During Market hours yesterday — (Monday – 08.03.2021):
- The Dow (Symbol: DIA) went up 1%. The S&P 500 (Symbol: SPY) went down 0.5% and the Nasdaq (Symbol: QQQ) slid 2.8%.
- Apollo Global Management (Symbol: APO) – Shares of the private equity firm gave back earlier gains and declined more than 4% after the company announced that it will merge with Athene Holding in an all-stock transaction. The deal values Athene Holdings, a retirement services company, at around $11 billion. Shares of the company spiked 6%.
- General Electric (Symbol: GE) — GE stock rose 4% after a report said the industrial company is nearing a $30 billion-plus deal to combine its aircraft-leasing business with Ireland’s AerCap Holdings as it looks to simplify its business. The Wall Street Journal reported over the weekend that GE is close to a deal to combine the largest remaining unit of GE Capital, once a vast lending operation. Shares of AerCap jumped 13.3%.
- GameStop (Symbol: GME) — Shares of the video game retailer continued its volatile trading on Monday, jumping nearly 41%. The company announced that former Chewy executive Ryan Cohen will lead a committee to shape GameStop’s transition to e-commerce.
- Delta Air Lines (Symbol: DAL), American Airlines (Symbol: AAL), Southwest (Symbol: LUV) and United Airlines (Symbol: UAL) — Shares of the airlines rose on Monday amid optimism about the Covid pandemic. The Senate passed a $1.9 trillion stimulus bill and Covid vaccinations topped 3 million over the weekend. Shares of Delta Air Lines rose 3.6%. Shares of American climbed 5%, while Southwest rose more than 6%. United Airlines 7%.
- McAfee (Symbol: MCFE) — Shares of the cybersecurity company rallied more than 12% following news that it sold its enterprise business to privately held Symphony Technology Group for $4 billion in cash.
- Disney (Symbol: DIS) – The media and theme park stock jumped about 6% after California eased Covid rules, paving the way for Disneyland to reopen on a limited basis in April. The Centers for Disease Control and Prevention also said Monday people who’ve been fully vaccinated against Covid-19 can meet safely indoors without masks, further boosting reopening hopes.
- VF Corp (Symbol: VFC) – Shares of the apparel and footwear company rose 3.5% after Pivotal Research upgraded the stock to buy from hold. The Wall Street firm said VF has a favorable setup right now after its brand North Face went through a transition.
- Coca-Cola (Symbol: COKE) – The beverage stock rose 2.5% after RBC Capital Markets upgraded Coca-Cola to outperform from market perform. The firm said in a note that the company should benefit from increased mobility as Covid restrictions are eased around the world.
During Premarket hours today – (Tuesday – 09.03.2021):
- Stitch Fix (Symbol: SFIX) – Stitch Fix lost 20 cents per share for its latest quarter, 2 cents a share less than analysts had anticipated. Revenue for the online clothing styler was short of Wall Street forecasts, and Stitch Fix cut guidance for the fiscal year that begins in July due to lengthened cycle times. Stitch Fix does not recognize revenue until a customer finalizes a “Fix” by returning unwanted items and paying for items kept.
- Dick’s Sporting Goods (Symbol: DKS) – The sporting goods retailer reported quarterly earnings of $2.43 per share, 15 cents a share above estimates. Revenue beat Wall Street forecasts as well. Comparable-store sales rose 19.3%, compared to a consensus FactSet estimate of 17.1%. Dick’s also forecast full-year profit of $4.40-$5.20 per share, compared to a Refinitiv consensus estimate of $5.15 a share. In addition, Dick’s announced a 16% quarterly dividend hike.
- Thor Industries (Symbol: THO) – The recreational vehicle maker reported quarterly earnings of $2.38 per share, well above the consensus estimate of $1.55 a share. Revenue topped forecasts as well. Thor warned supply chain issues could have a negative short-term impact, but the company is cautiously optimistic that those issues will lessen in the second half of the year.
- Children’s Place (Symbol: PLCE) – The children’s apparel retailer reported a quarterly profit of $1.01 per share, compared to a consensus estimate of a 23 cents per share loss. Revenue also beat forecasts, and a comparable-store sales increase of 1% compares to a consensus FactSet estimate of a 10.7% slide.
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