Don't underestimate the power of "boring stocks," as the materials sector proved to be among the biggest gainers on Wall Street Wednesday, June 28, led by Arconic Inc. (ARNC) , which rose nearly 6% a day after falling off a cliff due to its role as the producer of aluminum steel used in the Grenfell Tower.
Not to be outdone, tech and financials also roared higher, leading all three major indexes to post gains on the day.
And as other investors kept an eye on the proposed GOP healthcare revamp (the vote for which has been postponed until after the July 4 holiday) as well as the big bank stress tests, Wall Street was abuzz with corporate news (lots of it merger-related).
Carl Icahn protege Keith Meister on Wednesday, June 28, escalated an ongoing campaign to have Energen Corp. (EGN) consider strategic alternatives. And then there's Lululemon (LULU) , another long-speculated take-out target that is receiving renewed speculation.
Meanwhile, the Oracle of Omaha scored a victory today as Bank of America (BAC) just won the Federal Reserve's approval to hike its annual dividend, which enables the billionaire investor to earn $36 million a year more from the Charlotte, N.C.-based lender's common stock than he currently receives on $5 billion in preferred shares.
From a public stalwart to a newcomer: Meal kit delivery company Blue Apron is set to debut on Thursday. But the company late Wednesday slashed its IPO price to $10 a share, far below earlier estimates of $15 to $17 a share. The company faces possible investor backlash as a result of its share structure as well as competition arising from Amazon.com Inc.'s (AMZN) $13.7 billion acquisition of Whole Foods Market Inc. (WFM) , which has everyone from Wall Street analysts to political pundits weighing in.
President Trump was the latest to weigh in, at least in part.
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Photo of the day: Happy birthday to GM's Corvette
General Motors (GM) could use a win. Company CFO Chuck Stevens said on Monday that the auto market is headed for a downturn. Stevens told analysts on a conference call that "the market is definitely slowing ... it's something we are going to monitor month to month," according to reports. On Wednesday, the company celebrated the anniversary of the first Corvette to come off the assembly line in Flint, Mich. The Corvette would prove to be one of Chevrolet's most successful cars and remains one of the most iconic American sports cars in history. GM acquired the Chevrolet brand in 1918. Though the next Corvette may not be on the horizon for the American automaker, GM's stock could ride the rally driven higher by the self-driving car dominant "Auto 2.0" market, Morgan Stanley analyst Adam Jonas wrote on Wednesday.
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