Stocks pared gains this afternoon to trade little changed at midday.
The U.S. private sector added 172,000 jobs in June according to ADP, above the 151,000 expected by economists. The data comes ahead of tomorrow’s closely-watched payroll and unemployment rate report.
Initial unemployment claims fell by 16,000 to 254,000 last week. The less volatile four-week moving average moved down to 264,750.
Oil futures turned lower after U.S. crude supply fell by a smaller-than-expected amount.
Stocks on the Move
Shares of PepsiCo (PEP) rose 2.3% this morning after reporting quarterly results. We plan to increase our $100 fair value estimate $2 to $3 for wide-moat PepsiCo following the firm’s solid year-to-date profitability performance and potential for further gains ahead of our original estimates. We’re also encouraged that second-quarter pricing and mix improved to 2% in PepsiCo’s North American Beverage business following timing-related challenges in the first quarter.
Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.