During Market hours yesterday – (Monday – 22/03/2021):
- U.S. stocks jumped on Monday led by technology shares as investors flocked back into growth names amid declining bond yields.
- Nasdaq (Symbol: QQQ) gained 1.2% as the 10-year Treasury yield retreated. The S&P 500 (Symbol: SPY) rose 0.7%, breaking a two-day losing streak. The Dow (Symbol: DIA) climbed 0.3%.
- Tesla (Symbol: TSLA) — Shares of Elon Musk’s electric car maker rose 2.3% a decline in interest rates and after Cathie Wood’s Ark Invest put out a new price target on the stock which calls for it to quadruple in four years. Ark Invest, an active manager of exchange-traded funds and a longtime Tesla fan, said it expects the stock to be worth $3,000 in 2025, up from about $690 Monday morning.
- Sunrun (Symbol: RUN) — Shares of Sunrun popped 3.2% after Susquehanna started covering the stock with a “positive” rating. The Wall Street firm said it sees “strong residential growth” for the solar company.
- Dollar General (Symbol: DG) — Shares of the discount retailer climbed about 3.3% after Evercore ISI upgraded the stock to outperform from in line. The Wall Street firm said it sees a “positive inflection” in traffic coming up and calls its risk/reward “compelling.”
- PepsiCo (Symbol: PEP) — Shares of the beverage and snack giant rose 2.5% following an upgrade from Barclays. The bank hiked its rating on Pepsi to overweight from equal weight, calling for a “multi-year stock appreciation story.”
- JetBlue Airways (Symbol: JBLU) — Shares of the U.S. airline fell 8.6% on Monday, underperforming other airline stocks, after it announced that it will offer $650 million in convertible senior bonds set to mature in 2026. JetBlue said that it hopes to use the net proceeds from the sale for general corporate purposes, which “may include the repayment of indebtedness.”
- ZoomInfo Technologies (Symbol: ZI) — The software stock rose 12% after Goldman Sachs initiated coverage of ZoomInfo with a buy rating. The firm praised ZoomInfo’s “balanced business model” in a note to clients.
During Premarket hours today – (Tuesday – 23.03.2021):
- AstraZeneca (Symbol: AZN) – The drugmaker’s stock fell 2.9% in premarket trading after an independent monitoring board told U.S. health officials that the company may have given incomplete efficacy data from its Covid-19 vaccine trial. The Data Safety Monitoring Board said it wanted AstraZeneca to work with it to review the data to ensure it is accurate and up to date.
- SunRun (Symbol: RUN) – The solar power company’s stock jumped 2.5% in premarket trading after Goldman Sachs upgraded it to “buy” from “neutral,” pointing to accelerating growth and valuation. SunRun gained 3.2% Monday after being rated “positive” in new coverage at Susquehanna Financial.
- Boeing (Symbol: BA) – Boeing struck a deal for a $5.28 billion two-year revolving credit agreement, higher than the $4 billion that the jet maker was originally said to be seeking. Boeing shares fell 1% in the premarket.
- Discovery (Symbol: DISCA) – Discovery lost 3% in premarket trading after UBS downgraded the media company’s stock to “sell” from “neutral,” noting the valuation after the stock nearly quadrupled over the past 12 months. UBS said the risk/reward profile is more challenging at current levels.
*Any information contained in this article, including any information contained in external third party links, if any, is solely for informational purposes and does not contain, or should not be construed as containing, investment advice or an investment recommendation, or, an offer of or solicitation for any transactions in financial instruments. Past performance does not guarantee or predict future performance. Colmex Pro Ltd does not take into account your personal investment objectives or financial situation and makes no representation, and assumes no liability to the accuracy or completeness of the information provided, nor for any loss arising from any investment based on presented information.