S&P 500 top movers: Synopsys Inc (SNPS) shares surge to fresh record high above $210
- S&P 500 is posting small daily gains on Thursday.
- Synopsys Inc (SNPS) shares rise sharply on upbeat earnings report.
- Estee Lauder Companies Inc (EL) shares slump on dismal profit outlook.
Wall Street's main indexes started the day little changed on Thursday and remain on track to register modest daily gains. As of writing, the S&P 500 Index (SPX) was 0.25% on a daily basis at 3,383.
Among the 11 major S&P 500 sectors, the Energy Index is down 1.53% on the day. On the other hand, the defensive Real Estate Index is up 1.25%.
S&P 500 top movers
Synopsys Inc (SNPS) reported revenue of $964.1 million for the third quarter of the fiscal year 2020 and beat analysts' estimate of $894.1 million. Additionally, the company said that it expects fiscal year revenue to be between $3.66 and $3.69 billion.
On the back of these strong figures, Needham, RBC and JP Morgan raised their target price for SNPS to $215, $228 and $230, respectively. As of writing, SNPS was trading at a fresh all-time high of $213.50, up 7.75% on a daily basis as the top gainer.
In the meantime, shares of cosmetics maker Estee Lauder (EL) are suffering heavy losses on Thursday. Earlier in the day, the company reported that sales declined by 32% and that it plans to cut 1,500 to 2,000 jobs and close 10%-15% of its freestanding stores. At the moment, EL is the top percentage loser in the S&P 500, down 6.88% on the day at $197.88.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
