During Market hours on (Monday – 09.05.2022):

  • The Dow (Symbol: DIA) went dowm 1.97%. The S&P 500 (Symbol: SPY) lost 3.2%. and the Nasdaq (Symbol: QQQ) sank 3.91%.
  • Palantir (Symbol: PLTR) – Shares of the software company dropped 21.3% after Palantir’s first-quarter earnings came in below expectations. The company reported 2 cents of adjusted earnings per share on $446 million of revenue. Analysts surveyed by Refinitiv expected 4 cents of earnings per share on $443 million of revenue. Palantir’s second-quarter guidance for revenue and adjusted operating margin was also below expectations, according to StreetAccount.
  • Rivian (Symbol: RIVN) – Shares of the electric vehicle maker fell 20.9% following a CNBC report that Ford Motor will sell 8 million shares as the insider lockup for the stock is set to expire. Ford currently owns 102 million shares of Rivian. Ford shares fell 4%.
  • Uber (Symbol: UBER)  – The ride-sharing company’s stock dropped 11.6% after CEO Dara Khosrowshahi revealed plans to slash marketing and incentives spending and treat hiring as a “privilege,” according to an email to employees obtained by CNBC. “It’s clear that the market is experiencing a seismic shift and we need to react accordingly,” he said.
  • Coty (Symbol: COTY) — Shares tumbled 7.4% despite an earnings beat from the cosmetics company. Coty earned 3 cents per share on revenues of $1.19 billion in its most recent quarter. Analysts polled by Refinitiv were expecting earnings of 1 cent per share on revenues of $1.15 billion. Coty also raised its full-year outlook based on strong consumer demand.
  • Dish Network (Symbol: DISH) – Shares dipped 4.5% after JPMorgan downgraded Dish to neutral from overweight, citing “weaker than expected PayTV and wireless results.” Meanwhile, Credit Suisse upgraded Dish to outperform from neutral, saying it sees “sufficient upside” for the company.
  • Match (Symbol: MTCH) – Shares of the online dating company slid 4.5% after Wells Fargo upgraded the stock to overweight from equal weight. Wells said shares are “compelling” at current levels.
  • Virgin Galactic (Symbol: SPCE) – Shares of Virgin Galactic pulled back by 10.7% as Truist downgraded the space travel company to hold from buy amid concerns over additional flight delays.

During Premarket hours today (Tuesday – 10.05.2022):

  • Peloton (Symbol: PTON) – Peloton shares plunged 25.8% in the premarket after the fitness equipment maker reported a larger-than-expected quarterly loss and projected current-quarter revenue below estimates due to softening demand.
  • Novavax (Symbol: NVAX) – Novavax sank 23% in premarket trading after the vaccine maker missed both top and bottom line estimates for its latest quarter. The miss comes as Novavax shipped just 31 million Covid-19 vaccine doses during the quarter, putting it well off the pace of its projected 2 billion shots for 2022. Novavax reiterated its prior 2022 revenue forecast, however, saying it expected vaccine sales to accelerate during the current quarter.
  • Vroom (Symbol: VRM) – Vroom surged 38% in premarket trading after the online used-vehicle seller posted a smaller than expected quarterly loss and revenue that exceeded analyst estimates. Vroom also announced that chief operating officer Thomas Shortt would become CEO, replacing Paul Hennessey, as well as unveiling a restructuring that will eliminate about 270 jobs.
  • Biohaven Pharmaceutical (Symbol: BHVN) – The migraine drugmaker agreed to be bought by Pfizer (PFE) in a deal worth $11.6 billion, resulting in a 72% premarket surge in its shares. Biohaven shareholders will receive $148.50 per share in cash, plus half a share in a new publicly traded company that will hold some of the Biohaven drugs still in development. Pfizer, which had a 2.6% stake in Biohaven prior to the deal announcement, fell 1.4%.
  • Upstart (Symbol: UPST) – Upstart plummeted 51.2% in the premarket despite better-than-expected quarterly results. The decline comes as the AI-powered lending platform operator cut its outlook, saying the current macroeconomic environment is likely to negatively impact loan volume.
  • AMC Entertainment (Symbol: AMC) – AMC rallied 6.8% in the premarket after reporting a smaller than expected quarterly loss as well as revenue that exceeded analyst forecasts. AMC was helped by the release of popular big-budget movies like “The Batman,” and noted a jump in per-patron revenue above pre-pandemic levels.

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