monday topped analysts’ estimates. The advanced manufacturing services company posted non-GAAP earnings of $1.86 per share, greater than the $1.80 earnings per share expected by analysts polled by FactSet. Revenue came in at $655.9 million, greater than the $641.4 million consensus estimate.

Dick’s Sporting Goods — Shares plunged nearly 20% after the retailer reported an earnings miss and cut guidance for the year, due in part to an increase in retail theft. Earnings per share for its fiscal second quarter came in at $2.82, well below the $3.81 expected from analysts polled by Refinitiv. Revenue also fell short.
AppLovin — Shares climbed 4% in premarket trading after Jefferies upgraded the marketing stock to buy from hold. Jefferies said the company should continue to win market share and grow its software segment.
Nordson — Shares fell 3% after Nordson reported fiscal third-quarter revenue that missed analysts’ expectations, and lowered its fiscal year earnings guidance. The adhesive dispensing equipment maker posted revenue of $648.7 million, lower than the $664.9 million expected by analysts polled by FactSet. It issued full-year earnings per share guidance of $8.90 to $9.05, lower than the prior guidance of $8.90 to $9.30, as well as the $9.06 per share consensus estimate on FactSet.
Macy’s — Shares of the department store chain slid about 1.6% after the company reported second-quarter earnings. Macy’s beat estimates on the top and bottom lines, but issued weak third-quarter guidance. The company reported per-share earnings of 26 cents, greater than the 14 cents earnings per share consensus estimate from FactSet. Revenue was $5.13 billion, higher than the $5.07 billion estimate. Macy’s issued third-quarter guidance in the range of 3 cents loss per share to 2 cents earnings per share, far below the 27 cent earnings per share estimate from FactSet. It guided for revenue from $4.75 billion to $4.85 billion, lower than the $4.86 billion expected by analysts.
Lowe’s — The stock gained about 2.4% after earnings beat second-quarter expectations. The home improvement company reported $4.56 earnings per share, greater than the $4.47 expected by analysts polled by FactSet. However, revenue was slightly lower, at $24.96 billion instead of the $24.97 billion estimate. Lowe’s also reaffirmed fiscal year revenue expectations in the range of $87 billion to $89 billion, while analysts expected $87.98 billion, according to FactSet. Lowe’s CEO Marvin Ellison said, “[We] remain confident in the mid- to long-term outlook for the home improvement industry.”

Zoom Video Communications — Shares of the video conferencing company rose just over 1% after Zoom’s second-quarter results topped expectations. The company reported $1.34 in adjusted earnings per share on $1.14 billion of revenue. Analysts were expecting $1.05 per share on $1.12 billion of revenue, according to Refinitiv. Zoom’s earnings guidance for the third quarter and the full year also topped expectations.
Emerson Electric — The stock rose 1.6% after JPMorgan on Tuesday upgraded the engineering company to overweight from neutral and raised its price target to $107 from $83. That implies roughly 13% upside from Monday’s close.
— CNBC’s Michelle Fox, Alex Harring and Jesse Pound contributed reporting More