Barron’s Morning Stock Movers: Viacom Gains, L Brands Rises as Stock Market Runs in Place
Stocks were little changed on Wednesday morning as investors waited for the minutes of the March FOMC meeting to be released.
Futures on the
Dow Jones industry average
rose 13 points, or 0.04%, while
Futures rose 0.03% and
Futures rose 0.02%.
The Federal Reserve will release the minutes at 2:00 p.m., and investors will be looking for clues as to when the central bank might downsize its asset purchase program. This would reduce the demand for bonds, put pressure on their prices, and raise yields, which would lead to an increase in the cost of borrowing. Ideally, investors want lower interest rates for a longer period of time. “There are unlikely to be any surprises, although investors will be looking for more insight into recent inflation concerns and evidence of an early rate hike,” writes Milan Cutkovic, market analyst at Axi.
Here were some notable stocks in motion:
(LAZ) rose 1% after Morgan Stanley switched Equal Weight stock to overweight.
(LB) Shares rose 2% after UBS upgraded the stock to buy from neutral.
Abercrombie & Fitch
(ANF) Shares rose nearly 4% after UBS upgraded the stock to buy from neutral.
(FOX) shares rose 3% after Wells Fargo upgraded the stock from underweight to equal weight.
(CS) stocks fell 1% after Exane BNP Paribas downgraded the stock from Outperform to Neutral.
(VIAC) gained 2.6% after upgrading from Peer Perform at Wolfe Research to Outperform.
Write to Jacob Sonenshine at [email protected]