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American Century Companies Inc. increased its stake in UniFirst by 25.9%, owning 173,315 shares valued at $29.7 million. Envestnet Asset Management and Dimensional Fund Advisors also raised their holdings, with 78.17% of the stock owned by institutional investors. UBS Group raised UniFirst's price target to $235, while analysts maintain a "Hold" rating with a consensus target price of $197.50.
U.S. stock indexes faced pressure as positive economic reports led to rising bond yields, diminishing hopes for further interest rate cuts by the Federal Reserve. The S&P 500 fell 0.3%, with Nvidia dropping 5.1% after a strong product announcement, while Cintas and UniFirst saw significant stock movements due to a proposed acquisition. In international markets, notable Chinese companies declined following their addition to a U.S. Defense Department list linked to military ties.
Shares are on track for four consecutive days of gains, recovering from early December's highs. The Dow Jones fluctuated as Nvidia's stock fell over 5% despite new AI initiatives, while Uber rose 1.3% following a partnership announcement with Nvidia. Unifirst surged 28% after a $5.1 billion takeover offer from Cintas, and Roku, Ulta Beauty, and Snowflake also saw notable stock movements.
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