Gap Inc (NYSE:GPS) shares added nearly 7% on Thursday following an upgrade from UBS, which raised the retailer’s rating from to ‘Buy’ from ‘Neutral’ and increased its price target to $41 from $26.
The move reflects UBS’s confidence in Gap’s ongoing turnaround under CEO Richard Dickson. The analysts cited Gap’s “reinvigoration playbook,” noting that the company is moving from inventory cleanup toward accelerated growth.
Constellation Brands Inc (NYSE:STZ) shares added more than 4% after the global alcohol producer and marketer’s fiscal third quarter earnings topped analyst expectations despite declines in sales and operating income.
The company posted net sales of $2.22 billion, down 10% from the prior year, while comparable net sales fell 2%. This was above the $2.18 billion Wall Street consensus.
Alphabet Inc (NASDAQ:GOOG) has surpassed Apple Inc (NASDAQ:AAPL, XETRA:APC) to become the world’s second-most valuable company, trailing only Nvidia Corp (NASDAQ:NVDA, XETRA:NVD).
The move marks the first time Alphabet has topped Apple in market capitalization since 2019.
President Donald Trump’s plans to request an increase in the US military budget are giving a fresh boost to defense stocks.
Trump has proposed raising the US defense budget to around $1.5 trillion by 2027, up from the current level of approximately $901 billion.
Shares in Santhera Pharmaceuticals (SIX:SANN, OTC:SPHDF) rose 7.4% to CHF 13.14 after the group struck a licensing deal worth up to $205 million plus royalties for its Duchenne muscular dystrophy drug AGAMREE, strengthening its balance sheet and extending its global reach.
Under the agreement, announced on Thursday, Santhera has licensed rights to the treatment in Japan, South Korea, Australia and New Zealand to Nxera Pharma.
Shell PLC (LSE:SHEL, NYSE:SHEL) issued an update to its fourth quarter outlook on Thursday, flagging to investors softer trading.
In London, the share was down 2.26% changing hands at 2,595p in Thursday morning's trade.