During Market hours on Yesterday (Monday – 22.08.2022):
- The Dow (Symbol: DIA) went down -1.86%. The S&P 500 (Symbol: SPY) lost -2.08%. and the Nasdaq (Symbol: QQQ) fell -2.63%.
- AMC (Symbol: AMC) — Shares of the theater chain dropped nearly -42% as investors weighed the company’s new preferred share class and news that rival Cineworld was considering bankruptcy. AMC’s new APE units were trading at roughly $7.50 per share, offsetting the large losses for the common stock.
- Bed Bath & Beyond (Symbol: BBBY), GameStop (Symbol: GME) — Other meme-stock favorites Bed Bath & Beyond and GameStop also dropped. Bed Bath & Beyond fell more than -16% as investors continued to react to news investor Ryan Cohen had sold his shares and a report that certain suppliers have halted shipments to the retailer because of unpaid bills. GameStop followed along, declining about -5%.
- Netflix (Symbol: NFLX) — The streaming service dropped more than -6% following a CFRA downgrade of the stock to sell from hold. The firm also lowered its price target to $238 from $245, slightly lower than Friday’s closing.
- Ford (Symbol: F) — Ford shares sank -5% after a jury ruled against the automaker in a case involving a fatal crash that centered on roof strength in one of its older pickup trucks. The company has been ordered to pay $1.7 billion. Ford also announced Monday morning it is cutting about 3,000 jobs in the U.S. and Canada.
- Tesla (Symbol: TSLA) — Shares of Tesla dropped over -2% after CEO Elon Musk announced the electric-car maker would hike the price of its Full Self-Driving option by 25% in September. The cost will jump to $15,000 from $12,000.
- Occidental Petroleum (Symbol: OXY) — The energy stock retreated more than -3% in the broad market sell-off, following a 10% rally in the previous session. Occidental jumped double digits on Friday after news that Warren Buffett’s Berkshire Hathaway received regulatory approval to purchase up to 50% of the oil giant.
- DocuSign (Symbol: DOCU) — Shares of electronic signature company tumbled -4.34% following a price target cut and downgrade from RBC to sector perform from outperform, as the company searches for a new CEO.
- Travel stocks — Travel stocks struggled along with the broader market. Cruise line stocks such as Carnival (Symbol: CCL), Royal Caribbean Group (Symbol: RCL) and Norwegian Cruise Line Holdings (Symbol: NCLH) were lower by -4.86%, -4.72% and -4.78%, respectively. Airline companies United Airlines (Symbol: UAL) fell -3.04%, and Delta Air Lines (Symbol: DAL) dropped -2.62%. Wynn Resorts (Symbol: WYNN) was down -4.98%.
- Tech stocks — Shares of tech companies fell amid fear of more aggressive Federal Reserve rate hikes. Apple (Symbol: AAPL), Amazon (Symbol: AMZN) and Alphabet (Symbol: GOOGL) dropped -2.3%, –3.62%, and –2.53%, respectively, while Salesforce (Symbol: CRM) sank more than -3%. Semiconductor stocks also took a hit, with Micron (Symbol: MU) and Advanced Micro Devices (Symbol: AMD) down more than -3% each and Nvidia (Symbol: NVDA) down more than -4%.
During Premarket hours today (Tuesday – 23.08.2022):
- Zoom Video Communications (Symbol: ZM) – Zoom tumbled -11.5% in the premarket after the videoconferencing company cut its full-year forecast. Zoom reported better-than-expected earnings for its latest quarter, but revenue fell short of forecasts. Zoom’s CFO said the company is having some difficulty attracting new, paying subscribers, although he added that enterprise sales are strong.
- Dick’s Sporting Goods (Symbol: DKS) – The sporting goods retailer beat top and bottom line estimates for the second quarter and raised its full-year forecast. Comparable store sales sank by 5.1% during the quarter, but that was smaller than the 6.9% decline expected by analysts. The stock gained over +3% in the premarket.
- JD.com (Symbol: JD) – The China-based e-commerce company reported better-than-expected quarterly results and saw a 9.2% increase in active customer accounts. JD.com jumped almost +2% in premarket action.
- XPeng (Symbol: XPEV) – XPeng fell -4.9% in premarket action after the China-based electric vehicle maker reported a wider-than-expected quarterly loss, although revenue exceeded analysts’ forecasts as total deliveries nearly doubled from a year earlier.
- Pinduoduo (Symbol: PDD) – Pinduoduo plans to launch an international e-commerce platform next month, according to a source with direct knowledge of the matter who spoke to Reuters. Pinduoduo rose +2.6% in premarket trading.
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