During Market hours on Friday – 08.10.2021:

  • The Dow (Symbol: DIA) went down 0.03%. The S&P 500 (Symbol: SPY) fell 0.2%. and the Nasdaq (Symbol: QQQ) popped 0.5%.
  • Energy — Energy stocks dominated the top performing spots in the S&P 500 as U.S. crude oil prices topped $80 a barrel, the highest since 2014. APA Corp (Symbol: APA) gained 6.8%. Pioneer (Symbol: PXD) and Diamondback (Symbol: FANG) added 4.6%. Hess (Symbol: HES) rose 6.6%. EOG (Symbol: EOG) leapt 5.5%. Marathon Oil (Symbol: MRO) gained 4.6% and Devon Energy (Symbol: DVN) added 3.8%.
  • Charter Communications (Symbol: CHTR) — The cable company’s stock fell 4.8% after Wells Fargo downgraded it to underweight from equal weight, due to concerns about slowing cable subscriber growth. Cable One (Symbol: CABO) also lost 2.7% after Wells downgraded it to equal weight from overweight.
  • General Motors (Symbol: GM) — Shares of the automaker jumped 3.5% after Credit Suisse reiterated its outperform rating on the stock, saying it has a “compelling case” for multiple expansion after the company’s investor day earlier this week. Shares of Ford (Symbol: F) also were also higher, by 1.8%.
  • Oatly (Symbol: OTLY) — Shares of the oat milk maker gained less than 1% intraday, but closed 0.9% lower after JPMorgan upgraded the stock to overweight from neutral. The Wall Street firm said it sees a “favorable risk/reward” for the shares after pulling back nearly 50% from its June peak.
  • Sirius XM Holdings (Symbol: SIRI) — The satellite radio company saw shares fall 3.7% after JPMorgan downgraded the stock to neutral from overweight, saying it expects the slowdown in new auto sales to affect new subscriptions. It lowered its December 2022 price target to $7 from $8.
  • Moderna (Symbol: MRNA) — The biotechnology and pharmaceutical stock fell 1.4% after Finland, Denmark and Sweden announced they would limit the use of the Moderna’s Covid-19 vaccine in young people. The countries made the decision citing concerns around rare cardiovascular side effects.
  • Citrix Systems (Symbol: CTXS) — The enterprise software stock continued its descent after Citi downgraded it to neutral from buy, citing the departure of the company’s CEO, announced earlier in the week. It’s unlikely a financial bidder will buy the company and that it will struggle to deliver on its long term targets, analyst Tyler Radke said. Citrix slid 5.7%.

During Premarket hours today (Monday – 11.10.2021):

  • Robinhood (Symbol: HOOD) – The trading platform’s stock fell 2.1% in premarket action, following a Securities and Exchange Commission filing that detailed the risks of increased regulation of cryptocurrency trading as well as possible new rules surrounding payment for order flow.
  • Merck (Symbol: MRK) – The drugmaker and partner Ridgeback Biotherapeutics announced the submission of an Emergency Use Authorization application to the Food and Drug Administration for their oral Covid-19 treatment molnupiravir. That follows positive study results that were unveiled earlier this month.
  • Aspen Technology (Symbol: AZPN) – The industrial software maker announced a deal to merge with two of Emerson Electric’s (EMR) software businesses in a deal worth approximately $11 billion. The cash-and-stock deal is valued at about $160 per share, with Aspen Technology holders receiving $87 per share in cash and 0.42 shares in the combined company for each share they now own. Aspen Technology had been up nearly 13% over the past two sessions since reports of talks between the two companies first surfaced.
  • Cleveland-Cliffs (Symbol: CLF) – The steel and iron producer’s shares gained 2.1% in premarket trading after it announced the acquisition of iron scrap processor Ferrous Processing and Trading for about $775 million.

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