Stocks were rising after China posted blockbuster economic data, spurring optimism about the economic recovery for the rest of the globe, and after Pfizer’s CEO said that patients will likely need Covid-19 booster shots.
China said its economy grew 18.3% in the first quarter.
Also Friday, Pfizer (ticker: PFE) CEO Albert Bourla said patients who have received vaccinations will likely need annual booster shots to protect against new mutations of the virus. He likened the virus and the required vaccinations to influenza. If investors are confident in the company’s ability to provide boosters, stocks could continue pricing in a reopening and normalization of economic activity. Pfizer shares rose 0.35%.
Here were some notable stocks on the move:
Morgan Stanley (ticker: MS) shares were up just under 1% after the investment bank said its first-quarter revenue was $15.7 billion, beating estimates of $14.1 billion. Earnings per share were $2.22, better than the expected $1.70.
Shares of PPG Industries (PPG) rose 4% after the company’s latest earnings report beat Wall Street estimates. The company posted revenue of $3.9 billion, better than the expected $3.7 billion on earnings per share of $1.58, beating expectations of $1.57.
Sunrun (RUN) shares were rising 4% after Piper Sandler upgraded the stock to Overweight from Neutral.
Splunk (SPLK) shares fell 5% after KeyBanc Capital Markets downgraded the stock to Sectorweight from Overweight.
Simon Property Group (SPG) shares were rising more than 1% after Jefferies upgraded the stock to Buy from Hold.
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