Morgan Stanley (MS) became the largest stock in the S&P 500 after announcing a dividend late Monday. Morgan Stanley's dividend increase follows the Federal Reserve's annual stress test, in which five of the six largest US banks increased their dividend payouts.
Morgan Stanley's stock jumped 2.7 percent early trading after the company announced a 70-cent quarterly dividend and announced a $12 billion share repurchase programme.
Oil producers accounted for six of the top ten early gains among S&P 500 stocks rebounding from Monday's losses.
Textron (TXT) gained 3.8% on the S&P 500 after Morgan Stanley upgraded the stock to overweight with a price target of 87. Textron's market strength for electrical vertical take off and landing and a cyclical rebound in business jets were highlighted in the note.
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After securing three big solar projects in Japan, Canadian Solar (CSIQ) rose 5.3%.
Cereval Therapeutics Holdings (CERE) soared 81% higher indicating that biotechs were once again on the move. The company announced that its antipsychotic treatment for schizophrenia patients performed well in a phase 1 trial. Ultragenyx Pharmaceutical (RARE) jumped 4% after Bank of America agreed to acquire Upgraded it to buy with a price target of $162.
Today on the Dow Jones: Goldman Dividend Boeing 737 Order Walgreens Boots Alliance (WBA) rose 1.3% and Nike (NKE) gained 1% to challenge Goldman's lead.
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Goldman Sachs has been the best performer this year among the 30 Dow components, with a gain of more than 49 percent since its June peak. The stock has been pulled back and is now riding support at its 21-day exponential moving average . A step forward from that point of view.
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