During Market hours Friday — (Friday – 21.10.2022):
- The Dow (Symbol: DIA) went up +2.50 %. The S&P 500 (Symbol: SPY) gained +2.43%. and the Nasdaq (Symbol: QQQ) rose +2.34%.
- Snap (Symbol: SNAP) — Shares of the Snapchat parent company cratered -28.1% after it missed revenue estimates and saw its slowest sales growth since going public as advertising spending slows.
- Twitter (Symbol: TWTR) — The social media stock sank more than -4.9% Friday amid a slew of media reports on Twitter and Elon Musk. The Washington Post reported on Thursday that the Tesla CEO told some potential investors that he would slash nearly three-quarters of Twitter’s workforce in his deal to buy the company. Bloomberg reported that the Biden administration is weighing whether it should subject some of Musk’s ventures to national security reviews.
- American Express (Symbol: AXP) — Shares of American Express fell about -1.7% even after the bank reported quarterly earnings and revenue that beat analysts’ expectations. The bank also raised its full-year forecast and increased the amount of money it set aside for potential defaults. That signals higher interest rates could hurt customers in the future.
- Moderna (Symbol: MRNA) — Moderna’s stock rose +8.4% as SVB Securities upgraded the biotech company to market perform and raised its price target following a long period of underperformance.
- AT&T (Symbol: T) — Shares of the telecom giant gained +2.1%, boosted by a rare upgrade from Truist to a buy from hold after the company’s strong quarterly results. AT&T’s stock is on pace to gain nearly 13% this week.
- Pfizer (Symbol: PFE) — The big pharma stock surged +4.8%. Shares were helped by a Reuters report that a Pfizer executive said on Thursday the company is planning to raise the price of its Covid-19 vaccine to as much as $130 a dose, up from the roughly $30 a dose the U.S. government currently pays, according to FactSet.
- CSX (Symbol: CSX) — The rail stock rose +1.7% after the company posted third-quarter results that surpassed Wall Street’s estimates on the top and bottom lines. CSX had adjusted earnings of 52 cents a share on revenues of $3.9 billion.
During Premarket hours today – (Monday – 24.10.2022):
- Tesla (Symbol: TSLA) — Tesla fell -2.5% in the premarket after cutting Model 3 and Model Y prices in China by up to 9%. The price cuts come amid signs of softening demand in China. Chinese EV makers are also seeing their shares under pressure, with Nio (Symbol: NIO) down -10.4%, XPeng (Symbol: XPEV) losing -11.3% and Li Auto (Symbol: LI), falling -10.3%.
- WeWork (Symbol: WE) — The office-sharing company’s stock jumped +3.8% in the premarket after Cantor Fitzgerald rated it “overweight” in new coverage. Cantor notes that $2.7 billion in expenses have already been removed through cost cuts and optimizing the company’s real estate portfolio.
- Alibaba (Symbol: BABA) — Alibaba tumbled -12.3% in premarket trading after the release of weaker-than-expected China GDP data. The Chinese e-commerce giant saw the price of its US ADRs dip below their 2014 IPO level of $68 per share.
- China Tech Stocks — China-based tech stocks are under pressure after President Xi secured a third leadership term, leading to speculation of a continued crackdown on the country’s tech sector. Among shares that trade in the U.S., JD.com (Symbol: JD) tumbled -15.9% in the premarket, Baidu (Symbol: BIDU) slid -12.7% and Tencent Music (Symbol: TME) fell -11%.
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