Stocks shot up today as a new poll showed that the UK is likely to stay in the European Union. This news sent the Dow 30 up 128 (0.73%), the S&P 500 up 12 (0.58%), and the the Nasdaq 100 up 36 (0.77%). Tomorrow traders will once again be focused on Fed Chair woman Janet Yellen as she is set to testify before the senate banking committee.
In the consumer staples sector, CVS Health (CVS ) traded lower by 1.69% after being downgraded to "Equal-Weight" from "Overweight" at Morgan Stanley. The firm cited increased competition among Pharmacy Benefits names for the downgrade. This news sent CVS to a new 4 month low.
Beijing-based JD.com (JD ) popped 4.62% today as the company has agreed to buy Wal-Mart's (WMT ) China e-commerce business. In exchnage, Wal-Mart will take a 5% stake in JD.com, China's second-largest online commerce site behind Alibaba (BABA ). This good news temporarily pulls JD off its 52 week low, set last Thursday. Yahoo (YHOO ) owns a significant portion of Alibaba.
Under Armour (UA ) popped 2.36% today as Buckingham analyst Scott Krasik announced he is bullish on the stock. Krasik upgraded his rating on Under Armour to a "buy". He also raised his price target to $48 from $44, a 27% increase from Friday's close. Krasik expects improving margins to start by the end of this year. Under Armour has been range bound for the last month and a half.
Shares of Spirit Airlines (SAVE ) took off 3.23% today after Credit Suisse upgraded the stock to an "outperform" from "neutral" on expectations of a 15% earnings increase by next year. The analyst company raised its price target on Spirit to $55 per share from $44. The new target is a 26% premium from today's closing price.
