Top Stock Movers: Ulta Beauty Crown Castle Docusign and More

Takeaways

• The U.S. stock market soared at midday, as it appeared that Democrats in the Senate were joining Republicans in approving an expenditure plan to prevent a shutdown of the government.
• Ulta Beauty’s cosmetics were in high demand during the holiday season.
• Citi downgraded T-Mobile, causing the shares to fall.

The U.S. stock market jumped in the midday session on signs that the Senate would approve a federal budget plan to prevent a shutdown of government tonight. The Nasdaq gained more than 2%, the S&P 500 was up nearly 2%, and the Dow Jones Industrial Average rose about 1.5%.

Shares of Ulta Beauty (ULTA), a beauty products retailer, soared after exceeding earnings and revenue expectations on the back of high demand for cosmetics during the holiday season.

Crown Castle (CCI), a provider of communication towers and infrastructure, has seen its shares soar after it agreed to sell the fiber optics division to the EQT Active Core Infrastructure Fund and Zayo Group Holdings. The deal is worth a total $8.5 billion.

Rubrik (RBRK), a cybersecurity firm, posted better-than expected profit, sales and guidance on an increase in subscription revenue.

Shares of electronic signature service Docusign (DOCU), which saw its results exceed estimates, soared as sales of its new artificial-intelligence (AI) platform boosted the company’s shares.

T-Mobile US’s (TMUS), shares fell after Citi downgraded the wireless carrier, saying that it does not appear the company has any drivers to push its stock price higher.

Shares of Li Auto, a U.S.-listed company, fell after the Chinese-based electric vehicle maker (EV) gave a weak sales forecast. This prompted concerns about EV demand on the Chinese market. 

Oil futures climbed. Gold prices reached a new record high. The yield of the 10-year Treasury bill was higher. The U.S. currency gained against the pound and the yen but lost ground against the euro. Most major cryptocurrencies traded on the green.

CORRECTION—This article has been updated to reflect that EQT Active Core Infrastructure fund is unaffiliated with EQT Corp.