During Market hours on Friday – 17.09.2021:
- The Dow (Symbol: DIA) went down 0.7%. The S&P 500 (Symbol: SPY) dipped 1.3%. and the Nasdaq (Symbol: QQQ) sank 1.2%.
- Thermo Fisher Scientific (Symbol: TMO) — The maker of scientific equipment saw shares jump more than 6% after it said earnings and revenue for 2022 will be much higher than analysts currently expect as demand booms amid the pandemic.
- Moderna (Symbol: MRNA) — The vaccine maker’s shares lost nearly 2.4% as the Food and Drug Administration vaccine advisory committee prepares to enter discussions on Friday afternoon about a Covid-19 booster shot that would be offered to the general public and vote on the Pfizer-BioNTech shot.
- Invesco (Symbol: IVZ) — Shares of the asset manager jumped 5% after the Wall Street Journal reported that the company is in talks to merge with State Street’s asset management unit. The report, citing people familiar with the matter, said a deal is not imminent and might not happen at all.
- U.S. Steel (Symbol: X) — U.S. Steel fell 8% after it revealed plans to build a new steel mill whose construction would start in 2022 with plans to have it operating in 2024. Demand for steel has been high, with prices about quadrupling since summer 2020. The shares are up 40% this year.
- Zumiez (Symbol: ZUMZ) — Shares of Zumiez rallied more than 8% after the skateboard apparel retailer announced a share repurchase of up to $150 million.
- Diamondback Energy (Symbol: FANG) — Energy producer Diamondback saw shares rose more than 3% after it announced a $2 billion stock buyback late Thursday as part of its accelerated plan to return 50% of free cash flow to shareholders in the fourth quarter.
- Cree (Symbol: CREE) — Cree fell nearly 3% after Bank of America downgraded the stock to underperform from neutral, saying it sees “limited” upside potential in the semis manufacturer. Specifically, it cited rising capital intensity and said competition offsets long-term electric vehicles benefits.
- FedEx (Symbol: FDX) — Shares of the delivery company slipped more than 1% on Friday after UBS slashed its earnings estimates for FedEx. The investment firm said rising wages and difficulty hiring would hurt FedEx’s bottom line when the company reports its fiscal first-quarter results next week.
- Freeport-McMoRan (Symbol: FCX) — The mining company fell more than 3.5%, extending its losses from Thursday driven by a pullback in the price of metals, including silver and copper. Freeport’s president also spoke about the development of mining projects at a virtual conference hosted by Morgan Stanley this week.
During Premarket hours today (Monday – 20.09.2021):
- Laredo Petroleum (Symbol: LPI), Occidental Petroleum (Symbol: OXY) — Oil and energy stocks dipped in premarket trading on Monday. The SPDR S&P Oil & Gas Exploration ETF is down more than 3% in early trading, on pace for its 3rd straight negative session. Laredo Petroleum is down more than 8%, Callon Petroleum is down roughly 6%, and Occidental Petroleum is down nearly 5%. The losses came as crude oil fell on fears of a global economic slowdown tied to the China property market.
- Colgate-Palmolive (Symbol: CL) — The consumer staples stock was upgraded to buy from hold by Deutsche Bank on Sunday. The investment firm said that Colgate’s difficulties with inflation and in some international markets was already priced into its stock.
- JPMorgan (Symbol: JPM), Bank of America (Symbol: BAC) — Bank stocks slid in unison amid a decline in bond yields on slowdown fears. Investors flocked to Treasurys for safety as the stock market is set for its biggest sell-off in months. Big bank stocks took a hit as the falling rates may crimp profits. Bank of America and JPMorgan Chase were each down more than 2% in premarket trading. Citizens Financial Group dropped 3%, while Citigroup declined 2.5%.
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