Could the latest reshuffle in the S&P 100 signal a seismic shift in market dynamics? With Uber stepping into the spotlight, and unexpected moves from industry giants like Home Depot and Citigroup, investors might need to rethink their strategies.
On CNBC's “Halftime Report Final Trades,” Stephanie Link, chief investment strategist, head of investment solutions, and portfolio manager at Hightower Advisors, said Uber Technologies, Inc. (NYSE:UBER) dominates the space with new products and new end markets.
As per recent news, Uber will replace Charter Communications Inc. (NASD: CHTR) in the S&P 100, effective before the open of trading on Monday, Sept. 22.
Kevin Simpson, Capital Wealth Planning founder and CIO, said The Home Depot, Inc. (NYSE:HD) will benefit from lower rates.
Home Depot, on Aug. 29, secured Canadian clearance for $110 per share tender offer to acquire GMS.
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Malcolm Ethridge, managing partner at Capital Area Planning Group, said Rocket Companies, Inc. (NYSE:RKT) shares gained on Friday as a merger deal was approved by shareholders, while hopes for a rate cut this month also provided a boost to the stock.
Mr. Cooper Group Inc. (NASDAQ:COOP) said Friday its stockholders approved the company’s $9.4 billion all-stock merger with Rocket Companies.
Jim Lebenthal, partner at Cerity Partners, named Citigroup Inc. (NYSE:C), which fell on Friday, as his final trade.
Lending support to his choice, Truist Securities analyst John McDonald, on Sept. 3, maintained Citigroup with a Buy and raised the price target from $99 to $105.
Price Action:
- Uber shares fell 1.1% to settle at $90.99 on Friday.
- Home Depot gained 1.8% to close at $418.95 on Friday.
- Rocket Companies rose 5.8% to settle at $20.26 during the session.
- Citigroup shares declined 1.7% to settle at $95.40 on Friday.
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