During Market hours yesterday – (Monday – 07.03.2022)
Fears that rising energy prices may hamper economic development caused another severe sell-off in US markets yesterday. Below some of the most representative highlights:
- The Dow (Symbol: DIA) went down 2.38%. The S&P 500 (Symbol: SPY) lost 2.95% and the Nasdaq (Symbol: QQQ) dropped 3.69%.
- Bed Bath & Beyond (Symbol: BBBY) — Shares rose 34.2% on news that GameStop’s Chairman Ryan Cohen had a nearly 10% stake in the retailer through his investment company RC Ventures. He said that the home goods retailer should explore selling itself to a private equity firm and spinning off its BuyBuy Baby chain.
- Archer-Daniels-Midland (Symbol: ADM) — Shares in the agricultural company surged 1.4%. Investors are eyeing increases in wheat prices amid fears of supply shortages after Russia’s invasion of Ukraine.
- Visa (Symbol: V) and Mastercard (Symbol: MA) — Shares in both financials tumbled after the U.S. payments companies said they were suspending operations in Russia over the weekend. Visa’s stock declined 4.8%. Mastercard fell 5.4%.
- Occidental Petroleum (Symbol: OXY) — Shares fell 1.4% after an SEC filing Friday revealed Berkshire Hathaway has taken a $5 billion stake in the oil giant. More than 61 million of the 91.2 million common shares in its portfolio were purchased last week at prices ranging from $47.07 to $56.45.
- Citigroup (Symbol: C) — The bank’s stock dipped 1.8% after a downgrade to hold from Jefferies. The investment firm said Citi was unlikely to hit the financial targets laid out by management at last week’s investor day. Bank stocks were also down broadly Monday.
- Philip Morris (Symbol: PM) — Shares of the tobacco company fell 6.6% after JPMorgan downgraded the stock to neutral from overweight. The firm said Philip Morris could be hurt by Russia’s invasion of Ukraine, as the two countries are key markets for the company.
- Palantir (Symbol: PLTR) — Shares rose 1.4% after Morgan Stanley upgraded the stock to equal weight from underweight. The firm said Palantir’s risks are largely priced in now.
- DraftKings (Symbol: DKNG) — The sports betting stock sank 12.8% after Argus downgraded DraftKings to hold from buy. The investment firm said in a note that DraftKings would see slowing revenue growth this year as fewer new states would legalize sports gambling.
During Premarket hours today – (Tuesday – 08.03.2022)
- Shell (Symbol: SHEL) — The U.S.-traded shares of the energy giant rose more than 2% in premarket trading after Shell apologized for buying a shipment of Russian oil. The company said it will no longer do spot purchases of Russian oil and was shutting down other operations in the country.
- Enphase Energy (Symbol: ENPH), SunPower (Symbol: SPWR) — Solar and other clean energy stocks moved higher in premarket trading as the continued rise in oil prices shifted focus toward alternative energy sources. Enphase Energy and SunPower each rose more than 3% in premarket trading.
- Chevron (Symbol: CVX), Exxon Mobil (Symbol: XOM) — Traditional energy stocks were pointing toward a strong open as oil prices moved higher once again on Tuesday morning. Shares of Chevron and Exxon each rose about 1% in premarket trading.
- Apple (Symbol: AAPL) — Shares of the tech giant rose slightly in premarket trading on Tuesday. Apple is holding a product launch event later in the day, and some Wall Street analysts expect the company to announce a budget iPhone.
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