During Market hours Friday — (Friday – 10.09.2021):
- The Dow (Symbol: DIA) sunk 0.75%. The S&P 500 (Symbol: SPY) slid 0.79% and the Nasdaq (Symbol: QQQ) went down 0.76%.
- Apple (Symbol: AAPL)– Shares of the tech giant fell 3.3% after a judge ruled that Apple could not force app developers to use in-app purchasing. The decision will allow developers to direct users to pay through another platform and cut out Apple, which takes a percentage of in-app purchases.
- Cigna (Symbol: CI)– The health insurance stock dropped 4.3% after Bank of America double downgraded Cigna to underperform from buy. The firm said in a note to clients that uncertainty about Cigna’s future earnings meant investors should back away.
- Affirm (Symbol: AFRM)– Shares of the payments company soared 34.3% after issuing quarterly results. Affirm reported revenue of $261.8 million in the fiscal fourth quarter, beating analysts’ expectations and marking a 71% growth. The buy now, pay later company also issued an upbeat guidance for the current quarter.
- Aspen Aerogels (Symbol: ASPN)– Shares of the materials company rose 1.7% after Piper Sandler initiated coverage of Aspen with an overweight rating. The investment firm said Aspen, which makes fire-suppression products used in the oil and gas industry, could become a key supplier to the electric vehicle industry.
- Take-Two Interactive (Symbol: TTWO)– The video game stock slipped 1.97% after Take-Two announced that the latest version of its “Grand Theft Auto” franchise would be delayed by four months to “allow additional time to further polish the final products.”
- Toyota Motor (Symbol: TM)– Shares of the Japanese automaker dipped 2.1% after Toyota cut its full-year production guidance. The company said the spread of Covid-19 in Asia was causing a shortage of parts for vehicles.
- Sunrun (Symbol: RUN)– Shares of the residential solar installer jumped 0.2% after Needham initiated coverage on the company with a buy rating. The firm said Sunrun will benefit from electric vehicle adoption, a focus on energy resiliency, rising utility rates and heightened environmental awareness. The firm has a $75 target on the stock, which is 60% above where shares closed on Thursday.
- Oatly (Symbol: OTLY)– The alterative milk company Oatly gained 5.82% after Cowen initiated coverage of the stock as an outperform, saying it has a long runway for growth and noting its global footprint, particularly as a first mover in Asia, as a “significant opportunity.” Credit Suisse also added Oatly to its list of top outperform picks on Thursday.
- Dave & Buster’s (Symbol: PLAY)– Shares of Dave & Buster’s gained 1.16% after BMO raised its price target on the stock to $58 from $54 after the company’s quarterly earnings report. The new price target is a new Street high. BMO said Dave & Buster’s “cash flow outlook provides broader capital allocation opportunities.”
During Premarket hours today – (Monday – 13.09.2021):
- Virgin Galactic (Symbol: SPCE) – Virgin Galactic is delaying its first commercial research space mission after a third-party supplier warned of a potential defect in a component of the flight control system. Virgin Galactic shares slid 3.4% in the premarket.
- Dell Technologies (Symbol: DELL) – Dell added 2.1% in premarket action after Goldman Sachs added the computer maker’s stock to its “Conviction Buy” list. Goldman cited strong cash flow generation and debt paydown plans, among other factors.
- TransUnion (Symbol: TRU) – TransUnion announced a deal to buy closely held information services company Neustar for $3.1 billion in cash. The credit reporting agency expects the deal to close during the fourth quarter.
- Viacom (Symbol: VIAC) – Viacom is planning a revamp of its Paramount Pictures unit, according to people familiar with the matter who spoke to The Wall Street Journal. The revamp, which would separate the TV and film operations, could be announced as soon as today. Viacom rose 1% in the premarket.
- Kansas City Southern (Symbol: KSU) – Kansas City Southern said the latest takeover bid from Canadian Pacific Railway (Symbol: CP) is superior to the one it previously agreed to with Canadian National Railway (Symbol: CNI). Canadian National now has five days to improve its offer, should it choose to do so. Canadian Pacific rallied 2.1% in premarket trading.
- Walt Disney (Symbol: DIS) – Disney will show the remainder of its 2021 movie releases exclusively in theaters, rather than making them simultaneously available on its Disney+ streaming service. Disney’s “Shang-Chi and the Legend of the 10 Rings” topped the weekend box office once again following its record Labor Day weekend performance, with that movie showing exclusively in theaters.
- Alibaba (Symbol: BABA) – Alibaba fell 1.6% in premarket action following a Financial Times report that the Chinese government wants to break up Alipay, the digital payments company owned by Jack Ma’s Ant Group. Alibaba has a one-third stake in Ant Group.
- Apple (Symbol: AAPL) – Epic Games will appeal Friday’s ruling that Apple’s app store was not an illegal monopoly. Epic did win a partial victory in the case, with the judge ruling that Apple must allow developers to include external payment links.
- Carlyle Group (Symbol: CG) – Carlyle is considering a $6 billion sale or initial public offering for packaging company Novolex, according to a Bloomberg report. The private-equity firm bought Novolex for an undisclosed amount in November 2016.
- MGM Resorts (Symbol: MGM) – MGM rose 1.7% in the premarket after Bernstein upgraded the resort operator’s stock to “outperform” from “market perform,” citing its strong presence in the gaming and sports betting industry as well as moves to divest the company’s real estate portfolio.
- Pfizer (Symbol: PFE) – Pfizer’s Covid-19 vaccine – developed in conjunction with German partner BioNTech (Symbol: BNTX) – could be authorized for use in children aged 5-11 as soon as next month, according to two sources familiar with the situation who spoke to Reuters. Pfizer is expected to have enough study data by then to submit an application for emergency use authorization to the Food and Drug Administration. BioNTech added 1.1% in premarket trading.
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