Stock market live updates: Dow and S&P 500 pare gains, Nasdaq leads as Apple, Amazon rise

Analysts upgraded a slew of stocks in Friday’s calls of the day as investors hope for signs of a market turnaround.

  • Wells Fargo upgraded Uber to overweight from equal weight.
  • JPMorgan upgraded Oracle to overweight from neutral.
  • Bank of America upgraded Nike to buy from neutral.
  • Piper Sandler upgraded Gilead to overweight from neutral.
  • JPMorgan upgraded Tyson Foods to overweight from neutral.
  • Citi upgraded Lululemon, Ulta, and Ross to buy from neutral.
  • KeyBanc upgraded Dollar Tree to overweight from sector weight.
  • Deutsche Bank upgraded UnitedHealthcare to buy from hold.
  • Bank of America upgraded Cardinal Health to buy from underperform.
  • Wells Fargo upgraded Snap to overweight from equal weight.
  • Guggenheim upgraded Pepsi, Monster, Constellation Brands, and Molson Coors to buy from neutral.
  • Mizuho upgraded Lam Research to buy from neutral.
  • Bank of America upgraded Colgate-Palmolive to buy from neutral.

— Bloom

The Dow and S&P 500 traded slightly lower 10 minutes after the opening bell, but the Nasdaq Composite rose 0.5% as Microsoft, Amazon, Apple, and Facebook all gained. Some stocks that had taken outsized beatings amid coronavirus headlines bounced on Friday with MGM Resorts up 18%, Wynn Resorts up 9.7%, Carnival up 7.3% and Hilton Worldwide up 5.8%. UnitedHealth led the Dow higher while Goldman Sachs had the largest negative impact on the 30-stock index. — Franck

U.S. stocks attempted a two-day rally on Friday, with all three major averages opening in positive territory. The Dow Jones Industrial Average rose about 140 points at the open. The S&P 500 rose 0.85% and the Nasdaq jumped 1.5%. — Fitzgerald 

Shares of Lululemon and Nike rose 5% and 1% respectively during premarket trading on Friday after bullish calls from Street analysts. Citi upgraded Lululemon to a buy, saying the company should fare better than most retailers amid the coronavirus outbreak given the brand’s strong e-commerce business.  “Looking beyond near-term disruptions, LULU is a standout in retail and we do not believe their long-term earnings power is at risk. They have a solid balance sheet and their business is likely to rebound strongly on the other side,” Citi said. Shares of Lululemon have shed 41% in the last month.

When it comes to Nike, Bank of America said the company is poised to continue growing market share. The firm upgraded Nike to a buy rating, citing strength in both footwear and apparel. “We believe NKE remains the key brand that wholesale customers shift orders to in times of distress and should also benefit from its superior sourcing capabilities, with a vertically integrated supply chain and more consolidated supplier base,” the firm said. Bank of America did, however, reduce its EPS estimates for the company, and lowered its target to $85 from $105. The new target is 20% above where the stock currently trades. Shares of Nike have lost 30% this year. — Stevens

Shares of Uber jumped more than 9% during Friday’s premarket trading after Wells Fargo upgraded the stock to an overweight rating. The firm said that after the stock’s 45% decline since early February, shares are “attractively priced.” “We think Uber’s value remains tied to growth trends that will play out long after coronavirus-driven disruptions have subsided,” the firm said, adding that consumers’ shift from car ownership to ridesharing should continue to benefit the company. Wells Fargo’s $41 target is 100% above where the stock currently trades. — Stevens

Source: https://www.cnbc.com/2020/03/20/stock-market-live-today.html

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