During Market hours Friday — (Friday – 05.08.2021):
- The Dow (Symbol: DIA) raised 0.42%. The S&P 500 (Symbol: SPY) went up 0.17% and the Nasdaq (Symbol: QQQ) slid 0.44%.
- Robinhood (Symbol: HOOD)— Shares of Robinhood popped 7.93% after the company reiterated that it is not selling any additional stock. On Thursday, the company disclosed that existing shareholders will sell up to 97.9 million shares over time. The trading app also clarified Friday morning that these sales would not start right away, easing concerns about an immediate jump in stock supply that could weigh down the shares.
- Yelp (Symbol: YELP)— The online review site operator’s stock jumped 5.24% after it reported quarterly earnings late Thursday of 5 cents per share, beating forecasts of a 9-cent per share loss. The company also beat estimates on revenue and raised its full-year forecast, citing continued strength in ad revenue.
- Virgin Galactic (Symbol: SPCE)— Shares of Virgin Galactic jumped 5.84% following the space tourism company’s second-quarter results. Virgin Galactic announced it would reopen ticket sales with seats starting at $450,000, while further delaying the beginning of commercial service. Wall Street had mixed views on the news.
- Dropbox (Symbol: DBX)– Shares of the cloud storage company advanced 2% following earnings. Dropbox beat top- and bottom-line estimates during the second quarter, earning 40 cents per share excluding items on $531 million in revenue. Analysts surveyed by Refinitiv were expecting the company to earn 33 cents per share on $524 million in revenue.
- DraftKings (Symbol: DKNG)– The sports betting company saw its shares rise 2.20% following a stronger-than-expected quarterly report. DraftKings reported quarterly profit and revenue that beat analysts’ estimates and raised its revenue forecast for the full year 2021.
- Novavax (Symbol: NVAX)– Shares of the drug maker plunged 19.61% after the company said it would delay seeking emergency use authorization for its Covid-19 vaccine until the fourth quarter. Novavax also posted a wider-than-expected loss and revenue that fell short of Wall Street’s expectations.
- Carvana (Symbol: CVNA)– Carvana shares edged up 2.57% after the online used-car retailer posted an unexpected profit for its latest quarter. It marked the company’s first profitable quarter. Carvana also posted better-than-expected revenue as auto sales enjoyed a boom in demand since the pandemic began last year.
During Premarket hours today – (Monday – 09.08.2021):
- Sanderson Farms (Symbol: SAFM) – The poultry producer agreed to be acquired for about $4.5 billion, or $203 per share, by privately-held food producer Cargill and agriculture investment firm Continental Grain. The all-cash deal represents an 11.3% premium over Friday’s closing price for Sanderson Farms. Sanderson shares surged 8.3% in the premarket.
- Tesla (Symbol: TSLA) – Tesla gained 1.6% in the premarket after Jefferies upgraded the stock to “buy” from “hold,” based on what the firm feels is more efficient capital deployment and an improved ability by auto manufacturers to increase profit margins over time.
- U.S. Foods (Symbol: USFD) – The foodservice distributor’s shares rallied 6.5% in the premarket after beating Street forecasts with its second-quarter profit and revenue. U.S. Foods earned 58 cents per share, 22 cents a share above estimates, helped by strong demand for its products and services as the industry recovers from the pandemic.
- Tyson Foods (Symbol: TSN) – The beef and poultry producer reported quarterly earnings of $2.70 per share, well above the consensus estimate of $1.62 a share. Revenue also came in above analysts’ projections. Results got a boost from strong consumer demand as well as restaurant reopenings. Tyson shares rose 2.6% in premarket trading.
- Norwegian Cruise Line (Symbol: NCLH) – A federal judge ruled that the cruise line can ask passengers for proof of Covid-19 vaccination, temporarily blocking a Florida law banning that practice.
- Berkshire Hathaway (Symbol: BRK.B) – Berkshire shares rose 1.2% in premarket trading after it reported a 7% increase in second-quarter earnings. Berkshire’s results were helped by a rebound across its businesses including its railroad and energy companies.
- Veoneer (Symbol: VNE) – The auto parts maker said it would begin talks with Qualcomm (Symbol: QCOM) about the chip maker’s takeover bid, which topped a bid from automotive software maker Magna International (Symbol: MGA) that had been previously approved by Veoneer’s board. Qualcomm’s bid is worth $4.6 billion, compared to the approximately $3.8 billion value of Magna’s deal. Veoneer slid 3.3% in premarket trading.
- Exact Sciences (Symbol: EXAS) – The molecular diagnostics company has approached genetic testing firm Invitae (Symbol: NVTA) about a possible merger, according to people familiar with the matter who spoke to Bloomberg. The people said the two sides are not in active talks and that a seal would likely be a low-premium, all-stock transaction. Invitae surged 7.2% in the premarket while Exact Sciences fell 2%.
- Dollar Tree (Symbol: DLTR) – The discount retailer was downgraded to “hold” from “buy” at Deutsche Bank, which expressed concerns about the impact of increased freight and labor costs on profit margins. Dollar Tree lost 1.5% in premarket action.
- Exxon Mobil (Symbol: XOM), Chevron (Symbol: CVX) – These and other energy companies are under pressure as oil prices slide following new China virus measures as well as a U.N. report on the impact of climate change. Exxon fell 1.3% in premarket trading, while Chevron was down 1.6%.
- Victoria’s Secret (Symbol: VSCO) – JPMorgan Chase initiated coverage on the women’s apparel retailer with an “overweight” rating, noting its dominant market position in lingerie and nightwear and expansion opportunities in swimwear. Victoria’s Secret added 1.6% in the premarket.
- NetEase (Symbol: NTES) – The China-based online services company surged 2.3% in premarket trading, following a Reuters report that it has delayed a planned $1 billion Hong Kong initial public offering of its Cloud Village music streaming service. People with direct knowledge of the matter said the delay was due to volatile trading in China’s major tech companies.
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