S&P 500 top movers: L Brands Inc (LB) gains more than 30% on upbeat outlook

• S&P 500 Index pushes higher toward 3,250 on Wednesday.
• L Brands Inc (LB) soars on upbeat outlook, hiked price targets.
• Seagate Technology PLC (STX) slumps on disappointing quarterly report.

The S&P 500 Index (SPX) started the day in the positive territory on Wednesday and preserved its bullish momentum ahead of the Federal Reserve’s policy decisions. As of writing, the SPX was up nearly 1% on a daily basis at 3,249.

All 11 major sectors of the S&P 500 are trading in the positive territory with the Financials Index gaining 1.5% to lead the rally.

S&P 500 top movers

L Brands Inc (LB) announced on Wednesday that it expects a decline of 20% in the second-quarter sales amid strong demand for its Bath & Body Works hand sanitizers, per Reuters. With this forecast coming in much better than analysts’ estimate for a decrease of 35%, LB surged higher on the day and was last seen gaining 33% at $25.45 as the top-performer. Following this development, JP Morgan, Credit Suisse, MKM Partners, Wells Fargo, BofA Global Research and Deutsche Bank all hiked their price targets for LB.

On the other hand, Seagate Technology PLC (STX) shares are down 9.3% at $44.06 as the worst-performer. The company reported Q1 revenue of $2.3 billion to miss the market expectation of $2.59 billion and at least 8 brokerages cut their price targets for the STX.