During Market hours Friday — (Friday – 09.07.2021):
- The Dow (Symbol: DIA) surged 1.26%. The S&P 500 (Symbol: SPY) climbed 1.07% and the Nasdaq (Symbol: QQQ) went up 0.62%.
- JPMorgan (Symbol: JPM), Goldman Sachs (Symbol: GS), Bank of America (Symbol: BAC)— Bank stocks led the market comeback on Friday as bond yields rebounded. JPMorgan, Goldman Sachs and Bank of America climbed more than 3% each as the 10-year Treasury yield bounced 7.2 basis points to 1.36%. The benchmark yield tumbled to 1.25% at its low on Thursday, intensifying concerns about an economic slowdown.
- American Airlines (Symbol: AAL), United Airlines (Symbol: UAL)— Airline stocks rebounded on Friday after losses associated with the highly infectious delta Covid variant fueled worries about the global economic comeback. Shares of American Airlines and United Airlines rose more than 2.6%.
- Carnival Corp. (Symbol: CCL), Norwegian Cruise Line (Symbol: NCLH), Royal Caribbean (Symbol: RCL)— Shares of reopening plays like cruise operators rose on Fridays, clawing back losses from the previous session. Carnival climbed 2.28%, while Norwegian Cruise Line popped 2.8%. Royal Caribbean rallied 3.6%.
- Discover Financial Services (Symbol: DFS)— The credit card stock rose 6.2% after Citi upgraded the stock to buy from neutral following a change in analyst coverage. Citi said Discovery “has the clearest near-term path to benefit from the return of consumer card spending and lending as pandemic-related benefits expire and elevated payment rates return to lower levels.”
- General Motors (Symbol: GM)— General Motors shares gained 4.8% after Wedbush initiated coverage of the stock with an outperform rating and $85 price target. That target implies an upside of more than 51% from Thursday’s close. “CEO Mary Barra along with other key executives has led the legacy auto company back to the top of the auto industry in the United States,” Wedbush’s Dan Ives said in a note.
- Levi Strauss (Symbol: LEVI)— Shares of Levi Strauss added 1.36% after the retailer crushed Wall Street expectations in its fiscal second-quarter results. Levi reported adjusted earnings of 23 cents per share on revenue of $1.28 billion. Analysts expected earnings of 9 cents per share on revenue of $1.21 billion, according to Refinitiv.
- Didi (Symbol: DIDI) and U.S.-listed Chinese companies — Shares ride-hailing company Didi rose 7.3% Friday, reversing course from a sell-off earlier this week after Chinese regulators announced a cybersecurity review of the company last week, days after Didi’s public debut on the New York Stock Exchange. The U.S.-traded shares of several other Chinese companies also rebounded. Tencent Music Entertainment Group (Symbol: TME) added 1.5%, and Pinduoduo (Symbol: PDD) gained 2.1%. Baidu (Symbol: BIDU) and Alibaba (Symbol: BABA) climbed more than 3%.
- Virgin Galactic (Symbol: SPCE)— Shares of the space tourism company fell 6.6% after Susquehanna raised its price target on Virgin Galactic’s stock to $45 from $20 but reiterated its neutral rating on the stock and said its price has run too far, too fast.
- Signature Bank (Symbol: SBNY)— The New York-based bank rose 6.4% after UBS reiterated its buy rating on it, driven in part by the company’s “early advantage” in crypto adoption combined with the reopening of New York City. Signature Bank is known for being friendly toward cryptocurrency businesses, which often find it challenging to secure banking relationships.
- Bumble (Symbol: BMBL), Match Group (Symbol: MTCH)— The dating service stocks rose on Friday after RBC Capital Markets initiated coverage of both Bumble and Match at outperform. The firm said in a note to clients that online dating still has significant growth ahead. Shares of Bumble rose about 6%, while Match Group added 2.77%.
- AMC Entertainment (Symbol: AMC)— Shares of the movie-theater chain dropped 3.65% in midday trading as Wall Street analysts bemoaned the company’s decision not to issue more equity. AMC, a popular trade among Reddit users and now considered a “meme” stock, is making a “huge mistake for the shareholders to not allow the company to issue more stock at what we perceive to be highly inflated prices,” Loop Capital’s Alan Gould said in a note released Friday.
During Premarket hours today – (Monday – 12.07.2021):
- Virgin Galactic (Symbol: SPCE)— Shares of the space company jumped 9% in premarket trading after CEO Richard Branson completed a long-awaited test flight to space on Sunday. It was the first spaceflight to date for Virgin Galactic carrying more than one passenger. Branson also became the first of the billionaire space company founders to ride his own spacecraft, beating Elon Musk and Jeff Bezos.
- Cheesecake Factory (Symbol: CAKE)— The restaurant stock climbed more than 1% in premarket trading after Raymond James upgraded the shares to outperform from market perform. The Wall Street firm said the market is underestimating the comeback for full-service restaurants. Cheesecake Factory shares have fallen about 8% in the past month.
- Nordstrom (Symbol: JWN)— Shares of the department store dipped slightly after the company said Sunday it has acquired a minority stake in four apparel brands owned by the online U.K. fashion house Asos. The brands — Topshop, Topman, Miss Selfridge and the activewear label HIIT — target younger consumers in their 20s. Financial terms of the deal weren’t disclosed.
- JPMorgan (Symbol: JPM), Bank of America (Symbol: BAC)— Major bank stocks traded lower across the board despite expectations for strong earnings reports this week. JPMorgan dipped 0.7%, while Goldman Sachs (Symbol: GS) fell 0.5% and Bank of America shares traded 0.8% lower. The decline came as bond yields continued to drift lower.
- United Airlines (Symbol: UAL), Carnival (Symbol: CCL)—Shares tied to the economic reopening were slightly weaker in premarket Monday. United Airline fell more than 1% after losing 2.3% month to date. Boeing (Symbol: BA) and Delta Air Line (Symbol: DAL) both traded about 1% lower. Carnival (Symbol: CCL), Norwegian Cruise Line (Symbol: NCLH) and Royal Caribbean (Symbol: RCL) all fell over 1%.
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