Updated October 7, 2021 at 9:40 a.m. ET
US stocks rose in morning trade after Republicans offered a short-term extension of the debt ceiling, which helped allay immediate concerns about a possible national bankruptcy. We’ll see that before the opening on Thursday.
Twitter TWTR 4.37%
Shares rose 2.4% after the company announced it would sell mobile advertising company MoPub to AppLovin APP 10.31%
for $ 1.05 billion in cash. AppLovin rose 13%.
Twitter headquarters in San Francisco, California, July 19, 2021.
David Paul Morris / Bloomberg News
Barry Diller’s media conglomerate IAC / InteractiveCorp. IAC 7.78%
climbed 2.5% after reaching a $ 2.7 billion deal to buy Meredith,
a magazine publisher with brands like People and InStyle. Meredith shares were up 6.3%.
- Megacap tech companies rose as government bond yields fell slightly. Apple,
Microsoft MSFT 0.59%
and Nvidia NVDA 1.81%
rose more than 1% each and Square SQ 4.20%
was up 4%.
Tilray TLRY 2.13%
Stocks were down 3.3% after the cannabis company said its net loss in the first quarter widened.
Lamb Weston LW -6.64%
Stocks fell 8.4% after the potato and vegetable company reported first quarter earnings and sales that fell short of expectations.
- Household and personal care products manufacturer Helen of Troy HELE 5.88%
rose 7.6% after raising its fiscal 2022 outlook.
Modern MRNA 2.29%
Stocks gained 1.9%. She presented plans to build a vaccine factory in Africa. At the close of trading on Wednesday, the stock had lost over 20% of its value so far this month.
ACCD brackets -0.42%
will report the earnings upon completion.
Chart of the day
- Airline stocks rose more than 10% over the past month as broader equity markets collapsed. However, this is only a partial recovery from a bad summer for aviation stocks, including aircraft manufacturers. Only low-cost airline stocks are currently trading above their pre-Covid levels.
Write to Anna Hirtenstein at email@example.com
Corrections & reinforcements
Stock futures rose ahead of the market opening on Thursday. A previous version of this article incorrectly stated that the move was on Wednesday.
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