3 Stocks to Watch as the Dow Notches New Intraday High

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3 Stocks to Watch as the Dow Notches New Intraday High

We quickly look at three stocks making the news: 3M (NYSE:), Chubb (NYSE:), and Walmart (NYSE:), and why.

These companies have experienced notable changes in their stock prices, driven by factors such as analyst upgrades, high-profile investments, and impressive quarterly earnings reports. Let’s take a closer look on why.

1. 3M Stock Surges on Positive Developments

3M stock has seen a surge in value, currently trading at $104.14, up $2.86 (2.86%) from the previous close. This increase comes from a positive analyst upgrade from Vertical Research Partners, who moved their rating from “Hold” to “Buy” based on a favorable risk/reward

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Additionally, under the leadership of new CEO Bill Brown, who took the helm on May 1, 2024, 3M has undergone significant corporate restructuring, including the spinoff of its healthcare business into a new company called Solventum.

The company has also settled major lawsuits, agreeing to pay approximately $18 billion over several years to resolve liabilities from water pollution and military earplug issues. Despite struggles in recent quarters, 3M reported a 0.8% year-over-year growth in first-quarter sales, marking its first positive growth in five quarters.

2. Warren Buffett’s Berkshire Hathaway Invests in Chubb

Chubb stock is making waves following the news that Warren Buffett’s Berkshire Hathaway (NYSE:) has acquired about 26 million shares worth approximately $6.7 billion.

This significant investment, revealed in a regulatory filing, caused Chubb’s stock to surge above its official buy point, jumping 5.9% and showcasing strong market confidence bolstered by Buffett’s move. The investment is seen as a return to Buffett’s roots in the insurance industry, an area where Berkshire Hathaway has historically found substantial success.

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3. Walmart Posts Strong Q1 Results

Walmart stock is also experiencing a significant increase.

The surge comes after the company reported impressive first-quarter results. Revenue grew by 6.0% to $161.5 billion, exceeding market expectations. Walmart’s adjusted operating income rose by 13.7% due to higher ****** margins and increased membership income.

The company’s eCommerce revenue also saw a substantial 21% growth, largely driven by its store-fulfilled pickup and delivery services and its thriving advertising business. Additionally, Walmart reported a 2.7% global inventory decrease, indicating effective management practices.

***

Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our

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prior to making financial decisions.

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#Stocks #Watch #Dow #Notches #Intraday #High

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