U.S. stocks slumped lower Thursday as investors reacted to a surprisingly solid reading of August retail sales and an unexpected increase in weekly jobless claims.
Here are some of the big movers in the stock market on Thursday:
1. American Express AXP | Up 0.9%
Shares of American Express (AXP) - Get American Express Company Report traded higher after Bank of America upgraded the credit-card company to neutral from underperform in light of a more attractive valuation.
Analyst Mihir Bhatia lifted his price target to $169 from $150.
“Following recent underperformance in AXP shares, we … view [the] risk-reward as balanced with few negative catalysts on the horizon,” Bhatia wrote in a commentary.
2. Ford F | Up 1.2%
Shares of Ford (F) - Get Ford Motor Company Report traded higher Thursday after the Dearborn, Mich., automaker said it would double the production capacity target for its F-150 Lightning electric pickup truck to 80,000 a year due to strong demand.
3. DoorDash DASH | Up 5.7%
Shares of DoorDash (DASH) - Get DoorDash Report rose Thursday after analysts at Bank of America upgraded the food-delivery stock to buy. The firm’s call is based on upside to 2021 estimates as well as a “robust” five-year growth opportunity.
4. Gap GPS | Up 3.2%
Shares of Gap (GPS) - Get Gap, Inc. (GPS) Report traded higher Thursday. The Commerce Department said August retail sales rose 0.7% from the previous month to a collective $618.7 billion. That was well ahead of the Wall Street consensus forecast of a 0.8% decline, and 15% higher from the Covid-hit period last year.
The retailer added to its selection of fall fashion essentials earlier this month. Last month, Gap also raised its full-year guidance, largely on the strength of its Old Navy and Athleta brands.
5. Tuesday Morning TUES | Up 28%
Tuesday Morning (TUES) - Get Tuesday Morning Corporation Report shares jumped after the Dallas home-goods retailer named Paul Metcalf chief merchant. Metcalf is the former executive vice president and chief merchandising officer at Burlington Stores. (BURL) - Get Burlington Stores, Inc. Report