During Market hours Yesterday — (Monday – 09.08.2021):
- The Dow (Symbol: DIA) slid 0.27%. The S&P 500 (Symbol: SPY) went down 0.08% and the Nasdaq (Symbol: QQQ) gained 0.18%.
- Diamondback Energy (Symbol: DIA)— Shares of the exploration and production company slid 3.5% amid a dip in oil prices. At one point on Monday West Texas Intermediate crude futures, the U.S. oil benchmark, dipped more than 4%. Occidental (Symbol: OXY) fell 2.96%. NOV (Symbol: NOV) and Pioneer Natural Resources (Symbol: PXD) declined about 2% and 2.29%, respectively. Schlumberger (Symbol: SLB) and Devon Energy (Symbol: DVN) each dropped more than 1.3%.
- Tesla (Symbol: TSLA)— The electric vehicle stock rose 2.1% after Jefferies upgraded the company to buy from hold. The Wall Street firm said that Tesla was “leading the way on earnings momentum and capital allocation.” Jefferies hiked its price target to $850 per share from $700.
- Coinbase (Symbol: COIN)– Shares of the cryptocurrency exchange’s stock jumped 8.6% ahead of its quarterly earnings report, which it will release Tuesday. Because Coinbase generates most of its revenue from trading, the stock price is closely tied to the price of bitcoin, which reached $46,000 Monday for the first time since May and broke its 200-day moving average.
- Robinhood (Symbol: HOOD)— Shares of the newly public online brokerage popped 3.3% Monday. Robinhood’s stock has been volatile since its IPO, and it has been getting major attention from the retail investor crowd.
- Tyson Foods (Symbol: TSN)— Tyson Foods shares added 8.7% after the beef and poultry producer reported a better-than-expected quarterly earnings report. The company posted quarterly earnings of $2.70 per share, well above the consensus estimate of $1.62 per share, according to Refinitiv.
- Sanderson Farms (Symbol: SAFM)— Shares of Sanderson Farms jumped 7.4% after the poultry producer announced it would be acquired by privately-held food producer Cargill and agriculture investment firm Continental Grain for $203 per share. The all-cash deal represents an 11.3% premium over the stock’s Friday closing price.
- Victoria’s Secret (Symbol: VSCO)— Shares of Victoria’s Secret surged 20% after JPMorgan Chase initiated coverage of the lingerie retailer with an overweight rating. The firm said the stock’s current price makes a “compelling entry point” and noted the company is the top market share player in the lingerie category.
- Darden Restaurants (Symbol: DRI)— Shares of the restaurant company dropped 4.47% after Evercore ISI downgraded the stock to in line from outperform. The firm said in a note to clients that inflation, including rising wages, will hurt the stock as the economic recovery progresses.
During Premarket hours today – (Tuesday – 10.08.2021):
- Casper Sleep (Symbol: CSPR) – The sleep products company reported record quarterly revenue that came in above Street forecasts, though it still reported a quarterly loss. Casper Sleep said it saw strong growth in both retail and direct-to-consumer sales channels but noted that it is also dealing with higher input costs and supply chain difficulties. Shares initially rallied in the premarket, but subsequently tumbled 6.1%.
- AMC Entertainment (Symbol: AMC) – AMC reported a quarterly loss of 71 cents per share, 20 cents a share smaller than Wall Street had anticipated. Revenue came in above analysts’ forecasts. AMC was helped by the lifting of Covid restrictions and the return of moviegoers to theaters, along with the release of several hit movies. Its shares surged 7.8% in premarket action.
- 3D Systems (Symbol: DDD) – 3D Systems earned 12 cents per share for its latest quarter, beating the 5 cents a share consensus estimate. The 3D printing technology company’s revenue beat estimates as well. 3D said it had successfully come through the most challenging 12 months it had ever experienced amid the pandemic. 3D’s stock soared 14.1% in premarket action.
- Kansas City Southern (Symbol: KSU) – Canadian Pacific Railway (Symbol: CP) raised its cash-and-stock offer for Kansas City Southern to about $300 per share. Canadian Pacific had struck a deal to buy its rival rail operator for $275 per share, but Kansas City Southern subsequently agreed to a higher offer from Canadian National Railway (Symbol: CNI). Kansas City Southern surged 7.2% in the premarket, while Canadian Pacific lost 1.7% and Canadian National rose 1.9%.
- Aramark (Symbol: ARMK) – The foodservice company reported a quarterly profit of 3 cents per share, beating the penny a share consensus estimate. Revenue came in slightly below forecasts. Aramark said it benefited from rebounding sales volume as well as effective cost management. Aramark shares added 1.3% in the premarket.
- Planet Fitness (Symbol: PLNT) – Planet Fitness missed estimates by 2 cents a share, with quarterly earnings of 21 cents per share. Revenue topped estimates as gyms reopened and membership numbers increased for the fitness center operator. Shares fell 3.2% in the premarket.
- The RealReal (Symbol: REAL) – The RealReal lost 50 cents per share for its latest quarter, 3 cents a share wider than analysts had anticipated. The operator of an online pre-owned luxury goods marketplace also saw revenue fall short of estimates. The stock slid 6% in premarket trading.
- Chegg (Symbol: CHGG) – Chegg beat estimates by 6 cents a share, with quarterly earnings of 43 cents per share. The online education company’s revenue also topped forecasts. Chegg raised its full-year outlook, saying its international growth continues to be strong. Its shares added 2.9% in the premarket.
- InterContinental Hotels (Symbol: IHG) – InterContinental Hotels reported an operating profit for the first six months of the year, rebounding from a year-ago loss as summer vacation bookings jumped. The operator of Holiday Inn and other hotel chains eliminated its dividend to cut costs, however, sending its shares down 1.6% in premarket trading.
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