S&P 500 opens higher
Stocks were mixed at the market open Tuesday.
The S&P 500 rose 0.3%, while the Dow Jones Industrial Average lost 61 point, or 0.13%. The Nasdaq Composite added 0.5%.
— Samantha Subin
Sunrun adds more than 4% following KeyBanc upgrade
Sunrun jumped 4.1% in premarket trading after KeyBanc said the beat-down solar stock could be due for a rally.
Analyst Sophie Karp upgraded Sunrun overweight from sector weight. Her $27 price target implies an upside of 31.3% from where the stock finished Monday’s session.
The stock has lost 14.4% this year despite the S&P 500 gaining 8.1% in the same period. Shares have been beaten down since the Federal Reserve began its interest rate hike campaign, but she said there will likely better days ahead.
“Shares of residential solar companies, including RUN, underperformed materially since the beginning of the tightening cycle, and we acknowledge that the shares have been visibly inexpensive for some time now,” she said in a note to clients Monday. “However, we believe that we have seen the worst of the tightening cycle, and therefore the sentiment should be bottoming at these levels.”
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— Alex Harring
Stocks making the biggest moves premarket
Check out the companies making headlines before the bell on Monday:
- Goldman Sachs — The investment bank said first quarter revenue totaled $12.22 billion, below the $12.79 billion consensus estimate of analysts polled by Refinitiv. Fixed income, currencies and commodity trading was $3.93 billion in the first quarter, well below the $4.16 billion Wall Street estimate, according to FactSet. Goldman shares declined by nearly 4%. Goldman also said it took a $470 million hit tied to the sale of consumer loans in its Marcus unit.
- Johnson & Johnson — The drug and consumer products maker said first quarter sales rose 5.6% to $24.75 billion, above the $23.67 billion consensus estimate of analysts polled by Refinitiv. Adjusted earnings…
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