What Happened in the Stock Market Today

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Stocks climbed on the second trading day of June, extending Friday's gains as the market continued to celebrate last week's encouraging jobs report. When the closing bell rang, the Dow Jones Industrial Average (DJINDICES: ^DJI) had climbed more than 0.7%, while the S&P 500 (SNPINDEX: ^GSPC) gained almost half a percent.

Today's stock market

Data source: Yahoo! Finance.

Retail stocks led the charge, with the SPDR S&P Retail ETF (NYSEMKT: XRT) jumping 2.2%. Meanwhile, oil stocks pulled back hard on increasing expectations that OPEC will lift crude production limits at its meeting later this month, leaving the SPDR S&P Oil & Gas Exploration & Production ETF (NYSEMKT: XOP) down 2.3%.

As for individual stocks, fresh opinions from Wall Street analysts sent shares of Under Armour (NYSE: UAA) (NYSE: UA) and The Trade Desk (NASDAQ: TTD) in different directions today.

Is Under Armour undervalued?

Class C shares of Under Armour jumped nearly 6% today after Stifel analyst Jim Duffy reiterated the firm's buy rating on the athletic apparel and footwear specialist. Duffy also raised his price target on Under Armour to $27, good for a roughly 32% premium from today's closing price.

"Recent discussions with Under Armour leave us highly encouraged by leadership commitments to profitability improvement," Duffy explained. "Evidence is building that leadership is walking the walk."

More specifically, he believes that Under Armour's current elevated inventory levels "will be appropriately matched to demand before year-end and margins will inflect and margin improvement can continue in 2019 and beyond."

To be sure, following a slowdown in the athletic apparel market last year amid multiple sporting goods retailer bankruptcies, Under Armour's profits have suffered as the company implements an ambitious restructuring in a bid to return to sustained, profitable growth. As CEO Kevin Plank told investors at the company's recent annual shareholder meeting, that required essentially "slowing down to speed up."

If Duffy is correct that Under Armour's turnaround is about to yield more tangible fruit, today's gains could be just the beginning.

Trade Desk takes a tumble

Meanwhile, Trade Desk stock dropped as much as 7.5% this afternoon, then partially recovered to close down 4% after Wells Fargo analyst Peter Stabler reduced his rating on the banking giant to market perform from outperform. Curiously, Stabler also increased his price target on Trade Desk stock to $88 from $75 -- a roughly 6% premium from today's closing price at just above $83 per share.

Stabler elaborated that with Trade Desk stock up 89% year to date at the time of his note, he believes it has "fully captur[ed] the near-term opportunity."

Furthermore, he thinks that Trade Desk faces a number of risks including "high concentration of spending with a small number of agency holding companies" and lower overall spending on desktop banner ads.

To be fair, Trade Desk skyrocketed more than 70% over a period of just two weeks in May after the company's latest quarterly results absolutely crushed Wall Street's expectations , with revenue climbing 61% to $85.7 million and adjusted earnings nearly doubling to $15.3 million, or $0.34 per share. So in the end, it's not entirely surprising that some of those same Wall Street analysts are tempering their view of the programmatic advertising leader today.

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Steve Symington owns shares of Under Armour (C Shares). The Motley Fool owns shares of and recommends The Trade Desk, Under Armour (A Shares), and Under Armour (C Shares). The Motley Fool has a disclosure policy .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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