During Market hours on Friday – (Friday – 26.03.2021):
- Nasdaq (Symbol: QQQ) gained 1.5%. The S&P 500 (Symbol: SPY) jumped 1.61%. The Dow (Symbol: DIA) went up 1.36%.
- MSG Entertainment (Symbol: MSGE)– The parent company of Madison Square Garden announced Friday that it is buying media company MSG Networks (Symbol: MSGN)in an all-stock deal. The companies said in a release that the combined entity would be better positioned to take advantage of the expansion of sports betting. Shares of MSG Entertainment fell more than 9%, while those for MSG Networks lost 7.6%.
- Nio (Symbol: NIO)– The U.S.-traded shares of the Chinese electric vehicle stock fell 4.77% after Nio announced that it was idling one of its production plants for five days. The company cited the global semiconductor shortage as a reason for the pause and lowered its guidance for first-quarter deliveries.
- Bank of America (Symbol: BAC), JPMorgan Chase (Symbol: JPM)– Most bank stocks rose slightly after the Federal Reserve announced that the companies could resume buybacks and raise dividends after June 30. Shares of Bank of America rose 2.7%, while JPMorgan added 1.67%.
- Snowflake (Symbol: SNOW)– Shares of the data company gained more than 8.30% after Evercore ISI initiated coverage with an outperform rating. “We believe there are few software firms over the last decade that have as large a growth opportunity as Snowflake,” the firm wrote in a note to clients.
- ViacomCBS (Symbol: VIAC), Discovery (Symbol: DISCA)– Shares of the media companies continued to tumble as Wall Street worries about the valuation of these television and streaming stocks. The class B shares of ViacomCBS fell more than 27% after being downgraded to underweight from equal weight by Wells Fargo, while the class A shares Discovery also dropped more than 27% after the company was downgraded to equal weight from overweight by the same firm.
- BowX Acquisition (Symbol: BOWXU)– The special purpose acquisition company jumped 20.3% after news that it will take office-sharing company WeWork public in a deal worth $9 billion, including debt. The valuation is a far cry from the $47 billion that WeWork was valued for a traditional IPO in 2019.
- Root (Symbol: ROOT)– Shares of the auto insurer jumped more than 11% after a bullish call from Citron Research. The research firm said Root is a “disruptive tech company” and that it’s been misunderstood. Citron recently ditched its short-selling strategies after the GameStop mania and is now only focused on the long side.
- Progress Software (Symbol: PRGS)– The tech stock jumped 5.9% after reporting stronger-than-expected results for the first quarter. Progress reported earnings of 91 cents per share on revenue of $129 million. Analysts surveyed by Refinitiv were projecting 78 cents in earnings per share and $128 million in revenue.
During Premarket hours today – (Monday – 29.03.2021):
- Discovery Communications (Symbol: DISCA), Viacom (Symbol: VIAC) – Both stocks remain on watch this morning, after significant declines last week. A source with direct knowledge of the situation told CNBC the sell-off was due to forced liquidation of positions held by Archegos Capital Management. Discovery gained 4.4% in premarket trading, while Viacom rose 2.5%.
- Goldman Sachs (Symbol: GS), Credit Suisse (Symbol: CS), Nomura (Symbol: NMR) – Goldman told shareholders that any losses it faces from the unwinding of trades by Archipelago Capital Management are likely to be immaterial, according to a person familiar with the matter who spoke to Bloomberg. Credit Suisse said it faced a possible “highly significant and material” hit to its first-quarter results, however, after an unspecified fund had “defaulted on margin calls” to it and other banks. Nomura said it faced a possible $2 billion loss. Goldman fell 3% in premarket trading, Credit Suisse tumbled 11.2% and Nomura plummeted 14.5%.
- Fly Leasing (Symbol: FLY) – The Dublin-based aircraft leasing company agreed to be acquired by Carlyle Group (Symbol: CG) affiliate Carlyle Aviation Partners for $17.05 per share, compared to Fly Leasing’s Friday close of $13.25. Fly Leasing soared 26.6% in premarket action.
- Boeing Symbol: (BA) – Southwest Airlines (Symbol: LUV) announced 100 firm orders for Boeing’s 737 Max jet, while taking an option on 155 more jets. Southwest had been considering alternatives to the 737 Max during the time the jet was grounded following two fatal crashes. Boeing rose 2.7% in the premarket.
- Cal-Maine Foods (Symbol: CALM) – The nation’s largest egg producer reported fiscal third-quarter profits of 28 cents per share, beating the 8 cents a share consensus estimate. Cal-Maine gained 2.2% in premarket action.
- Tencent Music (Symbol: TME) – The China-based music streaming service announced a $1 billion share buyback, its biggest ever, and its shares rose 7.2% in premarket trading.
- Twitter (Symbol: TWTR) – Twitter shares gained 2.1% in the premarket after Truist upgraded the stock to “buy” from “hold,” with the firm pointing to higher revenue growth estimates as well as what it refers to as “the most exciting product roadmap” it has ever seen from Twitter.
- Bilibili (Symbol: BILI) – The China-based online video company made its debut in Hong Kong trading following its secondary listing, closing 1% below its listing price. Its U.S. shares jumped 3.6% in premarket action.
- Premier Financial Bancorp (Symbol: PFBI) – Ohio-based Peoples Bancorp (Symbol: PEBO) will merge with West Virginia-based Premier in an all-stock deal valued at about $292 million. Peoples shares rose 2% in premarket trading, with Premier gaining 1.4%.
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