Vistra's electricity generation stock experienced a 3.6% rise following the lifting of evacuation orders at its Moss Landing battery storage facility. Meanwhile, Charles Schwab surpassed analyst expectations by generating $1.01 in adjusted earnings per share, outperforming predictions of 91 cents per share. In contrast, Apple's shares took a hit, declining by 4% after Jefferies downgraded the company from hold to underperform.
In significant political developments, Trump Media & Technology Group's stock plummeted 9% as Donald Trump was inaugurated as the 47th president of the United States. On a brighter note, Roku's shares saw a 7.4% increase after JMP initiated coverage with an outperform rating. General Motors also made headlines by surging over 5% after Deutsche Bank upgraded its stock from hold to buy.
3M reported an adjusted profit of $1.68 per share, slightly above the LSEG consensus of $1.66 per share. Additionally, Chinese electric vehicle stocks saw an uptick after President Trump refrained from immediately signing off on tariffs. Qorvo's shares gained 5%, driven by Morgan Stanley's upgrade from equal weight to overweight.
Urban Outfitters emerged as a notable gainer, surging 9.6% following Morgan Stanley's upgrade to overweight from equal-weight. Charles Schwab's shares rose by more than 3% after delivering a robust fourth-quarter report. Ulta also benefited from an upgrade at Morgan Stanley, with its shares rising 4.2%.
Not all companies fared well in this market shuffle. Walgreens Boots Alliance faced a steep decline of 12.7% after the U.S. Justice Department filed a lawsuit against the company. In other news, Moderna received a significant boost with $590 million in funding from the U.S. Health and Human Services Department to expedite the development of a bird flu vaccine.
General Motors' upward momentum was further supported by its share buyback plans, which contributed to Deutsche Bank's decision to upgrade its stock to buy from hold.
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