Why Alphabet, Shopify, and Bed Bath Stocks Bounced Today
Earnings season is here, and Wall Street is excited about it.
Bright and early Monday morning, Bank of America (NYSE: BAC) "beat" analyst expectations for its third-quarter earnings, reporting an $0.81-per-share profit where the Street had expected only $0.77. This wasn't good news only for Bank of America, however. Getting a tailwind from those results -- and even more so from comments by the BofA CEO -- shares of all sorts of companies tied to America's consumer economy are soaring today.
As of 11:11 a.m. ET, shares of internet search giant Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) are gaining 3.8%, home goods store chain Bed Bath & Beyond (NASDAQ: BBBY) is up 4.5%, and online shopping powerhouse Shopify (NYSE: SHOP) is leading consumer stocks higher with a 5.8% gain.
Source Fool.com
