Stocks opened in positive territory and remained there throughout the session. The gains today broke the recent slide by the market and kept the S&P on track for its best quarterly performance since 2013. The Nasdaq was the strongest of the indices, helped by shares of Apple (AAPL) that rose after a positive analyst initiation. Oil prices rose nearly 1% and closed back above $72 per barrel. ECONOMIC EVENTS: In the U.S., Q2 GDP growth was unrevised at 4.2% in the latest reading. Durable goods orders bounced 4.5% in August after dropping 1.2% in July. Initial jobless claims rose 12,000 to 214,000 in the week ended September 22. An index of pending home sales dropped 1.8% to 104.2 in August. The advance indicators report revealed a surprise widening in the August trade gap for goods thanks to a third consecutive big export drop alongside a surprising fourth consecutive big import gain. In Capitol Hill news, CNBC reported that the House of Representatives is expected to pass a three-bill legislative packaged known as Tax Reform 2.0 during votes on Thursday and Friday. While the package is not expected to make it through the Senate, some proposed adjustments to retirement savings could remain in play, according to the report. COMPANY NEWS: Shares of Bed Bath & Beyond (BBBY) dropped 21% following the company's Q2 earnings report, which Deutsche Bank analyst Mike Baker said showcased profit and margin declines "that were not only worse than consensus estimates but are decelerating versus recent quarters"... Shares of Conagra Brands (CAG) also fell 8.5% after the packaged foods maker reported worse than expected earnings and gave lower than expected quarterly guidance... Shares of Apple finished 2% higher after JPMorgan analyst Samik Chatterjee started coverage of the stock with a buy-equivalent rating and $272 price target, citing his view of the company's "compelling" services transformation, ripe installed base, and core capital deployment... Meanwhile, shares of Mack-Cali Realty (CLI) rose 4% after Bloomberg reported that activist investor Jonathan Litt said in a letter to Mack-Cali that his hedge fund learned of a potential suitor interested in making a fully financed bid for the company. MAJOR MOVERS: Among the noteworthy gainers was Cameco (CCJ), which surged 15% after it announced that the Tax Court of Canada has ruled in favor of the company in its dispute of the reassessments issued by Canada Revenue Agency for prior tax years. Also higher was Enphase Energy (ENPH), which gained 9% after it was chosen by Sunpro Solar to be its exclusive inverter supplier. Among the notable losers was Geron (GERN), which sunk 63% after its imetelstat collaboration with Johnson & Johnson's (JNJ) Jannsen was discontinued. Also lower was AngioDynamics (ANGO), which fell 11% after reporting earnings. INDEXES: The Dow rose 54.65, or 0.21%, to 26,439.93, the Nasdaq gained 51.60, or 0.65%, to 8,041.97, and the S&P 500 advanced 8.03, or 0.28%, to 2,914.00.
