(AOF) – Wall Street extends its early quarter rebound, supported in particular by the decline in long rates. The 10-year yield lost 2 basis points to 3.62%. “After falling more than 9% in September (…), we think the S&P 500 seemed oversold. Additionally, some of the selling pressure in the past week may have been caused by the end-of-quarter portfolio rebalancing, which is now complete,” UBS explains. Around 5:30 p.m., the Dow Jones gained 2.52% to 30,232 points and the Nasdaq Composite, 3.37% to 11,180 points.
The title of Poshmark Inc., an e-commerce marketplace selling new and used items, rose 13.26% to 17.64 dollars after the announcement of its acquisition by Naver Corp, the South Korean online platform. The two companies today announced that they have entered into a definitive agreement under which Naver will acquire all of the issued and outstanding shares of Poshmark for $17.90 in cash, representing an enterprise value of approximately 1. $2 billion.
Today’s economic figures
Factory orders remained stable in August after falling 1% in July. They were expected to rise by 0.2%.
The values to follow today
JPMorgan raised its recommendation on Gilead’s stock from Neutral to Overweight with a price target raised from $72 to $80. The high visibility of Gilead’s HIV franchise combined with the emergence of an oncology franchise, poorly taken into account in the valuation of the action, explain this new recommendation.
Naver Corp. the South Korean online platform, and Poshmark, Inc., an e-commerce marketplace selling new and used items, today announced that they have entered into a definitive agreement under which Naver will acquire all shares issued and outstanding of Poshmark for $17.90 in cash, representing an enterprise value of approximately $1.2 billion.
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