During Market hours on Friday – 10.06.2022

  • The Dow (Symbol: DIA) went down 2.67%. The S&P 500 (Symbol: SPY) lost 2.90% and the Nasdaq (Symbol: QQQ) dropped 3.53%.
  • Stitch Fix (Symbol: SFIX) – The clothing retailer dropped 18.5% after Stitch Fix said it expected revenue to decline in the fiscal fourth quarter and announced layoffs. The company said it expected the layoffs to save it between $40 million and $60 million in the 2023 fiscal year. Stitch Fix’s third-quarter revenue came in at $493 million, which matched expectations, according to Refinitiv.
  • DocuSign (Symbol: DOCU) – Shares of the electronic signature software vendor dropped a whopping 24.5% after the company reported weaker-than-expected earnings in its fiscal first quarter. Both earnings per share and revenue for the quarter missed analysts’ expectations per Refinitiv. DocuSign delivered 25% revenue growth from a year earlier, but investors are increasingly concerned with profitability. The company also got hit by three downgrades from Wall Street analysts.
  • Netflix (Symbol: NFLX) – Shares of the streaming giant slipped 5.1% on a downgrade to “sell” by Goldman Sachs. The bank cited rising competition and a looming recession as major near-term threats to Netflix.
  • Illumina (Symbol: ILMN) – The biotech stock dropped more than 9% after Illumina announced that its chief financial officer will leave next month. The current CFO, Sam Samad, is leaving for a similar role at Quest Diagnostics.
  • Roblox (Symbol: RBLX) – Shares of the gaming company fell almost 9% after Goldman Sachs downgraded Roblox to sell from neutral. “We have increasing concerns around the post-pandemic environment and expect a continuation of slowing growth, tough comps, & normalization of margins in the near-term,” Goldman said.
  • eBay (Symbol: EBAY) – Shares of the e-commerce company fell more than 5% after Goldman Sachs downgraded the stock to sell from neutral. The Wall Street firm said it sees revenue growth risk with the global consumer environment under pressure. Goldman also cited eBay’s overexposure to international markets and its growth initiatives that have not scaled.

During Premarket hours today (Monday – 13.06.2022):

  • Coinbase (Symbol: COIN) — Shares of the cryptocurrency exchange sank more than 14% amid the sharp pullback in the prices of bitcoin and other digital assets over the weekend.
  • DocuSign (Symbol: DOCU) — The software stock extended its losses from Friday in premarket trading, falling more than 5%. DocuSign fell more than 24% on Friday after the company missed earnings and slashed its guidance. Wolfe Research downgraded the stock to “underperform” from “peer perform” over the weekend.
  • Amazon (Symbol: AMZN) — Big Tech stocks were down sharply in premarket trading as investors braced for a broad sell-off. Amazon was one of the worst performers among the megacap names, falling nearly 4%.
  • Microstrategy (Symbol: MSTR) — The software stock dropped more than 20% in premarket trading as the price of bitcoin retreated below $24,000. Microstrategy has bet big on bitcoin and held more than 129,000 coins as of the end of March.
  • Silvergate Capital (Symbol: SI) — The crypto-focused bank saw its stock fall more than 13% in response to the decline in bitcoin and other digital assets. Silvergate’s slide came despite a positive initiation from Wells Fargo.
  • Tesla (Symbol: TSLA) — Shares of the electric automaker retreated 4% as the broad sell-off in risk assets outweighed an upgrade from RBC Capital Markets.

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