U.S. stocks began the week on a slightly higher note today, amid word from Brussels that Greece is seeking an extension with the eurozone on its loan agreement, ending a temporary standoff. Before the announcement, markets were sluggishly to the downsized, but picked up steam once the announcement was made.
Both the Dow Jones Industrial Average and S&P 500 finished up by 0.15%, with the S&P setting a new intraday record at 2,101.30, while the Nasdaq was 0.11% higher.
Financials, healthcare and energy led markets higher on the day after Presidents’ Day, with Waste Management, Inc. (NYSE:WM), Medtronic PLC (NYSE:MDT) and GoPro Inc (NASDAQ:GPRO) showing particular strength to make their way among the day’s best stocks.
Waste Management, Inc. (WM)
WM cleaned up with its fourth-quarter earnings report, posting a huge turnaround gain of $590 million, or $1.28 per share; a year ago, WM lost $605 million, or $1.29 per share. Adjusted earnings of 67 cents per share were far better than the 56 cents earned in the year-ago period, and handily beat the Zacks Consensus Estimate of 61 cents.
In addition, WM raised its quarterly dividend a penny to 38.5 cents per share, and announced a buyback of up to $1 billion. WM stock stormed up more than 5% to reach a 16-year high.
Medtronic PLC (MDT)
Medtronic was another company reporting strong earnings today. The medical device maker reported third-quarter adjusted EPS of $1.01 per share, up 10.9% from a year ago, and beating the analysts’ estimates by 4 cents. Revenue of $4.31 billion was also higher by 3.7%, and was ahead of estimates of $4.26 billion.
MDT also announced it will seek approval for a hypertension treatment study called renal denervation, which disrupts nerve connections between the heart and kidneys. It will be used on patients whose high blood pressure is not responding well to drug therapy.
MDT stock climbed more than 3%, to reach an all-time high of $78.30, before closing just above $78.
GoPro Inc (GPRO)
It’s so nice to be loved again. That’s what GPRO investors were saying after Northland Capital Markets initiated coverage on GPRO stock with a “buy” rating and price target of $70. Shares of GPRO stormed up 12% on the news. GPRO stock has been free falling since October, from $93 to a recent low near $44. However, Northland now feels that GPRO stock at current levels is at “an attractive entry point.”
Interestingly, the upgrade came on the same day that the company’s IPO lock-up term expired, and insiders are now free to trade the 76 million shares of GPRO stock they own.
As of this writing, Ethan Roberts did not hold a position in any of the aforementioned securities.
