Global stocks declined Friday as oil sank to its lowest levels in a month. Data out today show inflation is on the rise in the U.S.
The S&P 500 Index fell 0.38% while the Dow Jones Industrial Average shed 0.49%. The Nasdaq Composite lost 0.1%.
Stocks closed the week on a down note, but Avis Budget Group Inc. (NASDAQ:CAR), GoPro Inc (NASDAQ:GPRO) and Intel Corporation (NASDAQ:INTC) delivered notable upside.
Avis Budget Group Inc. (CAR)
Avis Budget Group Inc. rose 7.4% on more than five times the average daily volume. Earlier this week, the vehicle rental giant said it is acquiring French rival France Cars. France Cars is privately held. CAR did not disclose terms of the deal.
The deal for France Cars will give CAR “the second-largest light commercial vehicle fleet in France,” according to a statement.
On Thursday, it was revealed that CAR will be joining the S&P MidCap 400 Index at the close of trading today, meaning that active managers that benchmark to that index will have to buy shares of CAR.
GoPro Inc (GPRO)
Shares of wearable device maker GoPro Inc jumped 5.6% on more than double the average daily following some bullish analyst commentary.
Bank of America initiated coverage of GPRO with a “buy” rating and a $19 price target, implying significant upside for GPRO shares from Friday’s close of just under $15. California-based GoPro is due to unveil its drone camera, known as Karma, at a launch event Monday.
“Karma will compete with consumer drones from DJI, Yuneec, 3DR and others,” reports Investor’s Business Daily.
Intel Corporation (INTC)
Shares of semiconductor giant Intel Corporation gained 3% on nearly triple the average daily volume after the company raised its third-quarter revenue guidance.
California-based INTC, a member of the Dow Jones Industrial Average, said it expects third-quarter revenue of $15.6 billion, give or take $300 million. INTC previously expected revenue for the the current quarter of $14.9 billion, give or take $500 million. Wall Street is expecting revenue of $14.9 billion.
News of Intel’s bullish revenue is seen as a positive for personal computer demand as the bulk of the company’s chips are used in those devices.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.
