U.S. indices were rising Monday as the markets gear up for the first-quarter earnings season, when companies prepare to release their results from the latest quarter. The S&P 500 and Nasdaq were climbing 0.3%, while the Dow Jones Industrial Average rose 0.4% midday.
Crude prices were cooperating with today's market climb, with the commodity reversing declines from earlier in the day. Industry standard Brent crude contracts for June delivery were up $0.79 to $42.73 barrel. West Texas crude futures contracts were also climbing, $0.58 to $40.30 per barrel.
Hertz Global (HTZ) shares were tanking today, down nearly 10% after the car rental company cut its revenue forecast. The company lowered its 2016 U.S. car rental revenue expectations while also slashing its first-quarter earnings outlook amid weak demand. "I think this is a challenged group, all of which are dealing with Uber," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning. "Their failure to acknowledge Uber shows their head is in the sand."
Growth Seeker holding Under Armour (UA) shares took a hit today following a bearish note from analysts at Morgan Stanley. The stock was down nearly 5% on more than double its average volume after Morgan Stanley slashed its price target in half to $32 from $64. Real Money's Jim Cramer was not in agreement with Morgan Stanley's stance.
Goldman Sachs (GS) shares were climbing after the bank reached a $5 billion settlement with the U.S. government over the sale of its subprime mortgage-backed securities leading up to the housing bubble and 2008 financial crisis.
Shares of Toll Brothers (TOL) were climbing midday after receiving a vote of confidence from Barron's today which said that fears of the company's exposure to a volatile New York City luxury condo market is overblown. Barron's sees a possible 40% upside from the stock's Friday closing price.
Finally, Alcoa (AA) shares were climbing ahead of the release of the company's latest earnings report after the closing bell today. Analysts anticipate that the aluminum producer will report a year-over-year decline in both top- and bottom-line results.