Elliott Management has been actively involved in a series of activist campaigns in recent months, making significant investments in various companies. One of the notable investments was in Texas Instruments, which resulted in a 1.7% increase in the stock price. Additionally, Elliott Management acquired shares in Southwest Airlines, leading to a 4.4% decline in the stock price. Another major investment was in Starbucks, where the stock saw a 16% increase. However, it’s important to note that the hiring of Brian Niccol also played a significant role in the stock’s gain of nearly 25%.
Following an eight-day winning streak, the S&P 500 experienced a 0.2% decline, but it remains up by about 7% over the last nine days. The Nasdaq Composite has seen a 10% increase during the same period, while the Dow Jones Industrial Average is up by 5.3%. The Russell 2000 has also seen a rise of approximately 5.25% over the past nine days.
Netflix reached an all-time high on Tuesday, with a significant 73% increase over the past year and nearly 8% surge in the last week. Similarly, Walmart hit a new all-time high with a 9.4% gain in the past week. Eli Lilly also achieved an all-time high, showcasing a 63% increase in 2024 and an 18% rise in August.
Retail giants such as Target, Macy’s, and TJX have reported varying performances in recent months. Target is currently down nearly 8% from the April high, while Macy’s has seen a 7% decline in the past three months and is 20% below the March high. On the other hand, TJX has maintained its position close to the July 12 high.
Eli Lilly is set to report on Wednesday morning, with significant market anticipation due to its recent performance. Another major report will come from Snowflake after the bell, with the stock currently 44.5% below the 52-week high set in February and up nearly 4% in the past week.
The recent developments in the stock market, particularly the activist campaigns by Elliott Management and the varying performances of individual stocks and retail giants, provide valuable insight into the current state of the market. Investors and analysts alike will be closely watching the upcoming reports to gauge the market’s direction in the coming days.