U.S. equities rose at midday Monday, Feb. 12, 2024, with the S&P 500 and Dow reaching fresh highs ahead of Tuesday’s inflation report and more earnings reports.
VF Corporation was the best-performing stock in the S&P 500 following reports its founding family is backing activist investor Engaged Capital in a plan to shake up the firm.
Hershey shares fell after a downgrade from Morgan Stanley citing falling consumer demand and high cocoa prices.
U.S. equities began the new trading week with gains at midday, with the S&P 500 and Dow reaching fresh highs ahead of Tuesday’s inflation report and
more earnings reports
. The Nasdaq was also higher.
VF Corporation (
VFC
) was the best-performing stock in the S&P 500 following a report the family that founded the firm supports
activist investor
Engaged Capital in its effort to shake up the owner of North Face and Vans brands.
Shares of Diamondback Energy (
FANG
) soared after the oil producer announced it is
buying
Endeavor Energy Partners for $26 billion to expand its reach in the Permian Basin.
Lowe’s (
LOW
) shares gained as JPMorgan raised its rating on the stock, suggesting Fed interest rate cuts could help boost sales at the home improvement retailer.
Hershey (
HSY
) shares declined as Morgan Stanley cut its rating on the stock, writing the chocolate maker’s
margins
could be hurt by falling consumer demand and soaring cocoa prices.
A downgrade from Barclays sent shares of Rivian Automotive (
RIVN
) lower. The bank cited the slowing sales of electric vehicles (EVs).
Oil and gold futures fell. The yield on the 10-year Treasury note was little changed. The U.S. dollar was higher versus the euro, pound, and yen. Most major cryptocurrencies traded in the green.
