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November has been a fantastic month for the stock market, but investors have been looking to start December with the same kind of upward momentum. Market participants often seek bullish moves to finish a year, especially when the overall stock market has been in a solid recovery. This was certainly the case in 2020, as stocks bounced back from the coronavirus-inspired bear market in March and have since gained ground with only slight corrections.
Major market benchmarks seemed poised to challenge their recent records. Starting at 11:00 EST, the Dow Jones Industrial Average (DJ INDICES: ^ DJI) rose 375 points to 30,013. The S&P 500 (SNPINDEX: ^ GSPC) earned 48 points to 3,670 and the Nasdaq Composite (NASDAQINDEX: ^ IXIC) revived by 126 points to 12,325.
Many investors entered the week thinking that one of the red-hot tech newcomers of recent years would be able to take the market up. And yet, apparently, a couple of well-known names that have been around for a long time – blue raspberry (NYSE: BB) is Kohl’s (NYSE: KSS) – were among the biggest winners on Tuesday morning.
BlackBerry is back!
Shares of BlackBerry were up 57% on Tuesday morning. The manufacturer of what was once the most popular handheld mobile device has seen a major shift in its business model in recent years, but a new deal could make the company relevant again in a rapidly growing field.
BlackBerry is ready to work in partnership with Amazon.com‘S (NASDAQ: AMZN) Amazon Web Services Division to promote BlackBerry’s intelligent vehicle data platform. The cloud-connected software platform is intended to provide automakers with the vehicle sensor data they need to tailor in-vehicle services to drivers’ particular needs. BlackBerry hopes to unify the broad range of parts and component suppliers to eliminate the task of integrating data from car license plates, allowing them to focus on what they do best.
The potential uses of the BlackBerry platform are almost unlimited. Adverse driving conditions, such as traffic or bad weather, could prompt BlackBerry-enabled vehicles to enable safety features, while monitors could check young drivers for safety considerations or provide alerts when child safety locks are not activated correctly.
This isn’t the first time BlackBerry has worked with Amazon. But with all the focus on vehicle innovation, BlackBerry is making the right move at the right time. Investors are recognizing this today and this has brought the BlackBerry name back into the spotlight.
Image source: Sephora.
Kohl’s looks a lot cuter
Elsewhere, Kohl has seen his shares rise 15%. The retailer has had a tough year, but a new strategic move could make things much better for 2021 and beyond.
Kohl has entered into a strategic partnership with Sephora to open “Sephora at Kohl’s” in-store stores. The deal will involve 200 stores by the end of 2021, with a goal of expanding to 850 by 2023. Sephora will also appear on the Kohls.com website as part of what it calls “its unique prestige immersive beauty experience.” .
The move seems like a strong response to Target‘S (NYSE: TGT) recent decision to open in store Ulta Beauty (NASDAQ: ULTA) stores in hundreds of locations over the next two years. It’s also consistent with Kohl’s long-term strategy of focusing on the active and casual lifestyle, with a beauty segment that resists shoppers’ scrutiny. Retail stocks have struggled, but Kohl’s is looking up.
It’s good to see a day when recent IPOs take a back seat for established companies. It also signals a broadening bull market, which, in turn, could help investors make even more gains in the future.
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