US stocks advance on US jobs data and Morgan Stanley rating
US stocks rose higher on Friday to close the week on a positive note, on the back of US jobs data that investors perceived to be positive and Morgan Stanley having its best day since the first quarter. The financial institution advanced by 6.3 percent after being given a “buy” rating from Macquarie. Macquarie said that Morgan Stanley had been “shifting” the business over to a more stable model by focusing on businesses with less risk and investment requirements, seeing them through the financial crisis while taking as little risk as possible. Morgan Stanley closed the day with a 6.26 percent advance.
The advance by one of the S&P 500’s most valuable companies, along with US non-farm payroll data that was considered to be positive for investors lead to a drive from the index which closed up, after a volatile week.
Abercrombie & Fitch co saw their shares rise by 4.2 percent after they were upgraded to a buy by Bank of America Merrill Lynch. Merrill Lynch felt that the stock was in a prime position for growth due to the various revenue streams that Abercrombie & Fitch have created for themselves, among other things. NRG Yield Inc has filed for an IPO, which lead its parent company, NRG Energy Inc, to rise by 5.65 percent. Analysts predict that this will lead NRG prices to steadily advance over the next few days.
Digital recording company TiVo Inc plummeted by 19 percent after it was announced that the company had come to an agreement with Motorola over a patent dispute. Motorola are reportedly coming out of this better off, which caused investors to lose confidence in TiVo stock and begin selling it off.
One of the days other big decliners were Iron Mountain Inc, who declined by 15.84 percent after their conversion to a real estate investment model was said to be delayed with the IRS, who are reviewing their case. Quicksilver completed the bottom 3 with a decline of 10.95 percent after it released worse than expected results for the quarter.