Stocks were mixed on Friday, and despite two of the three major U.S. stock market indices trending higher. The S&P 500 ended the week lower, breaking a three-week streak of gains.
There’s plenty of uncertainty to go around right now, with the election less than two weeks away and daily new virus cases in the U.S. exceeding 71,000 — a figure that’s beginning to approach the record highs seen in July.
The Dow Jones Industrial Average fell 28 points, or 0.1%, to finish at 28,335.
Boston Beer booming. Boston Beer Co. (ticker: SAM), the company behind Samuel Adams, saw shares soar 18.9% on Friday after the business reported higher-than-expected third-quarter earnings and projected some bullish future numbers as well.
Although Sam Adams is likely the most well-known brand in its portfolio, the growth is now coming from its Truly Hard Seltzer and Twisted Tea brands. Revenue jumped 30.2% from the year-ago period and net income soared 80.6% in the last quarter. SAM’s new projection for full year 2020 earnings per share is now in the $14 to $15 range, dramatically higher than the $11.70 to $12.70 range given the quarter before.
Tesla recall. Electric vehicle maker Tesla ( TSLA), fresh off an impressive third-quarter earnings report in which the company reported profits for a fifth straight quarter isn’t perfect. The company is having to recall almost 50,000 Model S and Model X vehicles in China due to issues with the front and rear suspensions.
Whether the recalls in China indicate more recalls down the road in the U.S. and other markets remains to be seen, but shareholders didn’t view it as much more than a minor inconvenience; TSLA stock slipped just 1.2% on Friday.
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