News was light today as investors are focused only on the results of the "Brexit" vote. Investors have been risk averse over the last few days, but today the markets confidently priced in the lieklyhood the the UK will stay in the European Union. This caused a bit of short covering, sending the markets to a new 5 day high. The Dow 30 closed up 188 (1.06%), the S&P 500 added 27 (1.33%), and the Nasdaq 100 popped 76 (1.59%). The results of the Brexit vote should be known before the market opens Friday.
Analysts continue to pound the deal between SolarCity (NASDAQ: SCTY) and Tesla (NASDAQ: TSLA). Morgan Stanley (NYSE: MS) downgraded SolarCity today to equal weight, due to "more balanced risk-reward post Tesla's acquisition offer and growing concerns around several fundamental business risks." Morgan Stanley has a $24 price target on the stock. Morgan Stanley also lowered its rating on Tesla to equal weight with a $245 price target. Shares finished slightly higher today despite the downgrade (0.46%).
Micron (NYSE: MU) popped 10.46% today as the company got two bullish calls. Nomura upped its rating of Micron to buy from reduce while Susquehanna upgraded the company to positive from neutral. This good news shot MU back near its 2016 highs set on January 2nd.
BlackBerry (NASDAQ: BBRY) shot up 3.86% today as the company topped Wall Street estimates on earnings per share but missed on revenue. BlackBerry reported earnings per share of $0.00 on revenue of $424 million. BlackBerry also forecasted a smaller-than-expected loss for the year after seeing continued progress in expanding its software business.
Home Depot (NYSE: HD) had a small gain (0.53%) as Nomura upgraded Home Depot to buy from neutral and raised its price target to $155 from $140. Analyst Jessica Schoen Mace cited market share gains and competitive advantages as two of the reasons for the upgrade.