Updated Jan 11, 2022 9:33 AM ET
Wall Street stock indices fell in morning trading before a statement by Federal Reserve Chairman Jerome Powell offered any indication of future rate hikes. Let’s see on Tuesday:
- UBS has lowered its rating for IBM shares -1.60%
to sell and lowered its price target.
- Electric truck manufacturer Rivian‘S
The chief operating officer left the company last month as the startup ramped up production of its first three models.
The all-electric Rivian R1T truck in Times Square on Listing Day, November 10, 2021.
Ann-Sophie Fjello-Jensen / Associated Press
Tesla TSLA 0.59%
sold 70,847 vehicles made in China in December, the China Passenger Car Association said on Tuesday.
Zynga ZNGA 4.86%
still has something in it. The game maker’s stock rose 41% on Monday after Take-Two Interactive TTWO 3.80%
said it would buy it but it was still looking up on Tuesday morning.
- Stock of Black Diamond Therapeutics BDTX 13.33%
jumped after the precision oncology company received Food and Drug Administration approval for a study of its cancer therapy BDTX-1535.
Abercrombie & Fitch ANF 7.88%
The warned sales for the Christmas quarter would lag behind its previous estimate due to inventory delays and tightened Covid-19 restrictions.
- Health care company Accolade ACCD 27.69%
reported revenue for the final quarter that more than doubled year over year.
Albertson’s ACI -9.75%
a better-than-expected result in the third quarter and raised the forecast for adjusted earnings and sales growth for the full fiscal year.
Chart of the day
- Investors are betting that looming interest rate hikes will boost profits in the financial sector and make the sector more attractive than the tech sector, a major contributor to last year’s rally.
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