{
}
Profit-taking dominated the stock market as sellers targeted Magnificent Seven stocks following the Nasdaq's historic rise above 20,000. While Adobe plummeted over 10% after disappointing quarterly results, tech firms like Confluent and Ciena thrived, with Upstart rising more than 4%. The Nasdaq composite dipped nearly 0.4%, influenced by higher-than-expected wholesale prices, while the Dow Jones edged up 0.1%, maintaining a 17.3% year-to-date gain.
Fintechs Upstart and Toast surged following strong earnings reports, with Upstart's stock jumping 46% and Toast rising 14%. Upstart's revenue increased 20% to $162 million, while Toast's adjusted earnings forecast exceeded expectations. Meanwhile, Coinbase shares soared 48% amid a favorable political climate for crypto, while Robinhood rose 27%. However, Block's stock fell slightly after disappointing revenue results.
UBS has maintained its 'Buy' rating for UPS, setting a target price of $159. Analyst Thomas Wadewitz noted a positive shift for the logistics company in the third quarter, which is expected to bolster the share price.
UBS has upgraded its rating for UPS to 'Buy' with a target price of $159, citing a positive shift in the company's performance during the third quarter. Analyst Thomas Wadewitz believes this momentum will bolster the share price, which closed at $138.35, reflecting a 5.28% increase.
UBS has maintained a "Buy" rating for UPS, setting a target price of $159. Analyst Thomas Wadewitz noted a positive shift for the logistics company in the third quarter, which is expected to bolster its share price.
Earnings season is in full swing, with major companies like Tesla, IBM, and General Motors set to report this week. The S&P 500 has seen a 23% gain this year, and earnings are expected to grow 5%-7% this quarter, led by Information Technology, Communication Services, and Healthcare sectors.Economic indicators are also in focus, with Durable Goods orders anticipated to fall 4.5% year over year. Retail Sales exceeded expectations in September, rising 0.4%, while mortgage rates have climbed to 6.44%. The next Fed rate decision is expected on November 7, with a 90% chance of a 25-basis-point cut.
Upstart Holdings, Inc.
Companies
| Symbol | UPST |
| Name | Upstart Holdings, Inc. |
| Currency | USD |
| Sector | Financials |
| IndustryGroup | Diversified Financials |
| Industry | Consumer Finance |
| Market | NASDAQ Global Select |
| Country | United States |
| State | CA |
| City | San Mateo |
| Zipcode | 94403 |
| Website | http://www.upstart.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
stock market sees profit taking after nasdaq milestone while select stocks rise
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ubs maintains buy rating for ups with target price of 159 dollars
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ubs upgrades ups to buy with target price of 159 dollars
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UBS maintains buy rating for UPS with target price of 159 dollars
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