Here is a Market Recap for today Friday, February 5, 2021
**PsychoMarket Recap - Friday, February 5, 2021**
Despite some choppiness in the morning, stocks continued rising on Friday, reaching new record highs, closing out the best week since November. Market participants continue to focus on developments surrounding President Biden’s stimulus package and the Labor Department’s Weekly Unemployment Report.
Early Friday, the Senate passed a budget resolution with the intention of pushing forward President Biden’s $1.9 trillion stimulus package without Republican support. In Congress, budget resolutions only need a simply 50+1 majority rather than the 60-vote supermajority required to pass major bills. In this manner, Democrats would be able to pass the stimulus without Republican support. The House of Representatives is expected to adopt a similar move soon. "With this budget resolution, the Democratic Congress is paving the way for the landmark Biden-Harris coronavirus package that will crush the virus and deliver real relief to families and communities in need," Pelosi and Schumer said in a joint statement. As a reminder, in the Senate, there remains a 50/50 split between Democrats and Republicans, but Kamala Harris, as the Vice President, has the power to cast a tie-breaking vote if need be.
President Biden defended his party’s actions by warning that efforts to pass a smaller bill would only prolong the suffering of many American families. He said, ““I’d like to be doing it with the support of Republicans. I’ve met with Republicans ... but they’re just not willing to go as far as I think we have to go. If I have to choose between getting help right now to Americans who are hurting so badly, and being bogged down in a monthly negotiation or compromising on a bill that’s up to the crisis, it’s an easy choice.”
The Labor Department’s Weekly Unemployment report showed first-time unemployment claims totaled 779,000, the lowest level since November 28 and well below the 830,000 estimate by economists. Continuing claims, which measures the number of people who have already applied for unemployment insurance, fell to 4.6 million, down roughly 193,000 compared to the previous week. The US added 49,000 jobs in January, roughly in-line with the prediction by economists.
**Highlights**
* New York Yankees great Alex Rodriguez is taking a swing at a special purpose acquisition company, filing with the Securities and Exchange Commission on Thursday night to raise $500 million in a blank-check initial public offering. The SPAC will target companies "in the sports, media, entertainment, health and wellness and consumer technology sectors," according to its prospectus. It ruled out professional sports franchises.
* Ford announced $15 billion in spending on EVs between 2021 and 2025 as well as another $5 billion for autonomous-vehicle technologies. The $20 billion compares roughly with the $27 billion announced by General Motors (GM) recently for both electric and AV development. Adjusted for size, Ford's commitment to those areas matches those of almost any other auto maker.
* Apple (AAPL) target raised by Fundamental Research from $113 to $148 at Buy. Stock currently around $136
* AmerisourceBergen (ABC) target raised by Credit Suisse from $123 to $127 at Outperform.
* Activision-Blizzard (ATVI) with a host of target raises. Consensus price target $120 at Overweight. Stock currently around $100
* DXC Tech (DXC) target raised by Royal Bank of Canada from $25 to $38 at Outperform. Stock currently around $26
* Gilead (GILD) target raised by Morgan Stanley from $83 to $87. Stock currently around $67
* Canada Goose (GOOS) with two target raises. Stock currently around $44.
* Robery W. Baird from $50 to $65
* Royal Bank of Canada from $47 to $68
* Jazz Pharma (JAZZ) target raised by HC Wainwright from $195 to $207 at Buy. Stock currently around $155 after recent acquisition
* Novavax (NVAX) target raised by Cantor Fitzgerald from $248 to $338 at Overweight. Stock currently around $293
* Penn National Gaming (PENN) target raised by Craig Hallum from $120 to $150 at Buy. Stock currently around $126
* Pinterest (PINS) with a host of target raises after positive earnings report. Consensus price target $100 at Buy. Stock currently around $82
* Peleton (PTON) with two target raises. Stock currently around $145
* Goldman Sachs from $162 to $180
* Needham & Co from $140 o $180
*"If one does not know to which port one is sailing, no wind is favorable." - Seneca*
https://www.reddit.com/r/StockMarket/comments/ldiqtb/here_is_a_market_recap_for_today_friday_february/
