Stocks are off a bit as Covid-19 cases continue to rise around the globe.
Although U.S. government spending has been highly supportive of the economy and there could be more stimulus on the way because Democrats control both the House and the Senate, the distributions of vaccines has been behind schedule.
As a result, investors are taking some chips off the table, especially because the market was hot to start the new year. Companies on the major U.S. indexes see a significant portion of revenue from overseas.
Here are some notable movers:
KB Home (KBH) was up 6% after disclosing higher revenue and earnings than expected. The company reported revenue of $1.2 billion, compared with expectations of $1.1 billion, and earnings per share of $1.12 versus a forecast of 93 cents.
General Motors (GM) was up 3% after Nomura upgraded the stock to Buy from Neutral and raised its price target to $60 from $27.
Exxon Mobil (XOM) gained 1%. J.P. Morgan upgraded the stock to Overweight from Neutral and raised its target for the price to $56 from $50. Other oil stocks were down, with the Energy Select Sector SPDR Fund (XLE) down 0.2%.
Twitter (TWTR) rose 1% after MKM Partners upgraded the stock to Buy from Neutral and raised its price target to $60 from $47.
Palantir Technologies (PLTR) fell 3%. Citigroup downgraded the stock to Sell from Neutral.
Write to Jacob Sonenshine at email@example.com