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September 01, 2020 1:37pm
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Rise in existing home sales lift markets

A 1.1% increase in existing home sales lifted the markets to a higher open with the Dow rising 26 points to 24,488. Nasdaq gained 27 points to 7173.


On the upside


Vectren (NYSE: VVC) will be acquired by CenterPoint Energy for a premium of approximately $6 billion.


Stifel upgraded Hanesbrands (NYSE: HBI) from a Hold rating to a Buy rating and lifted its price target from $21.00 to $23.00.


Alaska Air Group (NYSE: ALK) reported better than expected earnings for the first quarter.

On the downside


Profit taking weighed down shares of Alcoa (NYSE: AA).


Subsea 7 made an unsolicited bid to acquire McDermott (NYSE: MDR) which may force the the cancellation of McDermott's deal to buy Chicago Bridge & Iron (NYSE: CBI).


Flotek Industries (NYSE: FTK) warned of lower revenue for the first quarter.


In the broad market, advancing issues were on par with decliners on the NYSE while advancers edged out decliners by a margin of nearly 6 to 5 on Nasdaq. The broader S&P 500 rose 5 points to 2,675. Bitcoin added $8 to $8,925.


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