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 Shares of LendingClub Corp. skyrocketed toward a record rally to pace all premarket gainers Thursday, after the web-based lending company reported a surprise second-quarter profit and revenue that grew five-fold. The stock shot up 38.5% ahead of the open, which would surpass the current record one-day rally of 26.2% on Dec. 31, 2020. Wedbush analyst Henry Coffey reiterated the outperform rating he's had on the stock since May 2019, while lifting his price target to a Wall Street high of $33.50 from $25.00, following the second-quarter results revealed late Wednesday, which he said were "bigger and better on all fronts." Coffey said the company's profitability was driven "by all the right items," including high origination fees, higher margins at the bank and lower-than-anticipated operating costs. The stock has already soared 53.9% year to date through Wednesday, while the S&P 500 has advanced 17.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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The global tally for the coronavirus-borne illness climbed above 196 million on Thursday, while the death toll climbed above 4.18 million, according to data aggregated by Johns Hopkins University. The U.S. leads the world with a total of 34.7 million cases and in deaths with 611,801 as the highly infectious delta variant continues to spread fast, especially in states with low vaccination rates. President Joe Biden will outline his plan to have federal workers either get vaccinated or face regular testing, social distancing, mask requirements and restrictions on travel later Thursday, the New York Times reported. The move comes as the federal government struggles to persuade vaccine hold-outs to get their shots. More than 97% of current cases, hospitalizations and deaths are in unvaccinated people, yet the CDC's vaccine tracker is barely budging from day to day.
India is second by cases at 31.5 million and third by deaths at 422,662, according to its official numbers, which are expected to be undercounted.
Brazil is second in deaths at 553,179, but is third in cases at 19.8 million. Mexico has fourth-highest death toll at 239,616 but has recorded just 2.8 million cases, according to its official numbers. In Europe, Russia continues to pull ahead of the U.K. by deaths at 154,403, while the U.K. has 129,718, making Russia the country with the fifth-highest death toll in the world and highest in Europe.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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