Plug Power Soars, Bed Bath & Beyond Sinks, and the Stock Market Just Keeps Rising

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Stocks were rising Thursday after Congress certified President-Elect Joe Biden’s victory.

Dow Jones Industrial Average futures has risen 148 points, or 0.5%. Futures on the S&P 500 were up 0.6%, with the Nasdaq Composite indicated to open up 0.8%.

After violent riots on Capitol Hill that forced the Senate and the House of Representatives, Congress was able to reconvene and officially certify Biden’s election. The events had little impact on stocks. Biden’s election—and the subsequent Blue Wave by a thin margin in Congress—means a higher likelihood of more fiscal spending to support the economic recovery from the pandemic. That’s a positive for many sectors.

U.S. jobless claims came in at 787,000, below estimates for 802,000.

Here were some stocks on the move:

Plug Power (PLUG) has soared 21% after getting a $1.5 billion investment from SK Group.

DXC Technology (DXC) has jumped 12% on reports of a $10 billion takeover bid from Atos.

Constellation Brands (STZ) rose 3.5% after the company beat earnings and revenue estimates. The company posted adjusted earnings per share of $3.09, topping estimates of $2.42. Revenue was $2.44 billion, beating expectations of $2.23 billion.

Conagra Brands (CAG) has declined 0.6% after the company reported a profit of 81 cents a share, beating estimates for 74 cents. Revenue was $3 billion against expectations of $2.99 billion.

Walgreens Boots Alliance (WBA) rose 3% after the company beat on both top and bottom lines. Walgreens reported earnings of $1.22 a share, beating estimates for $1.03. Revenue was $36.3 billion, topping forecasts for $34.9 billion.

Bed Bath & Beyond (BBBY) shares fell 14% after a dismal quarter. The company reported a profit of 8 cents a share, less than half the estimated 19 cents. Revenue was $2.6 billion, missing expectations for $2.75 billion.

Restaurant Brands International (QSR) rose 1% after Stephens upgraded the stock to Overweight from Equal Weight and raised its price target to $73 from $55.

JPMorgan Chase & Co (JPM) rose 2% after getting upgraded to Buy from Hold at Jefferies and to Buy from Neutral at Bank of America.

Write to Jacob Sonenshine at jacob.sonenshine@barrons.com