As the Federal Reserve continues to play games with the markets, investors had to chase a rally today. The Dow 30 gained 239, the S&P 500 added 31, and the Nasdaq 100 recovered 85 as the markets rallied all day long. A dovish speech today from a fed member is said to have sparked the rally. Going into tomorrow the news is light, leaving traders to follow any whisper from the Fed or elsewhere.
Tesla (TLSA ) saw a nice 1.97% bounce today after the company announced that it has upgraded the software that runs its Autopilot system. This follows a crash in May that killed a man driving a Tesla Model S using the semi-autonomous driving system. Tesla CEO Elon Musk announced the improvements on Sunday and said the new system could have potentially saved the life of Joshua Brown. The software upgrades will be available in the next two weeks.
Perrigo (PRGO ) jumped over 7% today as activist Starboard Value is putting pressure on the drug maker to make changes. This comes after the activist investor group announced that it has a 4.6% in the company. In a letter, Starboard criticized Perrigo for making what it called "operational and financial missteps" since it rejected Mylan's takeover offer last year. Perrigo said it would review the letter and it "looks forward to a constructive and productive dialogue with Starboard."
Walmart (WMT ) was up 2.33% today after Cowen & Co. upgraded the stock to outperform from market perform and raised its price target $83 a share from $76. Analyst Oliver Chen said in a note to clients that "a combo of price investments, creative integration of physical + digital and the Jet acquisition position WMT to regain retail dominance." The moves seemingly help better position the retail giant to compete with Amazon (AMZN ) and Target (TGT ).
