During Market hours yesterday – (Monday – 04.04.2022)
- The Dow (Symbol: DIA) went up 0.35%. The S&P 500 (Symbol: SPY) gained 0.86% and the Nasdaq (Symbol: QQQ) earned 2.06%.
- Twitter (Symbol: TWTR) — The social media company soared 27.1% after a filing revealed that Elon Musk has taken a 9.2% passive stake in the firm worth about $2.9 billion. The purchase came weeks after the Tesla CEO polled his 80-plus million Twitter followers about whether the platform adheres to free speech principles. Musk also recently hinted at starting his own site. The move is sparking speculation among analysts that Musk could take a more active ownership in Twitter or even consider a takeover down the road.
- Tesla (Symbol: TSLA) — Shares added 5.6% after Tesla reported first-quarter electric vehicle deliveries. The more than 310,000 vehicle deliveries marked a quarterly record, but slightly missed consensus Wall Street estimates. Most analysts attributed the miss to Covid shutdowns in Shanghai, where Tesla has a major factory.
- Starbucks (Symbol: SBUX) — The coffee chain fell 3.7% following the suspension of its share repurchase program. The decision comes as Howard Schultz returns to the helm as CEO of the company and amid a greater union push from the firm’s baristas.
- Hertz (Symbol: HTZ) — Shares of the rental car company surged 10.7% after Hertz announced a partnership with electric vehicle company Polestar. As part of the deal, Hertz will purchase up to 65,000 electric vehicles over the next five years, according to a news release.
- Logitech (Symbol: LOGI) — The stock rose 7% after Goldman Sachs upgraded the company to a “buy” from “neutral” and said it could see big gains from growing trends toward gaming and videoconferencing.
During Premarket hours today – (Tuesday – 05.04.2022)
- Carvana (Symbol: CVNA) – Carvana was downgraded to “sector perform” from “outperform” at RBC Capital Markets, with the price target for the online car seller’s stock cut to $138 per share from $155 per share. RBC bases its call both on valuation and potential difficulty in integrating its recent acquisition of car auction company Adesa. Carvana slid 3.4% in the premarket.
- First Solar (Symbol: FSLR) – The solar company’s stock fell 4.8% in premarket trading after Bank of America Securities downgraded it to “underperform” from “neutral.” BofA said investors may be overly optimistic about growth prospects and that a new Commerce Department anti-dumping inquiry into Asian module manufacturers is unlikely to drive pricing power.
- Carnival (Symbol: CCL) – Carnival rallied 3.6% in the premarket after the cruise line operator said the seven-day period from March 28 through April 3 was the busiest week for new cruise bookings in the company’s history.
- Farfetch (Symbol: FTCH) – The luxury fashion e-commerce company will take a $200 million minority stake in Neiman Marcus as part of a global partnership.
- Acuity Brands (Symbol: AYI) – The maker of lighting products and building management systems reported quarterly earnings of $2.57 per share, 20 cents a share above estimates. Revenue also topped Wall Street forecasts. The company said it was able to offset significant increases in materials and freight costs with price increases and productivity improvements.
*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.