he Dow Jones Industrial Average popped 0.9% in early trade. The S&P 500 climbed 0.6%, and the Nasdaq strengthened to a 0.7% advance on the stock market today. All three benchmarks are looking at their first monthly decline in seven months. But they are also on track to post one of the most powerful third-quarter performances of the century.
China-based JD.com (JD) rallied to the head of the Nasdaq 100, up 3.3%, while chip stocks lagged at the bottom of the index.
Starbucks gained 2.4%, also trading higher on the Nasdaq, after an upgrade to outperform, with a price target of 99, from Cowen. Micron Technology (MU) dropped 5.1% — to the bottom of the Nasdaq and the S&P 500 — after reporting strong fiscal fourth-quarter results, but providing weak guidance.
Duke Energy (DUK) sailed to the top of the S&P 500, up 7.5%, after news reports said the company declined a takeover offer from smaller peer NextEra (NEE). NextEra announced plans late Tuesday to acquire GridLiance from Blackstone Group (BX) for $600 million. NextEra shares dropped 1.3%.
China-based Alibaba Group Holding (BABA) jumped 3.8% to lead the IBD 50 list. Loop Capital boosted the stock’s price target to 350, from 280. The company announced at its multi-day investor conference that it expected its cloud-hosting business to turn profitable during the fiscal year ending in March. Loop increased its valuation for Alibaba’s cloud business to $100 billion, up from $60 billion.
Alibaba is rebounding from support at its 10-week line after erasing gains from an Aug. 24 breakout. JD.com is extended and consolidating, up 12% from an Aug. 18 breakout. Alibaba and JD.com are both IBD Leaderboard listings.
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