S&P 500 top movers: FFIV gains more than 7% after Morgan Stanley raises price target
- S&P 500 trades deep in the negative territory on Thursday.
- FFIV posts strong gains after Morgan Stanley raises price target.
- Mohawk Industries Inc (MHK) falls sharply on lawsuit concerns.
Major equity indexes in the US started the day little changed on Thursday but heightened political tensions in the US weighed on the market mood.
The US Supreme Court on Thursday ruled in favour of Manhattan District Attorney Cy Vance Jr with regards to allowing access to President Donald Trump's financial records. With the initial reaction, the S&P 500 Index (SPX) fell more than 1% befıre rebounding modestly in the last hour. As of writing, the SPX was down 0.7% on the day at 3,147.
S&P 500 top movers
Earlier in the day, Morgan Stanley (MS) announced that it upgraded IT service-provider F5 Network Inc's (FFIV) shares to "overweight" from "equal-weight." Additionally, MS raised its price target for FFIV to $175 from $135. Boosted by this development, FFIV is the top-performer on the day, gaining 7.6% at $144.35.
On the other hand, concerns over a lawsuit regarding alleged financial misconduct weighed heavily on Mohawk Industries Inc's (MHK) shares. At the moment, MHK is down nearly 20% on a daily basis at $73.75.