- US stocks rose at midday on Monday, February 12, 2024, with the S&P 500 and Dow hitting new highs ahead of Tuesday's inflation report and more earnings reports.
- VF Corporation was the top-performing stock in the S&P 500 following reports that its founding family is backing activist investor Engaged Capital in a plan to reorganize the company.
- Hershey shares fell after a downgrade by Morgan Stanley citing falling consumer demand and high cocoa prices.
US stocks started the new trading week with midday gains, with the S&P 500 and Dow hitting new highs ahead of Tuesday's inflation report and further earnings reports. The Nasdaq also rose.
VF Corporation (VFC) was the best-performing stock in the S&P 500 following a report that the family that founded the firm is supporting activist investor Engaged Capital in its effort to shake up the owner of the North Face and Vans brands.
Diamondback Energy (FANG) shares soared after the oil producer announced it will buy Endeavor Energy Partners for $26 billion to expand its reach in the Permian Basin.
Shares of Lowe's (LOW) gained as JPMorgan raised its rating, suggesting the Fed's interest rate cuts could help boost the home improvement retailer's sales.
Shares of Hershey (HSY) fell as Morgan Stanley cut its rating on the stock, writing that the chocolate maker's margins could be affected by falling consumer demand and rising cocoa prices.
A downgrade from Barclays sent Rivian Automotive (RIVN) shares tumbling. The bank cited slowing sales of electric vehicles (EV).
Oil and gold futures fell. The 10-year Treasury yield was little changed. The US dollar rose against the euro, pound and yen. Most major cryptocurrencies are trading in the green.