28th March, 2024 – The S&P 500 rose on Thursday registering its best first-quarter performance in five years, closing at 5,254.35 with a growth of 0.11%. The Dow Jones added 0.12% and finished at 39,807.37, while Nasdaq slipped 0.12% to end at 16,379.46.
Reddit (RDDT) shares are plummeting after experiencing a rally stemming from the company’s IPO last week. Shares closed at $49.32, ending the week below their closing price on the first day of trading on the New York Stock Exchange as they closed at $50.44 last thursday. Reddit shares began their downward spiral on wednesday, when they sank about 11% to $57.75 at market close, on that day Hedgeye Risk Management described the stock as “grossly overvalued”.
Walgreens Boots Alliance (WBA) did exceptionally well with its share price closing more than 3% higher on the day compared to the S&P 500 index 0.1% rise. This result comes after the company reported encouraging quarterly results with sales setting at $37 billion, a 6% improvement over the same period in 2023. Also earnings edged up slightly at $1.20 per share or $1.04 billion. With those numbers Walgreens easily topped the estimates that were sales for $35.9 billion and earnings at only 0.82$ per share.
Shares of Nikola (NKLA) soared by more than 15% on Thursday morning after a boost coming from some company-specific news as well as fresh publicity for hydrogen as a transportation fuel. Yesterday the company announced plans for a new hydrogen fueling station from its HYLA energy brand to be built in Western Canada, the station will be the province of Alberta’s first commercial hydrogen fueling station and the first in what Nikola plans to be a fueling network to support the use of hydrogen fueled trucks.
Author: Luca Sesena