Stocks were rising Thursday after Congress certified President-Elect Joe Bidenâ€™s victory.
After violent riots on Capitol Hill that forced the Senate and the House of Representatives, Congress was able to reconvene and officially certify Bidenâ€™s election. The events had little impact on stocks. Bidenâ€™s electionâ€”and the subsequent Blue Wave by a thin margin in Congressâ€”means a higher likelihood of more fiscal spending to support the economic recovery from the pandemic. Thatâ€™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.
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.
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 email@example.com