Stocks edged higher Tuesday as maintained a cautious tone heading into the third quarter earnings season with a focus on surging energy prices and faster inflation.
Here are some of the market’s biggest gainers for Tuesday:
1. MGM Resorts | Increase 7.6%
Shares of MGM Resorts (MGM) – Get MGM Resorts International (MGM) Report hit a high after Credit Suisse Benjamin Chalken boosted his rating on the gambling company to outperform from neutral and its U.K.-based partner posted stronger-than-expected third-quarter revenue. Chalken more than doubled his price target to $68 a share, saying investors haven’t properly valued a series of transactions he says have transformed the company.
2. Airbnb | Increase 4.3%
Airbnb (ABNB) – Get Airbnb Report shares advanced after analysts at Cowen upgraded the vacation rental company to outperform from market perform. The investment firm said that Wall Street was underestimating 2022 bookings growth and that alternative lodging will be a permanent part of the travel landscape.
3. Tata Motors | Increase 13%
Shares of Tata Motors (TTM) – Get Tata Motors Limited Sponsored ADR Report surged after an executive at the Indian automaker said the company would invest more than $2 billion in its electric vehicle business after raising funds from the private equity firm TPG, Reuters reported. TPG’s Rise Climate Fund and Abu Dhabi state holding company ADQ agreed to invest about $1 billion to expand the company’s EV business.
4. Valvoline | Increase 7%
Valvoline (VVV) – Get Valvoline Inc. Report shares climbed after automotive maintenance products company said it was separating its retail services and global products services. The company said it was working with its advisers to determine the best way to accomplish the separation. No timetable has been established for the completion of the separation.
5. Tiptree | Increase 24%
Shares of Tiptree (TIPT) – Get Tiptree Inc. Report leaped after the specialty insurance products company unveiled a strategic partnership with Warburg Pincus. The investment bank intends to inject $20illion into one of Tiptree’s subsidiaries, Fortegra Group, a specialty insurer in the U.S. and Europe,