Diamonds and Dogs
Amazon (AMZN) up 2.8% on an upgrade. The online retail giant is making new highs not far from becoming the second trillion dollar company behing Apple. Morgan Stanley analyst Brian Nowak lifted his price target by 35% to $2,500 a share Wednesday, implying a market value of $1.2 trillion, while keeping his 'overweight' rating on the stock in a client note that included an upgrade for Google parent Alphabet Inc. (GOOGL) . Nowak said the group's high growth, high-margin revenues -- such was web services, advertising and subscriptions -- give it room to both invest and generate higher profits for investors over the near term.
While most retailers are having a great, "back to school season", a few continue to struggle. Tiffany (TIF) is down 4% following earnings. The company actually beat estimates, but then lowered guidance for the third quarter. Dicks (DKS) is lower by 2% following earnings. Kohl's (KSS) is down 2% following earnings.