Stocks powered higher Thursday as investors appeared to shrug off accelerating inflation signals, as well as a hawkish Federal Reserve, ahead of a busy slate of bank and blue-chip earnings.
Here are some of the market's biggest gainers for Thursday:
1. United Parcel Service | Increase 3.9%
Shares of United Parcel Service (UPS) - Get United Parcel Service, Inc. Class B Report edged higher after Stifel analyst J. Bruce Chan upgraded the package-delivery giant to buy from hold and raised his price target to $224 from $184, citing the outlook for a solid peak season.
2. PayPal | Increase 4.1%
Shares of payments specialists PayPal (PYPL) - Get PayPal Holdings Inc Report and Square (SQ) - Get Square, Inc. Class A Report were higher after European rival SumUp acquired U.S. marketing startup Fivestars for $317 million. The deal gives SumUp access to San Francisco-based Fivestars' 12,000 businesses and $3 billion in yearly sales. SumUp already operates in the U.S., but this cash-and-stock deal is its first U.S. acquisition.
3. UnitedHealth Group | Increase 4.5%
UnitedHealth Group (UNH) - Get UnitedHealth Group Incorporated Report shares gained after the health-care giant posted adjusted third-quarter earnings that beat analysts’ forecasts and raised its full-year outlook. The results reflect membership growth and lower negative Covid-19 effects on its operating costs.
4. Okta | Increase 4.7%
Shares of Okta (OKTA) - Get Okta, Inc. Class A Report moved up after Piper Sandler analyst Rob Owens said he was "encouraged" by the identity-management-services provider's investment across the customer identity and access management portfolio, saying it is positioned for share gains. While "encouraged by continued execution and a meaningful opportunity ahead," Owens kept his neutral rating with a $250 price target due to valuation.
5. Annovis Bio | Increase 16%
Annovis Bio (ANVS) - Get Annovis Bio Inc. Report shares surged after the biotech said in a regulatory filing that CEO Maria-Luisa Maccecchini had bought 18,000 shares at an average price of $27.61. Board member Mark White bought 5,000 shares at an average price of $27.50.