During Market hours on Friday (25.09.2020):
U.S. stocks rose on Friday, recovering some of their losses for the week, as tech shares clawed back some of their big September declines.
The Dow (Symbol: DIA) closed with an increase of 1.3%, The S&P 500 (Symbol: SPY) climbed 1.6%. The Nasdaq (Symbol:QQQ) popped 2.7%. It was the best day for the major averages since Sept. 9. Monday could see less trading volume than normal due to the Yom Kippur holiday.
- Shares of Amazon (Symbol: AMZN) rose 2.5% and Facebook (Symbol: FB) gained 2.1%. Apple (Symbol: AAPL) advanced 3.8% and Microsoft (Symbol: MSFT) climbed 2.3%. Netflix (Symbol: NFLX) closed 2.1% higher.
- Bristol-Myers Squibb (Symbol: BMY) Shares of the pharmaceutical company rose 2.1% after it announced positive interim results from a phase three trial of an immunotherapy drug for bladder cancer patients. The company said it will continue the trial to collect more data.
- General Mills (Symbol: GIS) Shares of General Mills gained 1.6% after Credit Suisse upgraded the cereal and snack maker to outperform from neutral following the company’s better-than-expected earnings. The bank said General Mills will be able to retain more consumers than many of its peers in the food category.
- Royal Caribbean (Symbol: RCL), Carnival (Symbol: CCL), Norwegian Cruise Line (Symbol: NCLH) Shares of cruise operators jumped on Friday after Barclays upgraded the sector to overweight from equal weight. The Wall Street firm said the worst is over for the beaten down group and that next week’s CDC decision on the no-sail order will be a catalyst for the stocks. Norwegian popped 13.6% while Carnival gained 9.6%. Royal Caribbean was up 7.7%.
- Costco (Symbol: COST) Shares of the retailer fell 1.2% despite a stronger-than-expected fourth quarter report. The company reported $3.04 in adjusted earnings per share on $53.58 billion of revenue, beating analyst expectations on both counts. Investment firm D.A. Davidson said in a note that it is unclear how much more Costco can grow its member base.
- DraftKings (Symbol: DKNG) Shares of DraftKings climbed more than 5.1% after Argus initiated coverage on the online gambling company with a buy rating. The Wall Street firm said the online gaming industry is in the early stages of growth and DraftKings will continue to benefit from its market leadership.
- Tesla (Symbol: TSLA) Shares of the electric vehicle maker rose more than 5% to wrap up a volatile week of trading in the Elon Musk-led company. For the week, the stock is still down more than 8% amid the company’s widely-anticipated “Battery Day” on Tuesday.
- Penn National Gaming (Symbol: PENN) Shares of the gambling company rose more than 9.1% after Penn National announced that it has priced its 14 million share offering at $61 per share. The offering will raise at least $854 million, prior to the deduction of underwriting discounts and other expenses.
- Nikola (Symbol: NKLA) Shares of the electric truck maker gained more than 1.8% to end a rough week for the stock on a high note. The stock is down more than 40% on the week after founder and executive chairman Trevor Milton announced his resignation on Monday amid an accusation of fraud at the company from short-selling firm Hindenburg Research.
- A federal judge has temporarily blocked an order from the Trump administration, which would have banned TikTok from being downloaded from U.S. app stores. The judge, however, did not halt a much broader U.S. ban set for Nov. 12
During Premarket hours today – Monday (28.09.2020):
- Shares of technology stocks continued their rebound in premarket trading Monday. Apple (Symbol: AAPL) gained 2% and Tesla (Symbol: TSLA) rose 3% in early trading.
- Caesars Entertainment (Symbol: CZR) Shares of Caesar’s were up more than 6% after the casino operator disclosed a cash offer of 2.9 billion pounds to buy London-based sports betting site William Hill. London-listed William Hill shares dropped more than 10%.
- Snap (Symbol: SNAP) Spotify (Symbol: SPOT) An analyst at Guggenheim upgraded Snap to “buy” from “neutral,” and Spotify from “sell” to “neutral.” “Over the next 12 months, we expect the valuation scale will be tipped in favor of software, and as such, we view current software multiples as upside targets for our internet coverage,” the analyst said in a note. Both Snap and Spotify were up more than 3% in the premarket.
- Virgin Galactic (Symbol: SPCE ) Virgin Galactic shares popped 10% after Bank of America and Susquehanna initiated coverage of the spaceflight company with “buy” and “positive” ratings, respectively. Susquehanna said it sees Virgin Galactic “as an innovator of space technology with a truly unique offering that will allow civilians and professionals alike to access space for entertainment and research purposes.”
- Chevron (Symbol: CVX) Chevron was upgraded to “buy” from “neutral” by an analyst at Bank of America, who noted the company’s free cash flow can “can support fair value around $96 or 34% above current levels and with no need for any further recovery in oil prices.” Shares of the energy giant rose by 1.9%.
- Pinterest (Symbol: PINS) Pinterest shares were up 3.4% after Guggenheim initiated the social media company with a “buy” rating and a $48-per-share price target. That target implies a 20% upside from the stock’s closing price of $39.90 per share on Friday. In a note, the analyst said Pinterest is “recommendations andexpanding content verticals, which we believe will increase the service’s utility and drive higher frequency.”
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