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Saturday, Feb 4, 2023
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Midday Report: Alignment, Iteris Jump 10%+

Indexes shook off yesterday’s drop when JPMorgan Chase CEO Jamie Dimon warned of an economic “hurricane” on the horizon.

The S&P 500 climbed 1.2% to 4,148.21 while the Dow 30 was up 0.5% to 32,972.01 and the Nasdaq leaped 1.8% to 12,213.19.

Crude oil increased 1.5% to $116.97 a barrel.

Gold was up 1.3% to $1,872 an ounce.

The 10-year bond fell 0.38% to 2.92%.

INSURANCE

Alignment Healthcare Inc. (Nasdaq: ALHC) jumped 11% to $11.31 and a $2.1 billion market cap. Volume at the Orange-based provider of Medicare Advantage plans was about a third of the daily average. The stock has almost doubled since its 52-week low of $6.14 in January.

AUTOMOTIVE

Iteris Inc. (Nasdaq: ITI) rose 11% to $2.99 and a $127 million market cap. The Santa Ana-based provider of transportation technology yesterday forecast fiscal 2023 revenue of $147 million to $155 million, above the $146.4 million average analyst consensus. It also announced a $10 million share buyback program.

 

 

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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