Stocks slumped for a second consecutive day as the Federal Reserve kicked off its June meeting, though at this point, Wall Street would be awfully surprised if the central bank opts to raise interest rates this month.
Ongoing concerns about Great Britain’s status as a member of the European Union also pressured riskier assets Tuesday, as the S&P 500 lost 0.18%, the Dow Jones Industrial Average dropped 0.33% and the Nasdaq Composite declined 0.1%.
Even with another day of broader market woes, though, Alibaba Group Holding Ltd (NYSE:BABA), Symantec Corporation (NASDAQ:SYMC) and Twitter Inc (NYSE:TWTR) stood out, delivering significant one-day upside.
Here’s what went down Tuesday:
Alibaba Group Holding Ltd (BABA)
Shares of Chinese e-commerce giant Alibaba jumped 3% on Tuesday after the company issued some pretty bullish guidance for its fiscal year ending in March 2017.
In its first financial preview since its 2014 initial public offering, BABA said it expects revenue to climb 48% for the current fiscal year — well above analysts’ still-robust projections of 38.6% growth. This in part will be powered by M&A deals with Youku Todou and Lazada.
Of course, the way isn’t completely clear for Alibaba. The company still faces an investigation by the Securities and Exchange Commission into its accounting practices — the announcement of which shook shares late last month.
Shares of BABA are down 4% year-to-date.
Symantec Corporation (SYMC)
Security software provider Symantec rose 3% after the company said it would acquire cybersecurity provider Blue Coat for $4.65 billion. SYMC and Blue Coat said the transaction will result in $150 million in cost savings.
Analysts expect SYMC’s acquisition of Blue Coat will spur more acquisitions in the cybersecurity space, as corporate America is expected to significantly boost spending in cyber crime prevention in coming years.
The deal for Blue Coat specifically allows SYMC to enter the potentially lucrative cloud-based data security arena.
SYMC shares are up a quick 8% over the past two days in a strong bounce off shares’ 50-day moving average.
Twitter Inc (TWTR)
Shares of TWTR stock jumped 5.6% on Tuesday, rising for a second consecutive day on mergers and acquisitions speculation following news that Microsoft Corporation (NASDAQ:MSFT) will pay more than $26 billion to acquire LinkedIn Corp (NYSE:LNKD).
According to a MarketWatch report, a Saxo Bank analyst believes that Google parent Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL) could be interested in acquiring TWTR.
Google has long desired a stronger social media footprint, which a deal for TWTR would certainly do.The two already are partnered up, with Twitter feeding its data to Google in real time via a feed.
TWTR shares now rest right below their 50-day MA at the $15.40 level.
As of this writing, Todd Shriber did not hold a position in any of the aforementioned securities.
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