During Market hours yesterday — (Monday – 07.06.2021):
- The Dow (Symbol: DIA) slid 0.38%. The S&P 500 (Symbol: SPY) lost 0.10% and the Nasdaq (Symbol: QQQ) popped 0.30%.
- Biogen (Symbol: BIIB)— Shares of Biogen shot up 38.34% after the FDA approved the company’s Alzheimer’s drug, the first new medicine for the disease in nearly two decades. Trading of Biogen was halted earlier on Friday when the Food and Drug Administration announced the news, and was paused again in the afternoon for volatility.
- Eli Lilly and Company (Symbol: LLY)— The biopharmaceutical stock jumped 10.15% after the approval of Biogen’s Alzheimer’s medicine by the FDA. Eli Lilly is developing its own drug to treat Alzheimer’s.
- AMC Entertainment (Symbol: AMC)— The meme stock jumped another 14.8% in heavy trading following an 83% rally last week. Enthusiastic retail investors continued to encourage each other to pile into the stock on social media platforms like Twitter and Reddit’s WallStreetBets forum. The Securities and Exchange Commission said Monday it’s keeping a close eye on the wild trading to determine if there have been “any disruptions of the market, manipulative trading, or other misconduct.”
- Meme stocks— Other meme stocks also rose on Monday, mirroring AMC’s rally. BlackBerry (Symbol: BB) gained 13.78%, Bed Bath & Beyond (Symbol: BBBY) added 7.16%, GameStop (Symbol: GME) jumped 12.74% and Koss (Symbol: KOSS) leapt 2.4%.
- Carnival (Symbol: CCL) , Norwegian (Symbol: NCLH) and Royal Caribbean (Symbol: RCL)— Cruise stocks rose on Monday after Carnival confirmed plans for a July restart. The voyages will only be open to passengers who are fully vaccinated, the company said. Shares of Carnival gained 1.15%, while Norwegian and Royal Caribbean added 3.08% and 0.44%, respectively.
- Tesla (Symbol: TSLA)– Shares of the electric vehicle closed 1% higher after the company said it has canceled production of the planned Model S Plaid+, which was designed to be a high-end version of the Model S. That development comes as North American automakers grapple with a computer chip shortage and other supply chain issues.
- Peloton (Symbol: PTON)— Shares of the stationary bike company popped 6.58% after Loop Capital Markets gave Peloton a buy rating, saying recent weakness in the stock is overblown. The stock took a major step down in May after the company recalled its treadmill products, though the shares have since recovered from the sell-off.
- Progressive (Symbol: PGR)– The insurance giant’s stock fell 3.96% after Morgan Stanley downgraded the stock to underweight from equal weight. With the return of car travel in the U.S., its analyst said, costs from additional auto claims and catastrophe coverage are set to rise. The firm cut its price target on Progressive by $5 to $85 per share.
- U.S. Concrete (Symbol: USCR)– Shares of the concrete supplier soared 29.28% after the company announced it will be acquired by construction materials maker Vulcan Materials. Vulcan will be purchasing U.S. Concrete for $74.00 per share, a nearly 30% premium over U.S. Concrete’s Friday closing price of $57.14.
During Premarket hours today – (Tuesday – 08.06.2021):
- Stitch Fix (Symbol: SFIX) – Stitch Fix lost 18 cents per share for its first quarter, smaller than the 27 cents a share loss that analysts were anticipating. The online clothing styling company’s revenue came in above estimates. Stitch Fix also issued an upbeat forecast, amid 20% growth in its active client base compared to a year ago. Shares soared 14.8% in premarket action.
- Contango Oil & Gas (Symbol: MCF) – The energy producer agreed to combine with KKR’s (Symbol: KKR) Independence Energy business in an all-stock deal. The combined company will have an initial market capitalization of about $4.8 billion. Contango shares jumped 10.3% in premarket trading.
- Coupa Software (Symbol: COUP) – Coupa reported quarterly earnings of 7 cents per share, compared to Wall Street forecasts for a 19 cents per share loss. Revenue beat estimates, and the financial software company also issued an upbeat outlook. Despite the upbeat numbers, Coupa shares tumbled 9.2% in premarket trading.
- Thor Industries (Symbol: THO) – The recreational vehicle maker’s shares jumped 3.4% in the premarket after it beat estimates on both the top and bottom lines for its fiscal third quarter. Sales more than doubled compared to a year ago, and the company said it sees no signs of demand slowing.
- Chico’s FAS (Symbol: CHS) – Chico’s surged 6.6% in the premarket after the apparel retailer said it was taking all appropriate steps to improve performance and increase shareholder value. The statement was in response to a letter sent to management by activist investor Barington Capital. Separately, Chico’s reported quarterly earnings and sales that topped Wall Street forecasts.
- Fastly (Symbol: FSLY) – The cloud computing company’s shares fell 1.7% in the premarket, but came off earlier lows stemming from an internet outage impacting Fastly-backed websites. Shortly after the outage hit, Fastly said it had identified the issue and that a fix was being implemented.
- Tesla (Symbol: TSLA) – The automaker delivered 33,463 China-made vehicles in that market in May, up 29% from April when production was impacted by a maintenance shutdown. Tesla rose 3% in the premarket.
- AMC Entertainment (Symbol: AMC) – AMC insiders have been selling shares amid a social media-fueled rally in the movie theater operator’s stock. According to a study of insider filings done by analytics firm InsiderScore, seven AMC insiders have sold parts of their stakes since May 28, among nine who have executed sales this quarter though CEO Adam Aron is not among them. There were no AMC insider sales in 2020. AMC added 4.3% in the premarket.
- Marvell Technology (Symbol: MRVL) – Marvell shares jumped 5.5% in premarket trading after it beat Wall Street estimates on both the top and bottom lines for its first quarter. The chip maker also expects its current-quarter revenue will surpass $1 billion for the first time.
- Keurig Dr Pepper (Symbol: KDP) – The beverage company’s stock lost 3.6% in the premarket after it announced a secondary offering of 28 million common stock shares, to be sold on behalf of food producer and Keurig Dr Pepper shareholder Mondelez (Symbol: MDLZ). Keurig Dr Pepper will not receive any proceeds from the offering.
- Etsy (Symbol: ETSY) – Etsy announced a private offering of $1 billion in convertible senior notes, with the online crafts marketplace planning to use the proceeds to fund stock buybacks and for general corporate purposes. Etsy fell 1.9% in premarket trading.
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