During Market hours on Yesterday (Monday – 19.09.2022):
- The Dow (Symbol: DIA) went up +0.68%. The S&P 500 (Symbol: SPY) gained +0.78%. and the Nasdaq (Symbol: QQQ) rose +0.60%.
- Array Technologies (Symbol: ARRY) — The solar stock jumped over +3% after Piper Sandler upgraded Array Technologies to overweight from neutral, saying the company has more upside ahead on an improved forward outlook.
- SunOpta (Symbol: STKL) — Shares of SunOpta rallied more than +5% after being named a top pick by Cowen. Analyst Brian Holland, who has a buy rating on the stock, wrote in a note that “the company’s agnostic posture and capital execution is affording strong growth sight lines underappreciated by the market.” His $15 price target implies 55.9% upside from Friday’s close.
- Opendoor Technologies (Symbol: OPEN) — Opendoor dropped -6% after a Bloomberg reported the iBuyer lost money on 42% of its August resales. Like others in the housing space, the company faces headwinds including a housing recession and mortgage rates over 6%.
- Coinbase (Symbol: COIN) — Shares of the cryptocurrency exchange fell more than -7% as the price of bitcoin dipped to its lowest level since June and traders continued unwinding short positions following the completion of the Ethereum merge. Stocks also fell Monday ahead of the Fed decision this week. Crypto prices are largely macro driven, and Coinbase’s revenue relies heavily on trading fees.
- Ralph Lauren (Symbol: RL) — The luxury clothing and household goods maker rose almost +2% after an investor update pointed to high single digit sales growth.
During Premarket hours today (Tuesday – 20.09.2022):
- Ford (Symbol: F) – The automaker’s stock fell -4.5% in the premarket after it warned that quarterly earnings would take a hit of about $1 billion from increased supplier costs and parts shortages. Those factors contributed to a shortfall in finished vehicles ready to sell.
- BioNTech (Symbol: BNTX), Moderna (Symbol: MRNA) – The vaccine makers are seeing shares fall again this morning, after sliding yesterday on President Joe Biden’s comment that the pandemic was “over.” BioNTech fell -2.4% in premarket trading, with Moderna off by -2.1%.
- Nike (Symbol: NKE) – Nike lost -2.2% in premarket trading after Barclays downgraded the stock to “equal weight” from “overweight,” noting continued volatility for the athletic footwear and apparel maker in China as well as demand erosion in North America and elsewhere.
- Norwegian Cruise Line (Symbol: NCLH) – Norwegian jumped +3% in the premarket after Truist Financial upgraded the stock to “buy” from “hold,” pointing to a decrease in cancellations and subsequent rebookings at lower prices.
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