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Virgin Galactic co-founder Sir Richard Branson, CEO George Whitesides and Social Capital CEO Chamath Palihapitiya pose together outside of the New York Stock Exchange (NYSE) ahead of Virgin Galactic (SPCE) trading in New York, U.S., October 28, 2019.
Brendan McDermid | Reuters
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10:48 am: Tesla overtakes highest price forecast on the Street
Shares of Tesla rose more than 8% on Wednesday to $930, surpassing Piper Sandler’s $928 per share price target, which is the highest price forcast of any Wall Street firm. Piper Sandler told clients it is confident in Tesla’s push into new areas of clean energy. Tesla’s stock is getting close to its all-time high, touched on February 4, of $968.99 per share. —Fitzgerald
10:13 am: Tech ETF hits record high, momentum trade gains legs
The Technology Select Sector SPDR ETF (XLK) rose more than 1% to an all-time high, leading the broader market back to record levels. Shares of Nvidia and Analog Devices led the XLK higher, rising more than 4% each. Tech’s move higher was part of a broader trend Wednesday that favored so-called momentum stocks, which are defined by their high growth expectations relative to the broader market. The iShares Edge MSCI USA Momentum ETF (MTUM) rose 0.4% and also reached record levels. The iShares Russell 1000 Growth ETF (IWF) climbed 0.6% to an all-time high. —Imbert, Francolla
10 am: Trio of speculative stocks spiking
9:51 am: S&P 500 hits a record
The S&P 500 jumped 0.4% to a new record about 20 minutes after the open. Tech shares led the way with Apple up 1.1%. The stock has almost completely made up Tuesday’s decline following its revenue warning about the coronavirus. – Melloy
9:31 am: Dow rises 100 points at the open
The Dow climbed 103 points at the open, poised to snap a three-day losing streak. The S&P 500 and the Nasdaq Composite also moved up 0.3% and 0.2%, respectively. Apple rebounded from Tuesday’s losses, up 0.6%. Tesla shares are on the rise again, surging more than 6% to above $900 a piece.— Li
9:26 am: Here are Wednesday’s biggest analyst calls of the day
8:58 am: Blue Apron sinks 7%, explores “strategic alternatives” including a possible sale
Shares of the meal kit service slid more than 7% in Wednesday’s premarket trading after the company reported disappointing fourth quarter earnings and said that it was considering “strategic alternatives.” For the quarter Blue Apron lost $1.66 per share, which was larger than the $1.60 loss analysts polled by FactSet had been expecting. Revenue also missed estimates. As the company struggles – shares have shed more than 80% in the last year – the company said it was exploring options. “These alternatives could include, among other things, a strategic business combination, a capital raise through the public or private markets, a transaction that results in private ownership or sale of the company or its assets, or some combination of these,” a press release said. -Stevens
8:56 am: Garmin jumps 8% following earnings
Shares of Garmin gained more than 8% ahead of the market’s open following the company’s fourth quarter earnings results, which topped analyst expectations on the top and bottom line. The fitness device maker posted earnings of $1.29 per share, compared to the consensus of $1.05, according to estimates from FactSet. Revenue came in at $1.10 billion, ahead of the $1.01 billion expected. The company also gave upbeat guidance, and raised its dividend. -Stevens
8:53 am: Producer prices post biggest increase in more than a year
The producer price index jumped by 0.5% in January, the biggest one-month advance since October 2018, as costs in health care and hotel accommodation services climbed, the Labor Department said. Wednesday’s print easily beat a Reuters estimate of a 0.1% gain. Producer prices also gained 2.1% in the 12 months through January. —Imbert
8:51 Tesla’s stock jumps on bullish Wall Street call
8:48 am: Virgin Galactic’s speculative rally set to continue
8:47 am: Dow set to snap 3-day slide
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