During Market hours on Friday – 04.03.2022

Last week, US equities performed better than their European counterparts, but they were not immune to the global market turbulence. Below some of the most representative highlights:

  • The Dow (Symbol: DIA) went down 0.49%. The S&P 500 (Symbol: SPY) dropped 0.81% and the Nasdaq (Symbol: QQQ) lost 1.45%.
  • Costco (Symbol: COST) — The stock dipped 1.4% despite a better-than-expected quarterly report. The retailer reported earnings of $2.92 per share on revenue of $51.9 billion. Analysts had expected earnings of $2.74 on revenue of $51.47 billion, according to Refinitiv.
  • Broadcom (Symbol: AVGO) — Shares of the chipmaker jumped 3% after the company reported record revenue in the fiscal first quarter that exceeded analysts’ expectations. Broadcom reported adjusted earnings of $8.39 per share, higher than the $8.23 per share analysts were looking for per FactSet estimates. Meanwhile, its revenue jumped 16% year over year to $7.7 billion, also topping estimates.
  • Signature Bank (Symbol: SBNY) — Shares of crypto-friendly Signature Bank fell 7.1% despite Goldman Sachs saying Friday it’s keeping its buy rating on the stock and is bullish on the company’s growth outlook after a recent meeting with management.
  • Kroger (Symbol: KR) — The grocery chain added 6.9% after it provided a business update Friday including its digital push to drive 2022 sales and a commitment to shareholder returns of 8% to 11% over time. The increase follows a boost in shares Thursday after it reported strong earnings.
  • Best Buy (Symbol: BBY) — Shares fell 3.6% after Raymond James downgraded Best Buy to market perform from outperform. “We are placing our stock recommendation in ‘sleep mode’ for now,” analysts said. The call comes after Best Buy on Thursday reported underwhelming quarterly results that just matched Wall Street expectations.
  • Rivian Automotive (Symbol: RIVN) — The electric truck maker’s shares lost 6.9% after Baird lowered its price target on the stock to $100 per share from $150. Baird did, however, reiterate Rivian as an outperform and said it’s still bullish long-term, despite several recent missteps by company management.
  • Roblox (Symbol: RBLX) — Shares of the gaming platform fell 6.5% after Bank of America said investors should expect the stock to remain volatile for the foreseeable future. It also said that a positive surprise on February bookings growth could lead to a short rally but warned that launches “must be successful before the bear thesis is disproven.”
  • Gap (Symbol: GPS) — The apparel retailer saw its shares fall about 2% before turning slightly positive, after it reported a narrower-than-expected loss for the fourth quarter and issued strong earnings guidance. Gap posted a loss of 2 cents per share, versus the 14 cents forecast by Refinitiv analysts.

During Premarket hours today (Monday – 07.03.2022):

  • Chevron (Symbol: CVX), Exxon (Symbol: XOM), Phillips 66 (Symbol: PSX) — Oil stocks rose broadly in premarket trading after energy prices surged overnight, with U.S. benchmark West Texas Intermediate crude briefly breaking above $130 per barrel. Shares of Chevron and Exxon Mobil each rose more than 1%, while Phillips 66 climbed 3.4%.
  • Bed Bath & Beyond (Symbol: BBBY) — Shares of the home goods retailer surged 90% in premarket trading Monday after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer through his investment company RC Ventures. Cohen said the company should explore selling itself to private equity and spinning off its BuyBuy Baby chain.
  • Archer-Daniels-Midland (Symbol: ADM) — Shares of the agricultural company jumped 3.9% premarket as crop prices jumped amid supply concerns due to Russia’s invasion of Ukraine.
  • Visa (Symbol: V), Mastercard (Symbol: MA) — The payments stocks dipped in premarket trading after both companies announced over the weekend that they were suspending operations in Russia. Visa’s stock shed 2.2%, while Mastercard was down 1.7%.
  • Occidental Petroleum (Symbol: OXY) — Shares of the oil and gas company jumped 8% after a regulatory filing showed Warren Buffett’s Berkshire Hathaway significantly increased its stake recently. The conglomerate bought more than 61 million of Occidental shares from Wednesday to Friday, at prices ranging from $47.07 to $56.45. Berkshire now owns 91.2 million common shares of the oil giant.
  • Citigroup (Symbol: C) — The bank stock dropped 3% in premarket trading, underperforming its peers, after receiving a downgrade from Jefferies. The firm said Citi appeared unlikely to hit the financial targets detailed at an investor conference last week.

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