Jun 28, 2021 (IAM Newswire via COMTEX) -- Biggest Earnings Reports
Earnings haven’t been at the forefront of investors’ minds but there were still a few reports worth mentioning. Nike /zigman2/quotes/203439053/composite NKE +0.80% did not only just 'DO IT', it rocked its fiscal fourth quarter earnings report, causing its shares to surge 14% upon the reveal. Tech concern Accenture /zigman2/quotes/201711136/composite ACN +1.92% notched a record high, after the company’s fiscal third-quarter results were boosted by increased demand for digital, cloud, and security services. Plug Power Inc /zigman2/quotes/205453512/composite PLUG -2.88% stock also popped despite wider-than-expected first-quarter losses due to an impressive revenue beat. Lastly, pharmacy name Rite Aid Corporation /zigman2/quotes/201733831/composite RAD -0.07% reported dismal revenue results, underperforming the broader market.
By Wednesday, the NASDAQ scored another record close and the S&P 500 stayed near record high, whereas the Dow dropped off slightly despite Fed Chair Jerome Powell’s optimistic comments that helped clam worries regarding inflation pressure. But by Thursday afternoon, the Dow traded near its all-time high. By the close, U.S. President Joe Biden’s infrastructure deal stole the spotlight, supporting both the S&P 500 and the NASDAQ once again reach record closes. As of Friday afternoon, the optimism regarding the infrastructure deal has spread out all over the place, helping the S&P 500 to an intraday high. Even better, all three major benchmarks were well on their way to substantial weekly gains.
While Fed updates kept eyes focused on the major benchmarks, there were still a lot of exciting news from the corporate world. Richard Branson's space tourism company Virgin Galactic /zigman2/quotes/208333884/composite SPCE -2.43% has already made history after it was granted approval to take paying customers to space. Uber /zigman2/quotes/211348248/composite UBER -2.07% stock took a breather as the ride hailing giant agreed to acquire Corershop, a grocery delivery name. Entera Bio /zigman2/quotes/207380131/composite ENTX -6.56% saw its shares skyrocket due to positive results from its clinical trial of its treatment of osteoporosis. Shake Shack /zigman2/quotes/209397077/composite SHAK -2.94% announced it will be expanding its footprint in China which is always a big deal. McAfee Corporation /zigman2/quotes/221852118/composite MCFE +1.70% was under the spotlight but in a negative light. Not only has it experienced a surge in threats over the first quarter, but its founder was found dead in his prison cell in Barcelona, Spain, while awaiting extradition to the US. Authorities believe the 75-year-old charged of tax evasion and securities fraud commited suicide.
All in all, not at all a typical week - but then again, the global COVID-19 pandemic seems to have erased 'ordinary' from the dictionary.
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