Broad Based Advance, Homes Sales Up, Manufacturing Upbeat
The first day of the third quarter began with a bang. All ten sectors of the S&P 500 advanced on positive economic data from manufacturing and pending home sales. However, stocks closed well off their highs of the day as traders took profits in anticipation of the July 4th holiday weekend. The DJIA climbed +57.06 to 8504.06, the Nasdaq added +10.68 to 1845.72 and the S&P 500 eased ahead by +4.01 to 923.33.
Constellation Brands
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PowerRating) – Advanced 7.65% or 97 cents to $13.65 after the wine company beat analysts estimates by 1 cent.
General Mills
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PowerRating) – The cereal giants fourth quarter profit soared 94% due to slower ingredient cost growth sending shares higher by 3.71% or $2.08 to $58.10.
Yum! Brands
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PowerRating) – Goldman raised their rating to a “buy” causing shares to gain 5.10% or $1.70 to $35.04.
Repros Therapeutics
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PowerRating) – Collapsed after being downgraded to “market perform” at Openheimer & Co. Shares dropped 31.02% or $2.23 to $4.96 on the downgrade.
Gold climbed $13.90 to $941.30, Oil fell 58 cents to $69.18 and the fear index VIX gave back 0.49% to 26.22.
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