During Market hours Monday — (Monday – 12.07.2021):
- The Dow (Symbol: DIA) went up 0.37%. The S&P 500 (Symbol: SPY) climbed 0.36% and the Nasdaq (Symbol: QQQ) went up 0.39%.
- Virgin Galactic (Symbol: SPCE)— Shares of Virgin Galactic were down 17.30% in midday trading after the space company filed to sell up to $500 million in common stock. The swoon came despite a successful test flight over the weekend with founder Sir Richard Branson. The stock, which trades under ticker SPCE, was halted for volatility earlier in the session.
- Cheesecake Factory (Symbol: CAKE)— Shares of the restaurant chain jumped 4.1% after Raymond James upgraded its shares to outperform from market perform and said the market is underestimating the comeback for full-service restaurants. Cheesecake Factory particularly saw a boost in recent months from its footprint states that were slower to reopen, Raymond James’ Brian Vaccaro said.
- Didi Global (Symbol: DIDI), Tencent Music (Symbol: TME)— Chinese stocks extended their sell-off with Didi falling 7.23% and Tencent falling 4.19% amid intensifying regulatory pressure. China has vowed to crack down on domestic companies that list on U.S. exchanges and it will also tighten restrictions on cross-border data flows and security.
- Financial firms— Companies in the financial services businesses are still broadly enjoying the rebound in bond yields and the period before earnings season, in which they’re expected to produce blowout results for the second quarter. Discover Financial (Symbol: DFS) jumped 3.4% while Morgan Stanley (Symbol: MS), T. Rowe Price (Symbol: TROW), Goldman Sachs (Symbol: GS) and Capital One (Symbol: COF) traded higher by more than 2%.
- Travel sites — Booking websites are trading lower as parts of Asia, Europe and Australia reimpose travel restrictions to protect against the spread of the delta variant of Covid-19. Expedia (Symbol: EXPE) shares fell 0.23%, while TripAdvisor (Symbol: TRIP) shares fell 2.6%.
- Cruise lines — Shares of cruise companies are also taking a hit in response to worries about the spread of the delta variant and a resurgence of Covid-19 cases. Carnival Corp’s stock (Symbol: CCL) is down 1.6%. Royal Caribbean Cruises (Symbol: RCL) and Norwegian Cruise Line (Symbol: NCLH) fell 0.96% and 0.76%, respectively.
- Disney (Symbol: DIS)— Shares of the media giant gained 4.15% following the release of “Black Widow.” The film brought in $80 million from the domestic box office, which is the highest of any film released following the pandemic. The latest Marvel movie also brought in more than $60 million globally from sales through Disney+ Premier Access.
- Clover Health (Symbol: CLOV)– Clover’s stock fell 2.5% after JPMorgan downgraded it Monday morning to underweight from neutral, before climbing back up 4.4%. JPMorgan said uncertainty about the company’s business and a weak first-quarter report made the stock unattractive and that other managed care companies offer a more balanced risk/reward profile.
- Charter (Symbol: DIA)— Shares of Charter fell 2.2% after Bernstein downgraded the telecommunications and media company to market perform from outperform. “We remain convicted about Charter’s business plans, financial strategies, and structural competitive position in most of the U.S.,” the firm said.
During Premarket hours today – (Tuesday – 13.07.2021):
- PepsiCo (Symbol: PEP) – The snack and beverage giant gained 1.3% in premarket trading, after beating estimates on the top and bottom lines and raising its full-year forecast. PepsiCo earned an adjusted $1.72 per share for the quarter, 19 cents above estimates, helped by increasing North American beverage sales.
- JPMorgan Chase (Symbol: JPM) – The bank reported a quarterly profit of $3.78 per share for the second quarter, beating the $3.21 consensus estimate, with revenue also topping Street forecasts. Results got a boost from an increase in investment banking fees, but the stock fell 1.3% in premarket action.
- Boeing (Symbol: BA) – Boeing shares fell 2.2% in the premarket, after saying it would cut the production rate for its 787 Dreamliner to deal with a new production-related issue. It now expects to deliver fewer than half of the roughly 100 787s in inventory this year, instead of the “vast majority” it had previously predicted.
- Conagra Brands (Symbol: CAG) – The food producer beat estimates by 2 cents with adjusted quarterly earnings of 54 cents per share, with revenue topping analyst predictions as well. Conagra did cut its fiscal 2022 full-year forecast due to the impact of inflation, and its stock fell 3.7% in premarket action.
- Nokia (Symbol: NOK) – Nokia said it would announce an improved outlook for the year on July 29, when it reports its second-quarter results. The telecom equipment maker cites a pickup in business during the quarter. Shares surged 8.4% in premarket trading.
- Hanesbrands (Symbol: HBI) – The stock jumped 3.2% in the premarket after Wells Fargo upgraded the apparel producer to “overweight” from “equal weight”. Wells Fargo said it was impressed by the company’s new leadership team and the overall direction of the business.
- Johnson & Johnson (Symbol: JNJ) – The FDA is adding a warning label to Johnson & Johnson’s Covid-19 vaccine, to warn of a very small incidence of the rare neurological disorder known as Guillain-Barre syndrome. Johnson & Johnson fell 1% in the premarket.
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