Cooling inflation has many on Wall Street believing the Federal Reserve is finished raising interest rates.
Dreamstime
Stocks rose Wednesday as Wall Street powered higher on cooler-than-expected U.S. inflation readings that have many believing the Federal Reserve is finished raising interest rates.
These stocks were making moves Wednesday:
Target
(TGT) reported third-quarter adjusted earnings of $2.10 a share, beating analysts’ estimates of $1.47, and shares of the retailer jumped 18%. Same-store sales fell 4.9% in the quarter but that was less than analysts’ forecasts.
VF Corp.
(VFC) rose 14% to $17.77 after J.P. Morgan upgraded the stock to Neutral from Underweight and the price target on shares of the parent company of Vans and The North Face was raised to $19 from $15.
Warren Buffett’s
Berkshire Hathaway
(BRK.B) eliminated its stakes in
General Motors
(GM),
Johnson & Johnson
(JNJ), and
Procter & Gamble
(PG) in the third quarter, and reduced its stake in
Amazon.com
(AMZN) by 5%. Berkshire bought 9.7 million shares of
Sirius XM
(SIRI) during the quarter. Shares of broadcasting company Sirius rose 6.1%. The changes to the Berkshire portfolio were disclosed in a 13F filing posted to the Securities and Exchange Commission’s website late Tuesday.
TJX Cos.
(
TJX
) closed down 3.3% after the off-price retailer reported better-than-expected third-quarter earnings but issued a profit forecast for the fourth quarter that fell short of expectations.
U.S.-listed shares of
JD.com
(JD) rose 7% after the Chinese e-commerce company reported third-quarter earnings and revenue that beat analysts’ estimates.
Chegg
(CHGG) rose 18% after the educational software and services company announced a $150 million accelerated share repurchase with Morgan Stanley Bank N.A.
Walt Disney
(DIS) closed up 3.2% on a report that activist investment firm ValueAct Capital has built a “significant” stake in the entertainment company.
XPeng
(XPEV), the Chinese electric-vehicle maker, reported a third-quarter loss that was wider than a year earlier and revenue that came up short of estimates. The company said it expects fourth-quarter deliveries of 59,500 to 63,500 units, better than consensus, and revenue to increase 86.1% to 99.3% from a year earlier. American depositary receipts of XPeng were up 2.3%.
Goodyear Tire & Rubber
(GT) was up 2.8% after the company said it was exploring strategic alternatives for its chemical business, the Dunlop brand, and its off-the-road equipment tire business.
Nvidia
(NVDA) closed higher Tuesday, rising 2.1%, to record its tenth straight gain, matching a record set back on Dec. 27, 2016. It snapped that streak on Wednesday when shares of the graphics-chip maker closed down 1.6%.
Advance Auto Parts
(AAP) fell 4.7% after the auto parts retailer posted a third-quarter loss of 82 cents a share versus Wall Street forecasts for profit of $1.44. The company also said it was initiating separate sale processes for its Worldpac business and its Canada operations and said it launched a cost-cutting plan of $150 million.
Earnings reports are expected after the closing bell Wednesday from
Cisco Systems
(CSCO) and
Palo Alto Networks
(PANW).
Write to Joe Woelfel at [email protected]
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