Defense sector stock that’s turning investor heads
Sarge986 president Stephen Guilfoyle backs KTOS as market pick favorite.
U.S. stocks fell Tuesday, but the S&P 500 still managed to post its seventh consecutive monthly gain.
The benchmark S&P 500 index 0.14% and the Nasdaq Composite index lost 0.04%. The Dow Jones Industrial Average, meanwhile fell 40 points, or 0.12%. The major averages all booked gains for the month of August, led by the Nasdaq's 4% advance. The S&P rose 2.9% and the Dow edged up 1.21%.
|I:DJI||DOW JONES AVERAGES||35360.73||-39.11||-0.11%|
|I:COMP||NASDAQ COMPOSITE INDEX||15259.235135||-6.65||-0.04%|
In economic news, the Case-Shiller home price index rose 19.1% year over year in June, posting its biggest annual gain on record. Consumer confidence, meanwhile, plunged 11.3 points to 113.8, its lowest level since February.
In stocks, Zoom Communications Inc. reported quarterly revenue that exceeded $1 billion for the first time, but warned of slowing demand for its video-conferencing service as the pandemic-driven boom wanes. Both earnings and sales were ahead of estimates.
|ZM||ZOOM VIDEO COMMUNICATIONS, INC.||289.50||-58.00||-16.69%|
Elsewhere, Robinhood Markets Inc. was under pressure for a second day after U.S. Securities and Exchange Commission Chairman Gary Gensler told Barron’s he was looking into banning payment for order flow, which is the company’s main revenue stream.
|HOOD||ROBINHOOD MARKETS, INC.||44.32||+0.68||+1.56%|
Globalstar Inc. tumbled after a report said Apple's new iPhone would only use satellite connectivity for emergency services and that the company would not be used. Shares of the satellite services provider surged 64% on Monday after an analyst suggested the upcoming iPhone models would be able to make calls and texts without cellphone coverage using Globalstar's technology.
In deals, building materials company Martin Marietta Materials Inc. agreed to buy Spanish conglomerate Ferrovial’s U.S.-based Southern Crushed Concrete unit for approximately $140 million, Reuters reports, citing a source with knowledge of the negotiations.
|MLM||MARTIN MARIETTA MATERIALS, INC.||381.25||-1.49||-0.39%|
CrowdStrike Holdings Inc. is scheduled to report its quarterly results after Tuesday’s closing bell.
|CRWD||CROWDSTRIKE HOLDINGS, INC.||281.00||-5.37||-1.88%|
In commodities, West Texas Intermediate crude oil slid 71 cents to $68.50 per barrel and gold ticked up $2.40 to $1,815 an ounce.
Overseas markets were choppy.
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In Europe, Germany’s DAX 30 lost 0.33% and France’s CAC 40 slipped 0.11% as eurozone inflation reached a 10-year high. Britain’s FTSE 100 lost 0.4%.
Asian bourses rallied across the board with China’s Shanghai Composite advancing 0.45%, Japan’s Nikkei 225 climbing 1.08% and Hong Kong’s Hang Seng index rising 1.33%.
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