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KiplingerSep 23, 2020
Stock Market Today: Stocks Step Back Amid Economic Gloom
Stocks tumbled Wednesday, weighed down by some downbeat economic data and the stalemate in Congress over additional fiscal stimulus. On the economics front, a report from IHS Markit showed the recovery in U.S. business activity slowed last month, raising fears that the economy is decelerating as it approaches the end of the third quarter. Meanwhile, the impasse in D.C. over a second round of financial help for businesses and the unemployed continued to hurt investor sentiment. The blue-chip Dow Jones Industrial Average finished the session down 1.9%, or 525 points, at 26,763.

SEE MORE 13 Best Warren Buffett Growth Stocks Although stocks gave up early gains on Wednesday morning following disappointing business activity data, strategists noted that the landscape wasn't totally bereft of good news. "On the positive side, Nike posted strong fiscal first-quarter earnings, driven by more than 80% growth in digital sales," writes Argus Research. "Johnson & Johnson also announced the start of a Phase 3 trial of its single-dose coronavirus vaccine candidate."

Other action in the stock market today:

The Nasdaq Composite lost 3%.The S&P 500 fell 2.4% The small-cap Russell 2000 declined 2.9%. Tesla's (TSLA) long-awaited "Battery Day" landed with a thud. The electric vehicle company touted a cheaper, more efficient battery that would lower car prices, but ultimately the Street responded by selling the news. "Tesla's battery day was long on vision and boldness, but short on specifics and near term deliverables," wrote Bernstein Research. Shares in


Yahoo BusinessSep 23, 2020
Tesla Slumps as Battery Day Letdown Clouds $320 Billion Gain
(Bloomberg) -- Tesla Inc.'s highly anticipated "Battery Day" fell short of expectations that helped fuel its $320 billion surge in market value this year, with Elon Musk outlining grandiose goals that will take time to pull off.The chief executive officer laid out a plan Tuesday to build a $25,000 car and cut battery costs in half over the next three years. Analysts said while the technology and manufacturing innovations outlined were impressive, Tesla's valuation already reflected its ability to disrupt and investors may be let down by the lack of surprises at the much-hyped battery-showcase event.This seemed to be the case on Wednesday, as the company's shares fell as much as 11% to $375.88, closing at $380.36 in New York. They're up about 360% for the year so far."With the Battery Day in the rearview, we think there is a lack of upcoming catalysts and are cautious about demand given the recessionary environment," Robert W. Baird's Ben Kallo wrote in a Wednesday report naming Tesla a bearish "fresh pick."That was echoed by Patrick Hummel, an analyst at UBS with a "neutral" rating on the stock, who said in a research note Tesla's leadership in battery technology and costs is fully valued into the stock. "Given the high expectations into the event, we think the market will initially respond negatively to the relatively long timelines of the innovations and the lack of granularity," he wrote.Musk, 49, said Tesla wants eventually to produce 20 million cars a year. He described a series of innovations that inc

Forbes HeadlinesSep 23, 2020
Nike Stock Jumps Nearly 10% After Reporting Surge In Online Sales
Nike's digital sales rose 82% last quarter, even as many of its stores reopened.

Yahoo BusinessSep 23, 2020
General Mills Raises Dividend After 1Q Sales Beat
General Mills posted better-than-expected 1Q results as the food company benefited from increased at-home demand during the COVID-19 pandemic. The cereal company reported 1Q adjusted EPS of $1 per share, beating analysts' estimates of $0.87. Revenues during the quarter ending Aug. 30 increased 9% year-over-year to $4.4 billion, exceeding analysts' estimates of $4.2 billion.Shares rose more than 3% in Wednesday's pre-market trading but are down 0.2% in morning trading with the rest of the US stock market.General Mills' (GIS) said sales rose due to strong demand for at-home food demand, positive net price realization and product mix. Adjusted earnings in 1Q rose 27% in constant currency, supported by higher adjusted operating profits. In addition, General Mills raised its quarterly dividend by 4% to $0.51 per share. The dividend will be payable on Nov. 2 to shareholders of record as of Oct. 9.General Mills did not give an outlook for fiscal 2021, but continues to expect that "its fiscal 2021 performance will be the relative balance of at-home versus away-from-home consumer food demand, driven by the COVID-19 pandemic and resulting global macroeconomic headwinds". For 2Q, the company expects high single-digit retail sales growth in General Mills' North America retail categories. (See GIS stock analysis on TipRanks).On August 29, Citigroup analyst Wendy Nicholson initiated coverage on the stock with a Hold rating and a price target of $70 (20.7% upside potential). Nicholson noted that the company's premium pet food, especially its
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