During Market hours on Yesterday (Monday – 21.11.2022):
- The Dow (Symbol: DIA) went down -0.09%. The S&P 500 (Symbol: SPY) lost -0.36%. and the Nasdaq (Symbol: QQQ) dropped -1.03%.
- Disney (Symbol: DIS) — Shares jumped +5% after the company reappointed Bob Iger as chief executive officer, effective immediately and 11 months after he left Disney. Bob Chapek, Iger’s hand-picked successor who was named CEO in February 2020, has come under fire during his tenure for various decisions leading to a slide in Disney’s stock price and weaker-than-expected profits.
- MongoDB (Symbol: MDB) — Shares of the database platform provider fell -8% after Morgan Stanley downgraded them to equal weight from overweight and predicted the company will face near-term challenges around cautious corporate spending.
- Carvana (Symbol: CVNA) — Shares of the used-car company slid -13% after Argus downgraded the stock to sell from hold. The Wall Street firm said the company appears to have lost some of its competitive advantage as many traditional dealerships have expanded online sales.
- Coinbase (Symbol: COIN) — Coinbase shares slid about -9% along with cryptocurrency prices in the wake of rival FTX’s bankruptcy. A Bank of America analyst also recently said that while Coinbase is not another FTX, it still faces headwinds amid general skepticism about the cryptocurrency market.
- Energy stocks — Energy stocks were the biggest losers in the S&P 500 midday after oil prices fell to their lowest levels since early January following a Wall Street Journal report that Saudi Arabia and other OPEC oil producers are discussing an output increase. The Saudi energy minister has denied the report. Still, Diamondback Energy (Symbol: FANG) and Halliburton (Symbol: HAL) fell -4% and -1.58%, respectively. Marathon Oil (Symbol: MRO) lost -2.9%. Hess (Symbol: HES), Devon Energy (Symbol: DVN), Occidental (Symbol: OXY) and APA Corp (Symbol: APA) each declined more than -2%.
- Intel (Symbol: INTC) — Shares dipped more than -2% after Cowen downgraded Intel to market perform from outperform, according to StreetAccount.
During Premarket hours today (Tuesday – 22.11.2022):
- Best Buy (Symbol: BBY) – Best Buy rallied +7% in the premarket after its third-quarter results beat analyst estimates. The electronics retailer also registered a smaller-than-expected decline in comparable store sales. Discounts helped keep customer traffic flowing to its stores, and Best Buy also raised its full-year forecast.
- Dollar Tree (Symbol: DLTR) – Dollar Tree fell -4.4% in the premarket despite a top and bottom line beat for its latest quarter and better-than-expected comparable store sales. The discount retailer projects full-year earnings in the lower half of its prior guidance range.
- Abercrombie & Fitch (Symbol: ANF) – Abercrombie & Fitch soared +12.8% in premarket action after reporting an unexpected quarterly profit and beating Street revenue forecasts. The apparel retailer saw resurgent demand for clothing, like jeans and dresses, as consumers returned to work and participated in more social events.
- Zoom Video Communications (Symbol: ZM) – Zoom tumbled -9.3% in the premarket after issuing weaker-than-expected guidance for the current quarter. The video communications company reported better-than-expected results for its most recent quarter, but the overall growth seen during the pandemic has slowed considerably.
- Dell Technologies (Symbol: DELL) – Dell fell -1.6% in premarket trading amid a weaker-than-expected current quarter revenue forecast. Dell did beat analyst estimates for the third quarter but said a slowing economy, inflation and other economic factors would pressure customer spending.
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