© Reuters
Investing.com — The S&P 500 was largely unchanged Monday as falling health care stocks capped upside momentum on the final day of trade in July ahead of another wave of earnings this week.
The was flat, the rose 0.1%, or 24 points, and the was up 0.1%.
Johnson and Johnson leads health care lower as bankruptcy plan rejected
Johnson & Johnson (NYSE:) fell more than 4% after the judge on Friday rejected the company’s plan to place its subsidiary LTL Management into bankruptcy, known as a Texas two-step strategy, to deal with tens of thousands of legal claims alleging its talc caused cancer.
DexCom Inc (NASDAQ:) was also a drag on health care, falling more than 6% giving up its recent gains despite raising its annual revenue forecast last week.
CSX, Salesforce stumble on analyst downgrades
CSX (NASDAQ:) fell nearly 2% after RBC downgraded its rating on the railroad company to Sector Perform from Underperform, citing coal volume headwinds.
Coal, which makes up nearly a fifth of revenues at CSX, is expected to fall by 20% in 2024, according to a recent forecast from the Energy Information Administration. That is likely to lead to downward earnings revisions, RBC said.
Salesforce (NYSE:) was downgraded by Morgan Stanley to Equal-Weight from Overweigh but losses were kept in check as the latter also lifted its price target on the stock to $278 from $251.
Hasbro takes Wall St. plaudits ahead of earnings
Hasbro (NASDAQ:) was up more than 1% after Bank of America upgraded the shares to Buy from Neutral on optimism that the toymaker is likely to deliver better-than-expected earnings on Thursday.
Big tech remains in focus ahead of Apple, Amazon
Big tech is set to remain in the headlines this week as Apple Inc (NASDAQ:) and Amazon.com Inc (NASDAQ:) are to deliver reports later this week following better-than-expected quarterly from Microsoft (NASDAQ:), Meta Platforms Inc (NASDAQ:), and Alphabet Inc (NASDAQ:).
Tupperware continues to bask in meme stock fever
Tupperware Brands (NYSE:) rose nearly 40%, taking its gains in July to over 450%, a move that many believe is driven by the meme stock craze that took hold with OG-meme stocks like GameStop Corp (NYSE:).
About 27.00% of Tupperware Brands’ shares are currently sold short.
Read the full article here
