NEW YORK (awp international) – Strong quarterly results from Nike and optimism from Micron made a significant contribution to the recovery in the New York stock market on Tuesday. The news that President Joe Biden wants to speak to Senator Joe Manchin again about the trillion-dollar climate and social package – so far, the Democratic party colleague has blocked Biden’s plans – also proved helpful.
The leading index Dow Jones Industrial more than made up for its losses from the start of the week with an increase of 1.53 percent to 35,466 points and again jumped the 21-day line relevant for the short-term trend. The market-wide S&P 500 gained 1.51 percent to 4637 points. The technology-heavy Nasdaq 100 gained 1.67 percent to 15,889 points.
Micron benefits from the high demand for chips. This makes the group more optimistic. The shares hit their highest level since April and were most recently almost ten percent higher. JPMorgan analyst Harlan Sur raised his target price from $ 100 to $ 115. He also referred to an improved product mix and solid management performance in terms of cost reductions and delivery / inventory management. Micron predicts a balance between supply and demand in 2022. Bank of America then upgraded the title to “Buy”.
The sporting goods manufacturer Nike also pleased investors with its interim report. The papers gained six percent at the top of the Dow. The Adidas competitor had done better in the three months to the end of November than analysts expected. North America and Europe had brought growth, also because goods previously on the transport routes had now increasingly reached the markets.
Boeing advanced just behind Nike by a good five percent. The US parcel service UPS ordered 19 type 767 freighters from the aircraft manufacturer. According to the price list, the order has a total value of just under 4.2 billion US dollars.
The shares of the cloud software specialist Citrix Systems profited almost 13 percent from a report, according to which the activist investor Elliott Management and Vista Equity Partners are considering a joint purchase offer.
In contrast, the shares of the food manufacturer General Mills lost more than four percent according to business figures. Sales were quite impressive, but the outlook was weak, said JPMorgan./ajx/he
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