During Market hours yesterday – (Monday – 14.03.2022)
US indexes fell yesterday as investors awaited the Federal Reserve’s much-anticipated policy meeting on Tuesday. Below some of the most representative highlights:
- The Dow (Symbol: DIA) went up 0.02%. The S&P 500 (Symbol: SPY) lost 0.73% and the Nasdaq (Symbol: QQQ) dropped 1.92%.
- Alibaba (Symbol: BABA), Baidu (Symbol: BIDU), JD.com (Symbol: JD) — Shares of the China-based companies fell after JPMorgan Chase downgraded the stocks to underweight. Their stocks tumbled more than 10%, 8% and 10%, respectively, amid a new shutdown in Shenzhen and renewed U.S. delisting fears.
- Apple (Symbol: AAPL) — The company’s stock fell 2.7% as one of the its biggest suppliers in China said it would pause operations in Shenzhen amid a new Covid-19 lockdown. KeyBanc also reiterated its outperform rating on shares of the technology giants and said that iPhone demand remains strong.
- Ford (Symbol: F) — Shares of the auto company dipped about 2% after Jefferies reiterated its hold rating and lowered its price target. The Wall Street firm slashed its price projection on Ford shares to $18 from $20, citing worries about “a stagflationary environment of higher input costs and continued supply constraints.”
- Nike (Symbol: NKE) — Shares for the sports apparel giant tumbled 4%, furthering losses this year as geopolitical risks continue to weigh on the retailer. On Monday, UBS reiterated a buy rating for Nike, but analysts noted that its business in China is not recovering as fast as the firm expected. Last year, Chinese consumers boycotted the American company, after several companies in the West refused to source cotton from the Xinjiang province, calling out forced labor issues
- Netflix (Symbol: NFLX) — The streaming giant’s stock fell nearly 3%, reaching its lowest level since March 2020. Netflix shares have struggled recently amid rising competition from other media companies.
During Premarket hours today – (Tuesday – 15.03.2022)
- Delta Air Lines (Symbol: DAL), United Airlines (Symbol: UAL), Southwest Airlines (Symbol: LUV) — Delta rallied 4% in the premarket while United jumped 3.9% and Southwest added 2.9%. All three airlines raised their revenue outlooks, saying air travel is rebounding from the earlier slump induced by the spread of the Covid omicron variant.
- Toyota Motor (Symbol: TM) — Toyota announced additional production cuts due to semiconductor shortages, a few days after cutting its domestic production target by as much as 20%. Production of about 14,000 minivans would be impacted by the latest announcement. Toyota gained 2.8% in the premarket.
- Moderna (Symbol: MRNA) — The vaccine maker’s stock rallied 4.3% in premarket action, after rising 11.9% Monday following the surge in Covid cases in China’s Shenzhen region.
- Alibaba (Symbol: BABA) — Alibaba dropped 4.7% in premarket trading after falling for the past three days and losing more than 27% over the past nine trading sessions. The Chinese e-commerce giant is under pressure due to both fears of a Covid-related economic slowdown in China and the threat of a possible U.S. de-listing.
- Vimeo (Symbol: VMEO) — Vimeo said its February revenue was up 23% compared to a year ago, with the video software company also reporting an 8% increase in subscribers and a 13% jump in average revenue per user. Vimeo added 2.5% in the premarket.
- Peloton (Symbol: PTON) — The fitness equipment maker’s stock rose 1.5% in the premarket after Bernstein began coverage with an “outperform” rating, noting Peloton’s healthy underlying business, new management and its recent stock price plunge.
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