During Market hours on Friday – 11.03.2022

Last week, US markets had one of their worst weeks of 2022, as investors reduced their risk appetite due to the continued conflict in Ukraine. Below some of the most representative highlights:

  • The Dow (Symbol: DIA) went down 0.63%. The S&P 500 (Symbol: SPY) dropped 1.27% and the Nasdaq (Symbol: QQQ) lost 2.07%.
  • Meta Platforms (Symbol: FB) — Shares of the Facebook parent fell 3.8% after Russia restricted access to Instagram and opened a criminal investigation on Meta, after the company changed its hate speech rules to allow violent threats against Russia and its military for its invasion of Ukraine. Additionally, regulators in the EU and U.K. opened antitrust probes into Meta over its 2018 “Jedi Blue” ad deal.
  • Rivian Automotive (Symbol: RIVN) — Rivian’s stock price tumbled 7.5%, after the electric vehicle maker reported an earnings miss for its fourth quarter and forecast modest vehicle production for 2022. Rivian is projecting only 25,000 car deliveries in fiscal year 2022.
  • DocuSign (Symbol: DOCU) — Shares of the electronic signature company plummeted 20.1% after DocuSign issued disappointing revenue guidance for the full year. The company expected 2022 revenue to range between $2.47 billion and $2.48 billion, well below a StreetAccount forecast of $2.61 billion.
  • Oracle (Symbol: ORCL) — Shares of Oracle rose 1.5% after the software company released its latest quarterly results. Oracle’s revenue of $10.51 billion matched a Refinitiv consensus estimate. The company earned an adjusted $1.13 per share, but it was unclear if that was comparable to a forecast of $1.18 per share.
  • Pearson (Symbol: PSO) — Shares of the education publisher jumped 17.7% after the company rejected an $8.5 billion offer from Apollo Global Management. The private equity Affirm made two unsolicited approaches, Pearson said, with proposals that undervalued the company.
  • DiDi Global (Symbol: DIDI) — The ride-hailing company saw its shares fall 44% following a Bloomberg report that it’s suspending plans to list its shares in Hong Kong. Didi failed to meet Chinese regulators’ demands related to how it handles sensitive user data, according to the report.

During Premarket hours today (Monday – 14.03.2022):

  • Alibaba (Symbol: BABA), JD.com (Symbol: JD) — The e-commerce stocks were among China-based companies taking a hard hit on concerns about U.S. delistings, as well as the impact of new Covid-19 outbreaks in the Chinese tech hub of Shenzhen. Alibaba fell 4.7% in the premarket while JD.com sank 5.1%.
  • Occidental Petroleum (Symbol: OXY), Chevron (Symbol: CVX) — The energy stocks were downgraded to “equal-weight” from “overweight” at Morgan Stanley, which notes that both have outperformed peers in recent months and now offer less attractive relative valuations. Occidental fell 3.3% in the premarket while Chevron slid 2.4%.
  • Lockheed Martin (Symbol: LMT) — The defense contractor’s shares gained 1.6% in premarket trading after sources told Reuters that Germany would purchase up to 35 of Lockheed’s F-35 fighter jets.
  • Ford Motor (Symbol: F) — Ford is forecasting a 12% drop in U.S. sales this year, according to a report in Automotive News, citing people present at a meeting with dealers. The publication said Ford has lost 100,000 units of production so far this year due to parts shortages. Despite that news, Ford added 1% in premarket action.
  • Berkshire Hathaway (Symbol: BRK.B) — Berkshire is urging the rejection of four shareholder proposals, including the replacement of Warren Buffett as chairman and a proposal that Berkshire report on its plans to handle climate risk. Berkshire added 1% in the premarket.

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