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Takeaways
- The S&P 500 jumped 2.1% on Friday, March 14, wrapping up a volatile week as government shutdown concerns dissipated.
- Ulta Beauty shares took off after the cosmetics retailer topped analysts' estimates for its fiscal fourth quarter.
- Shares of Abbott Laboratories slid after a judge granted a retrial in a liability case related to the company's premature infant formula.
The major U.S. equity indexes rose on Friday, after Senate Democrats backed down from their threats to reject the Republican spending bill. This eased some concerns about a possible government shutdown.
The S&P 500 popped 2.1% higher. The Dow rose 1.7%, and a resurgence in tech stocks lifted the Nasdaq 2.6 percent. Despite the recovery on Friday, all three market gauges finished in negative territory throughout the week due to uncertainty surrounding U.S. Trade Policy.
Ulta Beauty (ULTA) shares surged 13.7%, gaining the most of any S&P 500 stock on Friday after the cosmetics retailer reported better-than-expected earnings per share, net sales, and comparable sales for its crucial holiday quarter. Kecia Steelman (CEO of Ulta Beauty), who took over the company at the start of 2025, said that the next fiscal year would be crucial as the seller invests in growth.
Crown Castle (CCI), a REIT focused on communication infrastructures, has agreed to sell its fiber-optics business to EQT Active Core Infrastructure Fund (ACIF) and Zayo Group Holdings (ZGH) for a total of $8.5 Billion. The company plans to use proceeds to reduce its debt, and to initiate a share purchase program. Crown Castle’s shares rose 10.4%.
Shares of the big data analytics company Palantir Technologies (PLTR), jumped by 8.3% after CEO Alex Carp revealed a range of new partnerships with defense manufacturers, stressing the importance of bolstering domestic industrial base for national security and economic reasons. Palantir AI software will be used by companies such as Archer Aviation, a vertical-takeoff aircraft firm, and Saildrone, a company that manufactures autonomous marine vessels.
Abbott Laboratories (ABT) shares slipped 2.4%, posting the S&P 500’s weakest daily performance, after a Missouri state judge granted a retrial request in a liability lawsuit related to the company allegedly obscuring possible risks of its premature infant formula. Bank of America analysts, however, maintained their “buy rating” on Abbott stock. They noted that the retrial ruling opens the door to additional legal action, but does not overturn an original verdict.
Shares of biopharmaceutical giant Bristol-Myers Squibb dropped 2.1%. The stock’s decline reversed gains made earlier in the week, after Bristol-Myers Squibb revealed plans to buy cancer cell therapy maker 2seventy Bio in exchange for $286,000,000 in cash. The two companies previously partnered together on a therapy that treats multiple myeloma – a type blood cancer.
Kroger (KR), the largest operator of traditional grocery stores in the U.S., announced an undisclosed number of job cuts, including reductions at its consumer insights subsidiary 84.51°. Kroger’s CEO, who resigned in the first week of this month following an investigation into his personal conduct and a report by the FBI, has been replaced. Analysts believe that hiring a former Walmart executive could help Kroger to compete with the retail giant. Kroger shares dropped 1.5% on the Friday.
