Here Are 3 Hot Things to Know About Stocks Right Now
- The S&P 500
and Nasdaq ended higher on Tuesday Building on Monday’s gains and joined by the Dow Industrials.
- Integrated Device Technology Inc. (IDTI) jumped 11% after reaching a deal to be acquired by Japan’s Renesas Electronics Corp. for $6.7 billion.
- Sonos Inc. (SONO) fell 22% after quarterly losses came in wider than a year earlier.
Wall Street Overview
Stocks rose on Tuesday, Sept. 11, though investors remained concerned over developments in the ongoing trade war between Washington and Beijing, and separate trade talks with Canada.
Reports Tuesday said China would seek permission from the World Trade Organization to impose tariffs on U.S. goods based on a five-year old anti-dumping dispute.
Meanwhile, Canadian Foreign Minister Chrystia Freeland will meet U.S. Trade Representative Robert Lighthizer in Washington on Tuesday in an effort to re-start talks aimed a reaching a trade deal before the end of September.
On the other hand, Kiss front-man Gene Simmons — a long-time bull — tells TheStreet the market may be in store for a short-term correction.
The purchase price is a nearly 30% premium over IDT’s stock price as of Aug. 30, when Renesas first said it was considering buying IDT. Shares of Integrated Device Technology rose more than 11% on Tuesday to $46.58.
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Sonos Inc. ( SONO) , the wireless speaker company that went public a month ago, tumbled 22% after its fiscal third-quarter loss widened from a year earlier.
The loss in the latest quarter was 45 cents a share on sales of $208.4 million, compared with a year-earlier loss of 26 cents a share on revenue of $223.1 million. Analysts expected Sonos to report third-quarter revenue of $208 million.
Tesla Inc. (TSLA) will remove two of seven colors from choices offered to buyers on Wednesday to simplify manufacturing, CEO Elon Musk said in a tweet, a move that could suggest the electric vehicle company was struggling to reach its own aggressive delivery targets.
Separately, Nomura Instinet downgraded Tesla to neutral on Tuesday, and slashed the price target to $300 from $400. Tesla is “no longer investable” in their eyes, Nomura said.
Tesla shares fell 2.1%.
Sonic Corp. (SONC) rose 8.2% after the drive-in restaurant chain estimated that its fiscal fourth-quarter earnings and same-store sales would come in above analysts’ expectations.
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