Ant Suspends IPO; Big Gains for Gartner

Stocks rallied again for the second day with the arrival of Election Day.

All three major U.S. stock market indices closed higher on Tuesday as investors anticipate the results of what has been a bitter presidential election. According to the U.S. Elections Project, nearly 100 million Americans had voted in person or via mail-in ballots by Monday — shattering early voting records.

The Dow Jones Industrial Average gained 555 points, or 2%, to finish at 27,480.

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Ant Group IPO suspended. The highly anticipated initial public offering in Shanghai and Hong Kong online finance company Ant Group has been suspended following a Monday meeting between billionaire co-founder Jack Ma and financial regulators in China.

“Views regarding the health and stability of the financial sector were exchanged,” the company said in a statement. Ant is now “committed to implementing the meeting opinions.” The duel listing was expected to raise $37 billion, the biggest share sale in history.

Alibaba Group Holding (ticker: BABA), which spun off Ant in 2011, now owns a 33% stake in the company. BABA shares dropped 8% on Tuesday.

Big gains for Gartner. Consulting firm Gartner ( IT) outperformed its peers on the S&P 500 after the company reported better-than-expected results in the third quarter. Adjusted earnings per share of 91 cents, compared with 70 cents in the same quarter last year, beat expectations by 78%. The company has now passed consensus earnings per share (EPS) estimates four times over the last four quarters.

IT stock closed Tuesday up nearly 13%.

Fertilizer takes a hit. On the opposite end of the spectrum, the Mosaic Co. ( MOS) finished as the worst performer in the S&P on Tuesday. The fertilizer producer reported a drop in sales for the third quarter as the pandemic has weighed on fertilizer prices. Revenue fell 14% year over year to roughly $2.4 billion, and Mosaic posted a net loss of $6.2 million.

MOS stock closed Tuesday down 12%.

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