Key Takeaways
- The Dow, S&P 500, and Nasdaq were little changed at midday Friday, May 17, 2024, after all three indexes hit all-time highs earlier in the week amid hopes the Federal Reserve could move to lower borrowing costs.
- Robinhood Markets got a double upgrade from Bank of America, and shares took off.
- Cracker Barrel Old Country Store slashed its dividend as it began a shakeup of its operations, sending shares lower.
The Dow, S&P 500, and Nasdaq were little changed at midday Friday after all three major indexes hit all-time highs earlier in the week amid hopes the Federal Reserve could move to lower borrowing costs.
Robinhood Markets ( HOOD ) shares jumped as Bank of America gave the stock a double upgrade to “buy” and raised the price target. BofA cited the online brokerage’s rising retail engagement and accelerating organic growth, among other reasons for the upgrade.
Shares of Reddit ( RDDT ) climbed after the social media networking site announced a partnership with OpenAI to put Reddit content on OpenAI’s ChatGPT chatbot.
DuPont ( DD ) shares rose as Jefferies upgraded the stock and boosted the price target, noting that end-market demand and benefits of inventory restocking could boost the chemical maker’s volumes in 2025.
Cracker Barrel Old Country Store ( CBRL ) shares plunged to their lowest level since 2011 as the restaurant and novelty store chain slashed its dividend by 81% as part of a “strategic transformation plan” of its operations. Cracker Barrel also lowered its outlook.
Shares of meme stock darling GameStop ( GME ) cratered as the video game retailer said it plans to sell more shares to raise cash , and gave projections for its first-quarter results that came in below analysts’ estimates.
DXC Technology ( DXC ) shares sank as the information technology provider announced another restructuring and gave guidance below estimates as IT spending slows.
Oil and gold futures advanced. The yield on the 10-year Treasury note was higher. The U.S. dollar gained on the yen, but fell to the euro and pound. Prices for most major cryptocurrencies were higher.
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