S&P 500 top movers: Gap Inc (GPS: NYSE) surges to 6-month highs on price target hike
- S&P 500 Index renewed its all-time high on Tuesday.
- Gap Inc (GPS:NYSE) shares gain nearly 10% to trade near $17.
- Best Buy Co Inc (BBY) shares suffer heavy losses on dismal sales outlook.
Wall Street's main indexes started the day little changed on Tuesday but the S&P 500 Index (SPX) didn't have a difficult time notching a new record-high at 3,439.76. As of writing, the SPX was up 0.22% on a daily basis at 3,438.80.
S&P 500 top movers
Earlier in the day, Citigroup announced that it raised the rating for Gap Inc (GPS: NYSE) to 'buy' from 'neutral' and hiked its price target from $12 to $24. Boosted by this development, GPS climbed to its highest level since late February, up 9.3% to trade at $16.95 as the biggest percentage gainer among S&P 500-listed companies.
Meanwhile, J M Smucker Co (SJM: NYSE) is gaining 7% on upbeat earnings figures, Starbucks Corp (SBUX: NASDAQ) is rising 4.7% to trade at $82.35.
On the other hand, despite a 5.8% increase recorded in the second quarter comparable sales, which was much higher than analysts' estimate of 3.7%, Best Buy Co Inc (BBY: NYSE) shares are posting heavy losses on Tuesday. The company said that it cannot provide a financial outlook due to the ongoing uncertainty and noted that sales growth could soften in the coming weeks, citing potential supply issues and high unemployment. As of writing, BBY was down 4.15% on the day at $112.50.