Fisker and AMC Stocks Are Flying — and What Else Is Happening in the Stock Market Tuesday
It’s a quiet morning for the stock market as investors wait on Wednesday’s inflation reading. AMC Entertainment, Fisker, and Kansas City Southern stocks were riding.
Dow Jones Industrial Average futures have dipped 0.1%, while Nasdaq Composite futures have ticked up 0.1%. S&P 500 futures were little changed.
There was little in the way of market-moving news overnight. Yes, the infrastructure bill is inching closer to a vote, but it’s clear the market is already looking ahead to the looming $3.5 trillion budget battle. There was little new on the Covid front, and earnings were a bore. it all adds up to a snoozer of a morning. “Equities are not doing much so far today,” writes NatAlliance Securities’ Andrew Brenner. “They are in a zone waiting to see what the next shoe to drop.”
Might that shoe be Wednesday’s consumer-price index? It’s expected to have risen 0.5% in July from June, down from a 0.9% increase in June from May. Year-over-year, CPI is predicted to have increased 5.3% last month, down a touch from June’s 5.4% rise. “It’ll be interesting to see whether US CPI livens things up tomorrow,” writes Deutsche Bank’s Jim Reid. “However two of the biggest beats in history over the last couple of months didn’t have that big an impact so we will see.”
Here are five stocks on the move Tuesday:
Kansas City Southern (KSU) has gained 6.8% as a bidding war for the company continued.
Fisker (FSR) has jumped 17% after Morgan Stanley resumed coverage of the stock with an Overweight rating and a $40 price target.
SVB Financial (SIVB) has fallen 3.9% after announcing that it will sell 2.2 million shares at $564, while First Republic Bank (FRC) has declined 4% after it said it would sell 2 million shares at $195.15.
AMC Entertainment Holdings (AMC) has climbed 10% after reporting better-than-expected earnings.
Write to Ben Levisohn at [email protected]
