During Market hours yesterday – (Monday – 22.11.2021):
- The Dow (Symbol: DIA) went up 0.08%. The S&P 500 (Symbol: SPY) dropped 0.28% and the Nasdaq (Symbol: QQQ) fell 1.16%.
- Activision Blizzard (Symbol: ATVI) — The video game stock continues to be on watch as the company has come under fire following reports of alleged sexual misconduct. Shares slid as much as about 2% on Monday Activision CEO Bobby Kotick told senior managers he would consider leaving his job if he can’t fix culture problems at the video game maker, according to a Wall Street Journal report Sunday.
- Teladoc (Symbol: TDOC) — Shares of the virtual health-care services company dropped 6.7% after BTIG downgraded the stock to neutral from buy. BTIG noted it’s “disappointed” with membership growth expectations and said it sees membership as “the most leading indicator of long-term growth.”
- General Motors (Symbol: GM) — Shares of General Motors rose 3.6% after CNBC reported that the company has acquired a 25% stake in the Seattle-based boating start-up Pure Watercraft.
- Rivian(Symbol: RIVN), Ford (Symbol: F) — Rivian shares tumbled more than 8%, extending its losses from Friday on news that a deal with Ford to jointly develop an electric vehicle has been canceled. Ford shares gained 5%.
- Tesla (Symbol: TSLA) — Shares of Tesla rose 1.7% after CEO Elon Musk tweeted that the company’s Model S Plaid electric sedan would “probably” launch in China early next spring, in response to a question by another Twitter user.
- Blink Charging (Symbol: BLNK) — Shares of the EV charging company slid more than 11% after Cowen downgraded the stock to a market perform rating. The group has gotten a boost in recent sessions thanks to the infrastructure bill, which directs billions in funding for a national charging network.
- Vaccine makers — Vaccine makers’ shares rose after the Centers for Disease Control and Prevention on Friday gave final clearance for their Covid booster shots for U.S. adults. Pfizer and BioNTech also reported upbeat study results for 12- to 15-year-old vaccine recipients. Moderna (Symbol: MRNA) gained 7% on Monday. Pfizer (Symbol: PFE) added almost 1%, and its partner BioNTech (Symbol: BNTX) jumped more than 11%.
- Vonage (Symbol: VG), Ericsson (Symbol: ERIC) — Shares of Vonage soared 27% following news it will be acquired by Swedish telecom firm Ericsson for $6.2 billion. The deal is expected to close in the first half of 2022 and follows Ericsson’s acquisition of U.S. wireless networking company Cradlepoint last year for $1.1 billion. Ericsson’s shares fell more than 7%.
- Astra (Symbol: ASTR) — Shares of the rocket builder surged 17% after the company reached orbit for the first time over the weekend. Astra’s LV0007 rocket launched from the Pacific Spaceport Complex in Kodiak, Alaska, on Saturday, carrying a test payload for the U.S. Space Force.
- Banks — Bank stocks moved higher along with Treasury yields after President Joe Biden announced his nomination of Federal Reserve Chairman Jerome Powell for a second term. JPMorgan (Symbol: JPM), Goldman Sachs (Symbol: GS) and Morgan Stanley (Symbol: MS) all rose more than 2%. Bank of America (Symbol: BAC) gained almost 2%. and Wells Fargo (Symbol: WFC) gained more than 3%. Bank stocks tend to benefit from rising interest rates because they allow for higher profits.
During Premarket hours today – (Tuesday – 23.11.2021):
- Best Buy (Symbol: BBY) — The electronics retailer’s shares tumbled 10.4% in the premarket, after it forecast holiday season comparable sales largely below Wall Street forecasts as it faces possible product shortages. Best Buy reported a quarterly beat on the top and bottom lines, however, with a profit of $2.08 per share coming in 17 cents a share above estimates.
- Zoom Video (Symbol: ZM) — Zoom beat estimates by 2 cents a share, with quarterly profit of $1.11 per share. Revenue also topped Street forecasts and Zoom raised its full-year guidance. The return of many workers to offices is slowing sales growth, however, and the stock tumbled 9.6% in premarket trading.
- Urban Outfitters (Symbol: URBN) — Urban Outfitters earned 89 cents per share for its latest quarter, 5 cents a share above estimates. Revenue came in very slightly above analysts’ projections. The apparel retailer’s stock is getting hit hard, however, as a shift to more online sales increases costs for the company, and the stock slumped 11.5% in premarket action.
- Abercrombie & Fitch (Symbol: ANF) — The apparel retailer beat estimates by 20 cents a share, with adjusted earnings of 86 cents per share. Revenue also topped forecasts. Abercrombie’s profit margin dropped by 30 basis points. Its shares fell 7.2% in the premarket.
- Dollar Tree (Symbol: DLTR) — Dollar Tree matched estimates with quarterly profit of 96 cents per share. The discount retailer’s revenue came in slightly above estimates. Dollar Tree’s freight costs during the quarter were significantly higher than expected, and its stock fell 1.9% in premarket trading.
- J.M. Smucker (Symbol: SJM) — The food producer reported quarterly earnings of $2.43 per share, beating the $2.05 a share consensus estimate. Revenue also beat forecasts and Smucker raised its full-year forecast amid strong consumer demand for its flagship brand as well as Jif, Folgers and Milk-Bone. Smucker rose 2.8% in the premarket.
- Xpeng (Symbol: XPEV) — Xpeng jumped 3% in the premarket after the China-based electric vehicle maker reported a wider-than-expected quarterly loss, but also saw revenue come in well above estimates while issuing an upbeat current-quarter outlook.
- Agilent Technologies (Symbol: A) — Agilent came in 3 cents a share ahead of Street forecasts, with quarterly earnings of $1.21 per share. The life sciences company’s revenue was in line with estimates. Agilent saw particular strength during the quarter from its diagnostics and genomic unit. The company also issued an outlook that falls partially below analysts’ estimates, however, prompting a 5.8% premarket drop in the shares.
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