The Latest Stock Market Movers: FactSet, Sarepta Therapeutics, Spirit AeroSystems, and More
Key Takeaways
- The Dow, S&P 500, and Nasdaq were little changed at midday Friday, June 21, 2024 as reports showed existing home sales and the Conference Board’s Leading Economic Index fell in May.
- FactSet shares surged after the financial data provider reported earnings that beat estimates and raised its outlook.
- Shares of Boeing supplier Spirit AeroSystems jumped following reports that Boeing is near a deal to buy the company.
The stock market saw minimal movement at midday on Friday, with the Dow, S&P 500, and Nasdaq showing little change. Reports indicated a decline in existing home sales and the Conference Board’s Leading Economic Index for May. Despite this, there were notable movements in individual stocks that caught the attention of investors.
FactSet Research Systems (FDS) witnessed a rise in its shares after reporting better-than-anticipated earnings. The financial data provider also raised its outlook, citing increased revenues from institutional asset managers, asset owners, partners, and corporates. This positive performance contributed to a surge in FactSet’s stock price.
Another standout performer was Sarepta Therapeutics (SRPT), whose shares soared following an announcement by the Food and Drug Administration (FDA). The FDA granted expanded approval for Sarepta’s treatment for a rare muscle disease in children. This decision not only boosted Sarepta’s stock but also had a positive impact on Catalent (CTLT), which has a manufacturing contract with Sarepta for the drug.
Boeing (BA) supplier Spirit AeroSystems (SPR) experienced a significant jump in its share price after reports surfaced suggesting that Boeing was nearing a deal to acquire the company. The news also had a positive effect on Boeing’s stock, which edged higher in response to the potential acquisition.
On the downside, Capital One Financial (COF) shares declined after the financial firm settled a lawsuit with Walmart (WMT) related to their credit card partnership. In contrast, Walmart’s shares saw an increase following the resolution of the legal dispute.
American Express (AXP) faced a drop in its stock price as the credit card provider announced the acquisition of the Tock restaurant reservation system from Squarespace (SQSP) for $400 million. Despite this development, Squarespace’s shares advanced in the market.
Allstate (ALL) shares took a hit after the insurer estimated its catastrophic losses in May to be $1.4 billion, nearly three times higher than the losses incurred in April.
In the commodities market, both oil and gold futures experienced a decline. Meanwhile, the yield on the 10-year Treasury note rose, and the U.S. dollar strengthened against major currencies such as the euro, pound, and yen. Most major cryptocurrencies traded in negative territory during this period.
Overall, these movements in individual stocks and market indicators reflect the dynamic nature of the stock market and highlight the importance of staying informed about key developments that can impact investment decisions.
For more information on the latest stock market movers and updates, visit Investopedia.
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