It was another boffo day for U.S. stocks as the S&P 500 and the Dow Jones Industrial Average raced to record highs, gaining 0.7% and 0.66%, respectively. The Nasdaq Composite added 0.69%.
American Airlines Group Inc (AAL)
Shares of American Airlines Group Inc, one of the largest U.S. carriers, soared 11.2% after Deutsche Bank analyst Michael Linenberg issued some bullish commentary on the airline industry in a note out Tuesday. The analyst raised his view of the industry to “buy” from “hold.”
“In light of the current valuations, we think downside is limited and that therefore investors can afford to be early given the rapidity in which airline share prices can appreciate once it becomes apparent that trends are indeed getting better,” according to part of Linenberg’s note posted by Bloomberg.
AAL also announced two new marketing partnerships with a pair of major banks today.
Seagate Technology PLC (STX)
Shares of Seagate Technology PLC surged 21.7% on volume that was more than quadruple the daily average after the hard disk drive maker raised its fiscal fourth-quarter revenue guidance to $2.65 billion from $2.3 billion. Analysts were expecting STX to post revenue of $2.5 billion for the quarter.
STX also said it will cut 14% of its workforce by the end of fiscal year 2017.
Needham raised its price target on STX to $33 from $31 while Maxim Group boosted its price target on STX to $35 from $25. Needham rates STX a “buy” while Maxim has a “hold” rating on the stock.
Shutterstock Inc (SSTK)
The deal gives GOOGL access to SSTK’s massive “library of photos, illustrations and videos for digital and mobile advertising,” reports Investors Business Daily.
Shares of SSTK are up more than 70% year-to-date.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.