Continued concerns about rising tensions between the United States and North Korea—as well as a handful of disappointing earnings reports—dragged the stock market down on Thursday morning. Nevertheless, several companies stood out from the pack and soared to new all-time highs.
Indeed, the Dow and S&P 500 were down more than 0.5% in early morning trading, and the Nasdaq slipped more than 1%. But that didn’t spoil all the fun. In fact, some stocks even seem to be benefitting from the nervous geopolitical climate.
Among today’s new highs is Lockheed Martin LMT, a massive U.S. defense contractor. Shares of Lockheed have since plateaued, but the stock moved more than 1% higher to touch an all-time high of $307.10 per share earlier today.
Other defense stocks reaching new heights include Raytheon Company RTN and Northrup Grumman NOC. Raytheon is actually down on the day currently, but shares marched to a new peak of $181.60 in morning trading. Northrup Grumman has also moved lower after touching its new all-time high of $274.61 per share (also read: Lockheed Others Hit All-Time Highs on North Korean Escalation).
According to Barcharts.com, 19 different stocks have reached new all-time highs so far today. That is slightly outpaced by the 26 stocks touching new lows, but it does put the spotlight on several companies that are outperforming the rest during Thursday’s weak trading.
Live Nation Entertainment LYV surged to a new high of $41.91 per share after the company posted solid quarterly results on Wednesday afternoon. The ticketing and event leader reported earnings of 29 cents per share, which smashed the Zacks Consensus Estimate of 19 cents, and the stock has gained nearly 10% as a result.
While earnings news was the catalyst for Live Nation, its M&A news that has spurred Vantiv Inc. VNTV today. This U.S.-based credit card processing company just announced a deal to acquire Worldpay, creating a global payment behemoth. Vantiv will spend about $10.4 billion for the U.K.’s largest payment processing company.
Shares of Vantiv peaked at a new high of $70.15 in early trading Thursday, and the stock remained up more than 3.3% through morning hours.
Other stocks touching new highs and remaining in the green during morning trading include Starwood Waypoint Homes SFR, Eldorado Resorts ERI, and Hailiang Education Group HLG.
For a complete list of today’s new highs and lows, make sure to check out Barcharts, and for analysis on why these stocks are moving and if they can keep climbing, stay right here at Zacks.
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
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Northrop Grumman Corporation (NOC) : Free Stock Analysis Report
Lockheed Martin Corporation (LMT) : Free Stock Analysis Report
Eldorado Resorts, Inc. (ERI) : Free Stock Analysis Report
Raytheon Company (RTN) : Free Stock Analysis Report
Live Nation Entertainment, Inc. (LYV) : Free Stock Analysis Report
Colony Starwood Homes (SFR) : Free Stock Analysis Report
Vantiv, Inc. (VNTV) : Free Stock Analysis Report
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