Back to top

Image: Bigstock

Markets Close Slightly in Green; L Brands (LB) Up 17.7% on Big Earnings

Read MoreHide Full Article

Market trading activity today was almost a mirror image of Wednesday: starting out in the red on a jump in Initial Jobless Claims and the case-rate of Covid-19 in almost every state in the U.S., but churning higher as the day progressed, with the Down and S&P 500 closing near session highs. The Nasdaq led the way, up 0.87%, while the S&P 500 rose 0.39% and the Dow registering +0.15%. It wasn’t a blockbuster trading day, and the markets are still on target for a down-week. But we’re closer to break-even with one trading day left to go.

Beleaguered retail conglomerate L Brands (LB - Free Report) rose 17.6% on the day following its huge earnings beat before the market opened this morning. Strength in its Bath & Body Works business joined improvements in its Victoria’s Secret line. The Energy sector also performed well, up 1.5% on the day on strength in oil prices, with Halliburton (HAL - Free Report) rising 4%. Information Technology and Consumer Discretionary sectors continue to lead, as they have over the past year.

Enterprise software solutions provider Workday (WDAY - Free Report) is also up 4% in after-hour trading Thursday, with earnings of 86 cents per share well ahead of the 67 cents in the Zacks consensus on $1.11 billion in revenues, which also beat consensus and demonstrated growth of 18% year over year. Momentum in its core Financial Management segment continued; the company now counts over 1000 customers in the space. The company also guided higher on Q4 subscriptions. For more on WDAY’s earnings, click here.

After the market closed Thursday, the U.S. government has decided to cancel any extension of five CARES Act lending programs, including Main Street Lending, Corporate Bond Purchases and Municipal Bond Purchases. These were programs Fed Chair Jay Powell had earlier expressed strong interest in seeing continue; apparently the White House disagrees. Further, Treasury Secretary Steve Mnuchin has requested the Fed return as-yet unused funds allotted by the CARES Act. Main Street Lending particularly assist small- and mid-sized businesses struck hard by coronavirus. These programs now appear to have been expired by the end of 2020.

Questions or comments about this article and/or its author? Click here>>

These Stocks Are Poised to Soar Past the Pandemic

The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.

Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.

See the 5 high-tech stocks now>>

In-Depth Zacks Research for the Tickers Above

Normally $25 each - click below to receive one report FREE:

The full Ahead Of Wall Street article

Halliburton Company (HAL) - free report >>

Workday, Inc. (WDAY) - free report >>

L Brands, Inc. (LB) - free report >>