Market News for Tuesday – 24.11.2020 and today Premarket (Wednesday – 25.11.2020):

During Market hours Tuesday (24.11.2020):

  • The 30-stock Dow (Symbol: DIA) advanced 1.5%. Chevron (Symbol: CVX) rose more than 5% to lead the Dow higher. JPMorgan Chase (Symbol: JPM) and American Express (Symbol: AXP) each gained more than 3.5%.
  • Meanwhile, the S&P 500 (Symbol: SPY) climbed 1.6%, putting it on pace for a record closing high, and the Nasdaq (Symbol: QQQ) advanced 1.4%.
  • American Airlines (Symbol: AAL), United Airlines (Symbol: UAL), Carnival (Symbol: CCL) — Airlines and cruise stocks surged on Tuesday as stocks tied to an economic recovery continued to rise after a series of positive vaccine announcements. Shares of American and United both jumped more than 9%, while Carnival led the way for cruise stocks with 11% gain.
  • Tesla (Symbol: TSLA) – Shares of the electric vehicle company jumped more than 6% to hit a record high as investors continue to favor the stock. The move pushed Tesla’s market cap above $500 billion for the first time on record. Shares have gained more than 550% this year.
  • Best Buy (Symbol: BBY) – Shares of Best Buy dropped 7% after the retailer sounded alarms on the headwinds from higher shipping costs, inventory challenges and lower-margin holiday sales. Best Buy also declined to provide guidance for the fourth quarter due to the uncertainties from the pandemic. The company reported better-than-expected earnings amid strong online sales in the third quarter.
  • Dollar Tree (Symbol: DLTR) — Shares of the discount retailer jumped more than 14% on the back of quarterly results that beat analyst expectations. Dollar Tree reported third-quarter earnings of $1.39 per share on revenue of $6.18 billion. Analysts expected a profit of $1.15 per share on revenue of $6.13 billion. Same-store sales for the company increased by 5.1% on a year-over-year basis, topping a forecast of 4.7%.
  • Hormel Foods (Symbol: HRL) — Shares of the food company lost more than 5% after missing on the top and bottom lines of its quarterly results. Hormel reported earnings of 43 cents per share on revenue of $2.42 billion. Analysts expected earnings of 44 cents on revenue of $2.59 billion.
  • Ambarella (Symbol: AMBA) — The semiconductor stock jumped 15% after Ambarella beat Wall Street expectations in its third quarter report. The company reported 9 cents in adjusted earnings per share and $56.1 million in revenue. Analysts were looking for 5 cents per share and $54.1 million in revenue. Fourth quarter guidance was also above expectations.
  • Medtronic (Symbol: MDT) — Shares of Medtronic popped 2.8% following its better-than-expected earnings. The medical technology company reported earnings of $1.02 per share, topping estimates of 80 cents per share. Revenue came in at $7.65 billion, higher than the forecast $7.1 billion.
  • Urban Outfitters (Symbol: URBN) – Shares of Urban Outfitters fell 5% despite its quarterly results that exceeded analysts’ expectations. The apparel retailer reported quarterly earnings of 78 cents per share, beating the 45 cent estimate. Its revenue also came in above forecasts.

During Premarket hours today – Wednesday (25.11.2020):

  • Gap (Symbol: GPS) – Gap reported quarterly earnings of 25 cents per share, missing consensus estimates by 7 cents a share. The apparel retailer’s revenue beat forecasts, however. Gap’s bottom line was hurt by increased marketing and shipping costs resulting from a shift to online shopping by consumers. Gap’s online sales surged 61% during the quarter compared to a year ago. Gap shares tumbled 10% in the premarket.
  • HP Inc. (Symbol: HPQ) – HP beat estimates by 10 cents a share, with quarterly earnings of 62 cents per share. The computer and printer maker’s revenue beat estimates as well. A surge in laptop sales driven by homebound students and workers helped offset lower sales of office equipment. Shares of HP rose 5.7% in premarket trading.
  • American Eagle Outfitters (Symbol: AEO) – The apparel retailer beat estimates by a penny a share, with quarterly earnings of 35 cents per share. Revenue was very slightly above Wall Street forecasts. American Eagle also said it was pleased with early holiday season trends. The retailer’s shares slid 3.6% in premarket trading.

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