During Market hours yesterday — (Monday – 17.05.2021)
- The Dow (Symbol: DIA) went down 0.18%. The S&P 500 (Symbol: SPY) slid 0.25% and the Nasdaq (Symbol: QQQ) sunk 0.61%.
- AT&T (Symbol: T), Discovery (Symbol: DISCA)— The pair of stocks were volatile on Monday after the company’s announced a $43 billion deal to merge Discovery and AT&T’s WarnerMedia unit. Discovery’s A shares popped at the open but were down 3.8% in midday trading. AT&T was up about 1% but off of session highs. At the end of the day, AT&T was down 2.70% and Discovery sunk 5.05%
- At Home Group (Symbol: HOME)— Shares of the home furnishing retailer jumped 3.94% after the company’s largest shareholder CAS Investment Partners said it will oppose the deal to sell the firm to private equity firm Hellman & Friedman for $2.4 billion, the Wall Street Journal reported. CAS Investment Partners, which owns about 17% of At Home Group, said the bid “grossly undervalues” the company.
- Marathon Petroleum (Symbol: MPC)— The energy stock jumped 2.4% after the company announced a modified Dutch auction tender offer for up to $4 billion of its common shares. Meanwhile, top Federal Trade Commission officials said Marathon Petroleum’s sale of Speedway gas stations to the parent of the 7-11 chain may be illegal on competitive grounds. The $21 billion deal closed on Friday, but the officials say they will continue to investigate.
- Tesla (Symbol: TSLA)— Shares of Tesla, down 27% over the last three months, shed 2.19% after CEO Elon Musk said the company has not sold any bitcoin. Some investors had wondered whether the electric car maker had trimmed its bitcoin holdings after Tesla decided to stop taking bitcoin for automobile purchases.
- Hostess Brands (Symbol: TWNK)— Shares of the Twinkie-maker dropped 1.62% despite beating on the top and bottom lines of its quarterly results. Hostess Brands reported earnings of 20 cents per share on revenue of $265 million. Analysts expected earnings of 19 cents per share on revenue of $258 million, according to Refinitiv.
- MicroStrategy (Symbol: MSTR)— MicroStrategy tumbled 6.13% amid a slide in the price of bitcoin to the lowest level in more than three months. The business analytics company holds roughly $5 billion worth of bitcoin. Bitcoin was last seen down 3.7% at $43,775, according to Coin Metrics.
During Premarket hours today – (Tuesday – 18.05.2021):
- Macy’s (Symbol: M) – The retailer earned 39 cents a share for the first quarter, including 1 cent a share from real estate-related gains, compared to expectations of a 41 cents per share loss. The retailer’s revenue topped estimates as well amid a better than 60% surge in comparable-store sales. The company also raised its full-year forecast. Macy’s shares rallied 6% in the premarket.
- Home Depot (Symbol: HD) – The home improvement retailer reported first-quarter earnings of $3.86 per share, beating the consensus estimate of $3.08 a share. Revenue also topped Wall Street forecasts, as comparable-store sales rose a better-than-expected 31%. Analysts surveyed by FactSet had expected a 20.2% increase in comparable-store sales. Home Depot shares gained 2.2% in premarket trading.
- Walmart (Symbol: WMT) – Walmart earned $1.69 per share for the first quarter, compared to a consensus estimate of $1.21 a share. Revenue also beat analysts’ projections. U.S. comparable-store sales rose 6% compared with a FactSet estimate of 0.9%. Walmart also raised its second-quarter and full-year outlook. Walmart shares rose 3% in premarket action.
- Tesla (Symbol: TSLA) – Tesla shares sank 1% in premarket trading after falling 2.2% Monday for its fifth decline in six sessions. That followed news that investor Michael Burry of “The Big Short” fame had made a short bet against the automaker worth $534 billion.
- Fisker (Symbol: FSR) – Fisker lost 11 cents per share during the first quarter, less than the 19 cents a share loss expected by analysts. The electric vehicle maker did not have any revenue during the quarter, as expected, but the stock came under pressure after Fisker left its capital spending forecast unchanged for the year. Fisker shares slipped 1% in the premarket.
- Berkshire Hathaway (Symbol: BRK.B) – Berkshire took a $943 million stake in insurance company Aon (Symbol: AON), according to Berkshire’s quarterly filing. Berkshire also sold big chunks of its holdings in Wells Fargo (Symbol: WFC) and Chevron (Symbol: CVX). Aon added 1.5% in the premarket.
- Eastman Kodak (Symbol: KODK) – Eastman Kodak could be hit with an insider trading lawsuit by New York State Attorney General Letitia James, according to both the company and people familiar with the matter who spoke to Reuters. The case involves stock purchases made by Kodak’s chief executive ahead of the announcement of a $765 drug ingredients deal with the U.S. government. Eastman Kodak shares fell 1.9% in premarket trading.
- Twilio (Symbol: TWLO) – Twilio added 1.5% in premarket action after it struck a deal to buy business text messaging company Zipwhip for about $850 million in cash and stock. Zipwhip will become part of the cloud computing company’s Messaging Business unit.
- Canadian National Railway (Symbol: CNI) – Canadian National hit a procedural snag in its bid to buy U.S. rail operator Kansas City Southern (Symbol: KSU). The U.S. Surface Transportation rejected Canadian National’s submission because it did not include a detailed merger agreement. Canadian National said it would resubmit its plan along with the required additional information, and called the rejection a minor setback. Canadian National added 1.4% in premarket trading.
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