Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average (^DJI) recovered from earlier declines to edge higher at the close of trading.
- General Electric Co. (GE) - Get Report shares fell 1% after its price target was cut at UBS.
- Vera Bradley Inc. (VRA) - Get Report jumped 15% after posting fiscal second-quarter earnings that topped analysts' forecasts.
Wall Street Overview
Stocks were mixed on Wednesday, Sept. 5, and global stocks tumbled for a second consecutive session with investors citing ongoing trade tensions between Washington and its major economic allies as catalysts for the declines.
Renewed turmoil in emerging markets also led to a defensive tone in trading that has lifted the U.S. dollar to the highest level in two weeks.
Stalled talks between the U.S. and Canada on a overhaul of NAFTA were expected to resume on Wednesday, while the U.S. could impose fresh tariffs on $200 billion worth of China-made goods as soon as Thursday, Sept. 6.
Twitter Inc. (TWTR) - Get Report CEO Jack Dorsey and Facebook Inc. (FB) - Get Report Chief Operating Officer Sheryl Sandberg were testifying Wednesday before the U.S. Senate Select Committee on Intelligence in an extended grilling that covered foreign influence operations on U.S. elections. Follow TheStreet's live blog of the hearing here.
UBS analyst Steven Winoker lowered his target for GE to $13 from $16, and maintained a neutral'rating on the stock, amid concerns for the division, whose turnaround was described as the "biggest challenge" for the company by new CEO John Flannery.
The company reported fiscal second-quarter revenue of $671.7 million, up 28% from a year earlier, and non-GAAP earnings of 31 cents a share, topping analysts' estimates of $663.1 million and 26 cents. Workday also said it expects subscription revenue, which accounts for the bulk of its total revenue, to rise 31% to 32% in the fiscal third quarter to a range of $609 million to $611 million, ahead of forecasts, and 31% in fiscal 2019.
Vera Bradley Inc. (VRA) - Get Report jumped 15% after the designer of women's handbags posted fiscal second-quarter earnings that topped analysts' forecasts and issued third-quarter and fiscal-year guidance that was ahead of estimates.
Toyota Motor Corp. (TM) - Get Report said it plans to recall more than 1 million vehicles, including its gasoline-hybrid Prius model, because of an issue with the engine wire harness that can pose a fire risk. Only the Prius model would be recalled in the U.S., where around 192,000 vehicles were affected, a spokesman told Reuters. American Depositary Receipts of the Japanese auto giant fell 1.25%.
Start, and end, your trading day right with TheStreet's 'Daily Snapshot' on your favorite smart-speaker. Learn more about TheStreet's market coverage for your trusted smart-speaker here.