During Market hours on Friday – 11.02.2022

Despite initial advances earlier in the week, all three major US indexes sank sharply toward the end of last week, guided by rising inflation fears coupled by geopolitical tensions between Ukraine and Russia.

  • The Dow (Symbol: DIA) went down 1.49%. The S&P 500 (Symbol: SPY) dropped 1.97% and the Nasdaq (Symbol: QQQ) lost 3.17%.
  • Under Armour (Symbol: UA) — The sports equipment company’s shares dropped 12.5% as lingering supply chain constraints clouded the firm’s outlook and overshadowed its recent performance. The company also warned that heightened freight expenses will weigh on profits in the coming months. The sell-off in the stock came even as the retailer reported fourth-quarter earnings and sales ahead of analysts’ estimates.
  • Newell Brands (Symbol: NWL) — Shares of the household products maker jumped 11% after the company reported better-than-expected earnings and revenue for its most recent quarter and issued an upbeat earnings forecast. Newell brought in an adjusted 42 cents per share for its latest quarter, beating analysts’ estimates by 10 cents.
  • Affirm (Symbol: AFRM) — Shares of Affirm plunged 20.6% after Jefferies downgraded the “buy now, pay later” stock. The firm said credit normalization will lead to increased losses and rising interest rates will pressure margins.
  • Zillow Group (Symbol: Z) — Shares of the digital real estate platform soared 12.6% after reporting a smaller-than-expected loss for the fourth quarter. Zillow also beat revenue expectations. Those results came despite an $881 million loss on its now-shuttered home-flipping business.
  • Expedia (Symbol: EXPE) — The travel services company’s shares added about 1% before turning lower after quarterly earnings beat analysts’ estimates, while revenue for the period missed forecasts slightly. Expedia said it saw a big impact in travel bookings from Covid-related challenges, but they weren’t as long or as severe as in previous waves of the pandemic.
  • GoDaddy (Symbol: GDDY) — Web hosting company GoDaddy saw shares jump 8.6% after it reported quarterly earnings and revenue that beat Wall Street forecasts and announced a $3 billion share repurchase program. For the quarter, GoDaddy earned an adjusted 52 cents per share, beating estimates by 11 cents.
  • Yelp (Symbol: YELP) — The company behind the online review site gained 4.1% after it reported quarterly earnings of 30 cents per share, which more than doubled analysts’ expectations of 14 cents per share. Yelp also recorded better-than-expected revenue driven by strength in its advertising business.

During Premarket hours today (Monday – 14.02.2022):

  • Splunk (Symbol: SPLK) — Cisco Systems (Symbol: CSCO) made a more than $20 billion takeover bid for the cloud software company, according to people familiar with the matter who spoke to The Wall Street Journal. A deal of that size would represent the networking equipment maker’s largest-ever acquisition. Splunk surged 10% in the premarket, while Cisco shares fell 0.5%.
  • Blackstone (Symbol: BX) — The private-equity firm finalized a $6.3 billion deal to buy Australian casino operator Crown Resorts. Shareholders are expected to vote on the transaction during the second quarter, with the deal also requiring regulatory approval. Blackstone fell 2.6% in the premarket.
  • Rivian (Symbol: RIVN) — Soros Fund Management bought nearly 20 million shares of the electric truck maker during the fourth quarter of 2021, according to the fund’s quarterly filing. The stake was worth about $2 billion at the time of purchase, but its value has fallen to about $1.17 billion. Rivian was down 1.8% in premarket trading.
  • Tyson Foods (Symbol: TSN) — Tyson was downgraded to “equal weight” from “overweight” at Barclays in a valuation call, with the meat and poultry producer’s stock up 12.4% so far this year. Barclays said it sees limited upside potential at current levels, with anticipation of strong quarterly results already priced in. Tyson fell 1.4% in the premarket.
  • Texas Instruments (Symbol: TXN) — The chip maker’s stock fell 1.4% in premarket trading after Raymond James downgraded it to “market perform” from “outperform.” The firm points to unanticipated details surrounding a late-cycle increase in capital spending.

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