Windstream gained 7.96%
China’s manufacturing report, released on September 1, made stock markets across the globe tremble. The report highlighted the weak manufacturing activity in China. However, the market rebounded on September 2, owing to growing confidence in the US economy.
The graph below shows the performances of component sectors of the SPDR S&P 500 ETF (SPY). All the sectors rebounded after a turbulent day on Wall Street on September 1.
Windstream Holdings (WIN) was the top gainer of the day among the 502 stocks in SPY. It returned 7.96% on September 2. It was closely followed by H&R Block (HRB) with yields of 7.50%. The number three stock for the day was Gannet (GCI) with a return of 5.41%.
Windstream reported strong second quarter earnings in August 2015. The company also met Wall Street’s estimates on its revenue. It received 11 “hold” recommendations, two “buy” recommendations, and four “sell” recommendations. Morningstar and S&P give WIN a “BB-” rating. This rating designates companies that are at an above-average default risk.
H&R Block (HRB) announced a stock buyback program amounting to $3.5 billion. The buyback details were released on Wednesday, when the company filed for a “modified Dutch auction” with the Securities and Exchange Commission. The buyback offer was in the range of $32.25 and $37, which exceeded investors’ expectations.
The technology sector gained the most on September 2
The technology sector and the industrial sector rebounded exceptionally on Wednesday. In addition to Windstream’s increase, Level 3 Communications (LVLT) and CenturyLink (CTL) rose 4.32% and 4.25%, respectively, on September 2.
Similarly, Delta Air Lines (DAL) and C.H. Robinson Worldwide (CHRW) from the industrial sector rose 5.07% and 4.75%, respectively. The technology sector and the industrial sector had lost 3.21% and 2.65%, respectively, on September 1.
In the next article, we’ll analyze the macro factors that influenced the US stock market.