A number of stocks jumped in the afternoon session after the latest Personal Consumption Expenditures (PCE) Price Index report aligned with economists' predictions, signaling that inflation is under control.
Shares of telecommunications company Dycom (NYSE:DY)
jumped 4.2% in the afternoon session after Wells Fargo raised its price target on the stock, signaling confidence in the company's future performance.
Raymond James Finl (NYSE: RJF) has outperformed the market over the past 20 years by 4.41% on an annualized basis producing an average annual return of 13.24%. Currently, Raymond James Finl has a market capitalization of $34.27 billion.
Shares of auto insurance provider Mercury General (NYSE:MCY) jumped 3.4% in the afternoon session after Raymond James reaffirmed its "Strong Buy" rating and increased its price target on the stock. The financial services firm boosted the price target by 11.11% from $90.00 to a new target of $100.00. This adjustment reflected continued confidence in the company's financial performance and growth outlook. The positive sentiment was also reflected in the market, as the stock reached a new all-time high, underscoring solid investor confidence.
Shares of ride sharing and on-demand delivery platform Uber (NYSE:UBER)
jumped 3.3% in the morning session after the company announced a strategic partnership with Israeli drone company Flytrex to launch a drone-based delivery service.
Shares of online insurance comparison site EverQuote (NASDAQ:EVER) fell 4.2% in the morning session after Raymond James downgraded the stock from Strong Buy to Outperform and cut its price target.
Raymond James trades at $173.80 per share and has stayed right on track with the overall market, gaining 19.9% over the last six months. At the same time, the S&P 500 has returned 15.3%.
Shares of ride sharing and on-demand delivery platform Uber (NYSE:UBER)
jumped 2.9% in the morning session after the stock's positive momentum continued as the company announced its first venture into drone delivery through a new partnership with Flytrex.
In just seven months after its IPO, defense stock Karman is providing early investors with huge returns. Raymond James sees over 50% more upside still to come.
Shares of satellite communications provider fell 3.3% in the afternoon session after Raymond James downgraded the stock to "Outperform" from "Strong Buy" and significantly lowered its price target.
Shares of pharmaceutical company AbbVie (NYSE:ABBV) jumped 4.4% in the morning session after the company announced it settled litigation with generic drug manufacturers to extend patent protection for its blockbuster autoimmune drug, RINVOQ. The agreement prevents generic competition for the drug in the U.S. until at least April 2037, a significant victory for the company. This extension provides about five more years of market exclusivity than some analysts had previously expected. RINVOQ is a crucial growth driver for AbbVie, especially as it manages lost revenue from its former mega-blockbuster, Humira. The drug's sales have been climbing rapidly, reaching $6 billion the previous year and are forecast to potentially hit peak sales of over $12 billion. This settlement secures a major future revenue stream for the company.
Raymond James trades at $166.70 per share and has stayed right on track with the overall market, gaining 19.3% over the last six months. At the same time, the S&P 500 has returned 17.4%.
Shares of collaboration software company Atlassian (NASDAQ:TEAM) fell 4.1% in the afternoon session after the company's CEO and Co-Founder Michael Cannon-Brookes sold $1.3 million worth of shares, alongside news of job cuts.
Shares of data storage solutions provider Pure Storage (NYSE:PSTG) jumped 2.5% in the morning session after the stock hit an all-time high following a strong earnings report that prompted several Wall Street analysts to raise their price targets.
Shares of collaboration software company Atlassian (NASDAQ:TEAM) jumped 4.4% in the morning session after the stock extended its positive momentum as the company announced a major acquisition to enter the AI browser space and a strategic plan to accelerate its transition to the cloud. Atlassian is set to acquire The Browser Company, creator of the Dia AI-browser, in a $610 million deal aimed at transforming how work is done in the AI era.
Shares of cosmetics company e.l.f. Beauty (NYSE:ELF)
jumped 3.1% in the afternoon session after Raymond James reiterated its "Strong Buy" rating on the stock and increased its price target. Analyst Olivia Tong raised the firm's price target on the shares from $140.00 to $155.00. This 10.71% increase in the price objective signals a high degree of confidence in the beauty company's future performance and growth prospects. Such positive commentary from a financial analyst often provides a bullish signal to investors, contributing to upward momentum in the stock price.
