The markets were higher yet again today as investors responded to the release of the Federal Reserve meeting minutes. The Dow 30 added 41, the S&P 500 was higher by 4, and the Nasdaq 100 added 16 on the day. Tomorrow is full of market moving news including unemployment claims, crude oil inventories, as well as speeches from European Central Bank head, Mario Draghi, and two speeches from FOMC members.
Snap (NASDAQ: SNAP) shares popped 11.44% today on news of an upgrade from Credit Suisse. The firm raised their price target to $20 from $17 citing expectations of more daily active users on the platform than expected during the third quarter. The analyst is estimating that Snap added 3.2 million daily active users which is up handily from its prior estimate of 1.5 million. Shares are still considerably lower than their IPO price, but prices have stabilized since August.
Alibaba (NASDAQ: BABA) shares moved to new highs for the third time this week as the Chinese e-commerce giant announced its $15 billion dollar investment over three years in a "global research and development program." According to the Alibaba report the new "DAMO Academy," will be formed to increase global technological collaboration, advance the development of cutting-edge technology and narrow the technology gap. Alibaba said the program will "help it reach its goal of serving 2 billion customers and creating 100 million jobs by 2036." Shares are higher by over 100% this year alone.
Kroger (NYSE: KR) shares popped today on news that the grocery chain is exploring a potential sale. The operator of over 800 stores nation wide, and $4 billion in annual sales said in a statement, "This is the result of a review of assets that are potentially of more value outside of the company than as part of Kroger."Goldman Sachs (NYSE: GS) has been hired to help with the sales effort.