Key stock developments for Wednesday: Anticipated market movers for the upcoming trading day
Editor Thenews24.net
2 min read
Traders were active on the New York Stock Exchange floor during the morning session on August 20, 2024, in New York City. Michael M. Santiago | Getty Images
“Stocks @ Night” is a daily newsletter sent out after market hours, providing a preview of the next day and a recap of the current day. You can subscribe for free to get it directly in your inbox. Here’s a summary of what CNBC TV’s producers were monitoring as the stock market’s recent rally paused on Tuesday, along with what to watch for in the next session.
Elliott Management
On Wednesday, CNBC’s Leslie Picker will delve into some of Elliott Management’s latest activist campaigns. The firm has been particularly active recently, making several significant investments. On May 28, it was revealed that Elliott had invested in Texas Instruments, which has since seen a 1.7% increase in its stock price. On June 10, news broke that Elliott was investing in Southwest Airlines and advocating for strategic changes, but the stock has dropped 4.4% since then. On July 19, Elliott’s stake in Starbucks was disclosed, and the stock has risen 16% since. Notably, Starbucks also appointed Brian Niccol as its new CEO, which likely contributed to a nearly 25% surge in the stock on August 13, the day of the announcement. These dates reflect when the investments were made public, and Elliott’s positions may have fluctuated since their initial purchases.
S&P 500’s Performance
After an eight-day winning streak, the S&P 500 dipped 0.2% on Tuesday but has gained about 7% over the past nine days. During the same period, the Nasdaq Composite has risen 10%, the Dow Jones Industrial Average has increased by 5.3%, and the Russell 2000 has climbed approximately 5.25%.
Record Highs
Netflix reached an all-time high on Tuesday, having gone public in May 2002. The stock has surged 73% over the past year and nearly 8% in the last week. Walmart also hit a new all-time high, having been listed since August 1972. The stock has increased by 9.4% in the past week. Eli Lilly also achieved a record high on Tuesday. The company, which went public in 1952, has seen its stock rise 63% in 2024 and 18% in August. Thanks to CNBC data team member Chris Hayes for compiling these figures.
Upcoming Reports
Target is set to report on Wednesday morning. The stock has declined nearly 8% over the past three months and is 20.6% below its April high. Macy’s will also release its quarterly results before the market opens on Wednesday. The stock has fallen 7% in the past three months and is 20% below its March high. TJX will report on Wednesday morning as well. The stock has risen 16% over the past three months and is just below its July 12 high. Snowflake, a data cloud company, will report after the market closes on Wednesday. The stock is 44.5% below its 52-week high in February but has increased nearly 4% in the past week.