During Market hours Wednesday (25.11.2020):
- The Dow (Symbol: DIA) dropped 0.6%. The S&P 500 (Symbol: SPY) edged lower 0.15% and the Nasdaq (Symbol: QQQ) advanced 0.6%.
- Deere (Symbol: DE) — Shares of the equipment maker slipped 2% despite the company betting top and bottom line estimates during the fourth quarter. Deere earned $2.39 per share during the period, ahead of the $1.49 expected by analysts. The company said in a statement that “improving fundamentals in agricultural sector” is “setting stage for stronger demand” in the year ahead.
- Nikola (Symbol: NKLA) — Shares of the electric vehicle company dropped more than 12% amid ongoing concerns that Nikola’s $2 billion deal with GM will not be finalized.
- Moderna (Symbol: MRNA) — Shares of the biotechnology company jumped more than 10% after Moderna announced that the European Commission approved an agreement for the purchase of 80 million doses of the company’s Covid-19 vaccine candidate. Earlier in Nov. Moderna said that preliminary phase three trial data showed that its coronavirus vaccine is more than 94% effective.
- Square (Symbol: SQ) — Shares of the payments company rose nearly 5% after Credit Karma agreed to sell its tax business to Square for $50 million in cash. Square stock has been on fire this week, jumping more than 8% in that time period.
- Ford (Symbol: F) — Shares of Ford fell 4% after Morgan Stanley downgraded the automaker to equal weight from overweight. The bank’s analyst Adam Jonas said the company’s electric vehicle plan is not as targeted as those of other original equipment manufacturers, including GM.
- HP (Symbol: HPQ) — Shares of the computer company advanced more than 2% after HP beat top and bottom line results during the fourth quarter. HP earned 62 cents per share on revenue of $15.26 billion. Analysts had been forecasting earnings of 52 cents per share on revenue of $14.72 billion.
- Gap (Symbol: GPS) — Shares of the retailer sank 20% after the company missed earnings estimates for its fiscal third quarter. Gap reported 25 cents in earnings per share and $3.99 billion in revenue. Analysts were looking for 32 cents per share and $3.82 billion in revenue. Same-store sales rose more than expected, but the company said increased marketing expenses weighed on its profit margin.
- Autodesk (Symbol: ADSK) — The software stock rose 5% after Autodesk’s third-quarter results came in above prior guidance. The company reported adjusted earnings per share of $1.04, which was 10 cents above the midpoint of its guidance range. Revenue was also higher than projected, with total revenue up 13% year over year.
- Fisker (Symbol: FSR) — Shares of the electric vehicle company soared more than 35% after Citi initiated coverage on Fisker with a buy rating and a $26 per share 12-month price target. The Wall Street firm said that since Fisker has yet to turn a profit it is a higher-risk investment, but Citi likes the car company’s long-term fundamental story.
- Nordstrom (Symbol: JWN) — Shares of the retailer jumped 12% after Nordstrom reported a quarter-over-quarter improvement in sales. Revenue did miss estimates, coming in at $3.09 billion versus the $3.10 billion expected by analysts.
During Premarket hours today – Friday (27.11.2020):
- AstraZeneca (Symbol: AZN) – AstraZeneca is likely to run a new global trial of its Covid-19 vaccine candidate, according to CEO Pascal Soriot. He told Bloomberg News that the drugmaker may launch a fresh study testing the vaccine at a lower dosage, rather than adding a test of the lower dosage to an ongoing U.S. trial. The shares fell 1.6% in premarket trading as of 7:36 a.m. ET.
- Walt Disney (Symbol: DIS) – Walt Disney has increased the number of planned layoffs to 32,000 from the 28,000 it had announced in September. The company’s Disneyland theme park in California remains closed due to the pandemic, and its other theme parks have reopened but with capacity limits in place.
- Tesla (Symbol: TSLA) – The National Highway Transportation Safety Administration is investigating possible front suspension safety issues involving certain Tesla Model S and Model X cars. The probe involves about 115,000 vehicles.
- Slack (Symbol: WORK) – The workplace messaging platform company remains on watch today, after jumping Wednesday on reports that it was in advanced talks to be acquired by Salesforce.com (Symbol: CRM). The shares fell about 3% in premarket trading as of 7:36 a.m. ET.
*Any information contained in this article, including any information contained in external third party links, if any, is solely for informational purposes and does not contain, or should not be construed as containing, investment advice or an investment recommendation, or, an offer of or solicitation for any transactions in financial instruments. Past performance does not guarantee or predict future performance. Colmex Pro Ltd does not take into account your personal investment objectives or financial situation and makes no representation, and assumes no liability to the accuracy or completeness of the information provided, nor for any loss arising from any investment based on presented information.