Stocks were climbing Friday, following on from the best day for the S&P 500 in six months, as corporate earnings and improving sentiment offset persistent concerns that inflation will continue to shroud markets over the months ahead.
Here are some of the big movers in the stock market on Friday:
1. Alcoa | Increase 15%
Alcoa (AA) – Get Alcoa Corp. Report shares surged after the aluminum producer posted record third-quarter profit, unveiled a new buyback program and declared its first-ever dividend. Earnings came to $1.76 per share, compared with a loss of 26 cents a share in the year-earlier period and a penny ahead of the consensus analyst forecast.
2. 23andMe | Increase 17%
Shares of 23andMe (ME) – Get 23andMe Report jumped after EMJ Capital founder and portfolio manager Eric Jackson said on CNBC’s “Closing Bell” that the company should be thought of as a therapeutics company in addition to being a subscription service, which he says bodes well for growth.
3. Coinbase Global | Increase 5.4%
Coinbase Global (COIN) shares advanced as JMP Securities analyst Devin Ryan raised his price target on the crypto exchange platform to $330 from $300 while affirming an outperform rating. He said the company’s planned launch of Coinbase NFT, a peer-to-peer marketplace for non-fungible tokens, has been met with enthusiasm.
4. J.B. Hunt Transport | Increase 9.4%
Shares of J.B. Hunt Transport (JBHT) – Get J.B. Hunt Transport Services, Inc. (JBHT) Report rose after the transport and delivery services company beat Wall Street’s third-quarter-earnings expectations. Net income totaled $199.8 million, or $1.88 a share, up from $125.5 million, or $1.18 a share, in the year-ago period. The FactSet consensus called for earnings of $1.78 a share.
5. Wells Fargo | Increase 6.3%
Wells Fargo (WFC) – Get Wells Fargo & Company Report shares jumped after Piper Sandler analyst Scott Siefers raised his price target on the financial services company to $48 from $45 and reiterated a neutral rating. The company’s third-quarter core earnings came in above estimates on negative provision, better than expected fees and improved costs, Siefers said.