Overstock board, ExxonMobil, UWM upgrade: Trending Stocks
S&P 500 (^GSPC) stocks are falling as jobless claims remain historically low, with 207,000 individuals filing for unemployment.
Overstock (OSTK) shares are trending higher following the addition of Camping World (CWH) CEO Marcus Lemonis to their board, who proceeded to buy over 33,000 Overstock shares. In a recent filing,ExxonMobil's (XOM) revealed its expectations for a $1.3 billion boost in profits this quarter alongside rising crude oil and gas prices. BTIG analysts upgraded United Wholesale Mortgage (UWMC) stock from a "Buy" to a "Neutral" rating.
Yahoo Finance's Seana Smith and Brad Smith break down the morning's trending stocks. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Video Transcript
BRAD SMITH: We're about 30 minutes into the trading day. Let's take a look at how things are shaping up right now. Stocks are falling today as the initial jobless claims remain near historic lows, with 207,000 people filing for unemployment benefits. That's a slight uptick from the week prior, but below consensus expectations. We're also seeing Treasury yields and oil falling today.
SEANA SMITH: And taking a look at some of the individual movers, Overstock climbing higher today after the company added Marcus Lemonis. He is known as the business turnaround king to its board of directors. Now, Lemonis then picked up 33,000 shares of Overstock, showing that he's pretty invested in the business.
BRAD SMITH: And we also have our eyes on Exxon, shares of the company moving lower by about 1.7% after the company revealed in a regulatory filing that it expects to see up to $1.3 billion more in profits compared to its prior quarter. This is thanks to rising crude oil prices. Rising gas prices will also give them a bump of about $400 million.
SEANA SMITH: And we are watching United Wholesale Mortgage shares rising this morning after BTIG upgraded the stock to buy from neutral.
