Wednesday Morning Stock Market Movers: Aurora Cannabis, Tapestry, and Zoom Video

This article was originally published on this site

Stocks were rising Wednesday as tech stocks in the U.S. rebounded from their recent selloff.

The tech-heavy Nasdaq Composite futures climbed 1.2%. The gain in tech helped boost S&P 500 futures, which rose 0.8%. Dow Jones Industrial Average futures rose 205 points, or 0.7%. The 10-Year Treasury yield kept rising, ticking up to 0.98% from 0.95%.

While the mood of the market has been solid during the last few days— the S&P 500 is up 9.4% since October 30 counting Wednesday morning’s move—the rally had been led by value stocks. But it was tech taking the lead Wednesday. Apple (AAPL) has risen 1.4% after falling 2.5% since Thursday, while Amazon (AMZN) has advanced 1% after dropping 8.6% over that period.

Investors are also buying a dip in high-priced tech stocks, especially as some of the secular growth trends. Zoom Video Communications (ZM) stock bounced 4% Wednesday after falling 25% in the past two days.

Still, some reopening stocks continue to show signs of life. Southwest Airlines (LUV) rose 0.2%. Oil major Chevron (CVX) rose 1.5%.

Here were some of the biggest movers Wednesday:

Lyft (LYFT) shares rose 5% to $37.91 after the company beat revenue and earnings estimates. Lyft reported a loss of 89 cents a share, beating estimates for a 90 cent loss. Revenue came in at $499.7 million, beating estimates of $489 million. The positive vaccine news has also lifted the stock this week, as the shares are up 27% this week, counting Wednesday’s premarket move.

Alibaba (BABA) shares were down as much as 1% before that loss moderated to just 0.3% to $266. This comes as the company’s Singles Day gets under way.

Tapestry (TPR) rose 4.8% to $27.25 after getting an upgrade at Cowen to Outperform from Market Perform and a raised price target to $30 from $25.

Aurora Cannabis (ACB) fell 18% to $6.83 a share after announcing it will offer $125 million of stock.

State Street (STT) rose 1.7% to $71.23 after Deutsche Bank raised its price target to $80 from $67 and upgraded the stock to Buy from Hold.

Write to Jacob Sonenshine at Jacob.Sonenshine@barrons.com