Stock market live updates: Back to records, Tesla tops $900, Virgin Galactic spikes

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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

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

  • Piper Sandler raised its price target on Tesla to $928 from $729
  • Bernstein upgraded Nvidia to outperform from market perform and raised its price target to $360 from $300
  • Guggenheim initiated iHeartMedia as buy
  • Oppenheimer downgraded Tencent Music Entertainment to perform from outperform
  • UBS raised its price target on Adobe to $430 from $360
  • Argus downgraded Royal Caribbean to hold from buy

CNBC PRO subscribers can read more here. —Bloom

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


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