During Market hours yesterday — (Monday – 19.04.2021):
- The Dow (Symbol: DIA) went down 0.3%. The S&P 500 (Symbol: SPY) rose 0.5% and the Nasdaq (Symbol: QQQ) popped 0.9%.
- Peloton (Symbol: PTON) — Shares of the fitness company dropped 7.3% after the U.S. Consumer Product Safety Commission issued a warning about Peloton’s Tread+ product being dangerous when children or pets are in the house. Peloton said that it would not recall the product, as one lawmaker called on the company to do.
- GameStop (Symbol: GME) – The video game retailer rallied 6.3% after the company announced that CEO George Sherman will step down by July 31 amid efforts to transform into an e-commerce firm. It said the board is leading a search to identify CEO candidates who can accelerate the next phase of the company’s transformation. Some investors were also heartened that Keith Gill doubled down on his GameStop bet, forgoing millions of dollars in quick profit from an options trade.
- Coca-Cola (Symbol: COKE) — The beverage stock rose 1.5% after Coca-Cola beat Wall Street estimates in its first quarter report. The company reported adjusted earnings of 55 cents per share, which was 5 cents above expectations, according to Refinitiv. Revenue came in higher than expected as well. The company said its global demand was back to pre-pandemic levels in March.
- Harley-Davidson (Symbol: HOG) – Shares of the motorcycle maker jumped 9.7% after the company beat bottom-line estimates during the first quarter. The company earned $1.68 per share during the period, compared to the 88 cents per share analysts surveyed by Refinitiv were expecting. Revenue came in at $1.23 billion, which was just shy of the expected $1.25 billion. Harley-Davidson also raised its outlook.
- Herman Miller (Symbol: MLHR) – Shares of the office furniture maker tanked 8.7% after announcing it will buy furniture and accessories company Knoll for $1.8 billion in cash and stock. Shares of Knoll popped more than 33% on Monday.
- Qualcomm (Symbol: QCOM) – Shares of the chip maker dipped 2.1% after the company was downgraded to neutral from positive by Susquehanna. The firm pointed to near-term benefits leading to long-term headwinds, licensing and royalty fights as well as competition as potential downsides for the company. The firm also cut its target on the stock from $175 to $155. The new price forecast is 12% above where shares closed on Friday.
- Tesla (Symbol: TSLA) — Shares of the electric automaker fell 3.4% as police officials in Texas probe the deadly crash of a Tesla vehicle. Based on a preliminary investigation, police told KPRC 2 they believe nobody had been behind the wheel.
- First Solar (Symbol: FSLR) – The clean energy stock closed around the flatline even after Citi upgraded the company to buy from neutral on Monday. The Wall Street firm believes the company is well-positioned to benefit from the White House push for green energy. Citi also hiked its price target on First Solar to $100 per share from $88.
- Tribune Publishing (Symbol: TPCO) – Shares of Tribune Publishing dropped 5.2% after The Wall Street Journal reported Swiss billionaire Hansjorg Wyss has dropped out of a bid for Tribune. That leaves Choice Hotels Chairman Stewart Bainum searching for a new partner in his bid for the newspaper publisher, as he tries to outbid hedge fund Alden Capital for Tribune.
During Premarket hours today – (Tuesday – 20.04.2021):
- Kansas City Southern (Symbol: KSU) – Shares of the rail operator surged 18.9% in premarket trading, after Canadian National Railway (CNI) offered $325 per share in cash and stock for the company, topping a prior $275 per share offer from Canadian Pacific (CP). The Canadian National offer also includes $200 per share in cash, compared to $90 for the Canadian Pacific offer. Canadian National tumbled 6.3%, while Canadian Pacific jumped 4%.
- AutoNation (Symbol: AN) – The auto retailer earned an adjusted $2.79 per share for its latest quarter, well above the consensus estimate of $1.87, while revenue topped estimates as well. Same-store sales were up 27% from a year earlier.
- IBM (Symbol: IBM) – IBM reported quarterly earnings of $1.77 per share, beating consensus estimates by 14 cents a share. Revenue beat forecasts as well. Its quarterly sales growth was its best in more than two years, helped by a strong performance from its cloud-computing unit.
- Procter & Gamble (Symbol: PG) – The consumer products company beat estimates by 7 cents a share, with quarterly profit of $1.26 per share. Revenue topped estimates as well. Among the positive factors for P&G: continued strength in demand for cleaning products. P&G also announced it would increase prices by mid-to-high-single-digit percentages for a variety of products in September.
- Travelers (Symbol: TRV) – Strong underwriting results and improved investment returns helped Travelers beat estimates by 36 cents a share, with quarterly earnings of $2.73 per share. The company exceeded analysts’ expectations despite winter storms that more than doubled casualty losses compared to a year ago. Travelers also raised its dividend and added $5 billion to its share buyback program.
- Lockheed Martin (Symbol: LMT) – The defense contractor quarterly results topped Wall Street estimates, and the company boosted its full-year forecast for a variety of financial metrics including sales and cash from operations. Revenue came in very slightly below analysts’ forecasts, however.
- Johnson & Johnson (Symbol: JNJ) – Johnson & Johnson reported quarterly earnings of $2.59 per share, compared to a consensus estimate of $2.34 a share. Revenue also beat forecasts, helped by a rebound in medical devices as well as strong pharmaceutical sales.
- United Airlines (Symbol: UAL) – United lost $7.50 per share for the first quarter, larger than the loss of $7.08 that analysts were anticipating. The airline’s revenue came in slightly below estimates for the quarter, amid higher fuel costs and still-dampened demand due to the Covid-19 pandemic. United said it anticipates a return to profitability later this year.
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