During Market hours yesterday — (Monday – 24.05.2021)
- The Dow (Symbol: DIA) went up 0.56%. The S&P 500 (Symbol: SPY) jumped 1.02% and the Nasdaq (Symbol: QQQ) gained 1.68%.
- Beyond Meat (Symbol: BYND)— Shares of the alternative meat company surged 10% after Bernstein double upgraded the stock to outperform from underperform. Beyond Meat’s stock is down nearly 40% since January, but Bernstein said sales should gain steam again as the economic reopening widens.
- Virgin Galactic Holdings (Symbol: SPCE)– Virgin Galactic shares jumped 27.6% following the company’s Saturday spaceflight test. The test, which is a step forward for the space tourism company, had previously been delayed for more than six months. At one point on Monday the stock turned positive for 2021.
- AMC Entertainment (Symbol: AMC)— Shares of the movie theater chain jumped 13.25% after the company’s largest shareholder Dalian Wanda Group, a Chinese conglomerate, sold most of its stake in AMC. A Securities and Exchange Commission filing on Friday shows Dalian Wanda sold 30.4 million shares for about $427 million.
- Dollar General (Symbol: DG)— Shares of the discount retailer fell 3.85% after Bank of America downgraded the stock to underperform from neutral. The firm said in a note that Dollar General tends to underperform when gas prices are high.
- Norwegian Cruise Line (Symbol: NCLH)— Shares of the cruise operator popped 4.7% after the company announced plans to return cruising in the U.S. this summer.
- HP (Symbol: HPE)— The tech stock rose about 0.80% after Citi upgraded HP to buy from neutral. The firm said in a note to clients that demand for personal computers should remain strong post pandemic.
- Moderna (Symbol: MRNA)— Shares of Modera edged 1.68% higher after the pharmaceutical company announced a manufacturing agreement Saturday with South Korean biotech company Samsung Biologics. The move will enable Moderna to provide its Covid-19 vaccine outside of the U.S. starting in the third quarter of 2021, the company said.
During Premarket hours today – (Tuesday – 25.05.2021):
- Lordstown Motors (Symbol: RIDE) – Lordstown tumbled 13.7% in premarket trading after the electric vehicle startup said it needed to raise capital to fund operations and that its production this year would be, at best, 50% of prior projections.
- Canopy Growth (Symbol: CGC) – The cannabis producer’s shares rose 2.4% in the premarket after MKM Partners upgraded the stock to “buy” from “neutral.” MKM said sentiment surrounding the stock is so low that the current risk/reward profile is very favorable.
- Shake Shack (Symbol: SHAK) – The restaurant chain’s stock rallied 5.2% in premarket trading after Goldman Sachs upgraded it to “buy” from “neutral.” Goldman believes a recent pullback presents a buying opportunity, given Shake Shack’s strong balance sheet and favorable long-term growth prospects. Additionally, Wedbush upgraded the stock to “outperform” from “neutral,” citing similar reasons.
- AutoZone (Symbol: AZO) – The auto parts retailer reported quarterly profit of $26.48 per share, beating the consensus estimate of $20.14 a share. Revenue also came in above estimates. Comparable-store sales surged 28.9%, well above the consensus FactSet estimate of 17.1%. AutoZone’s gross margins dropped, however, due in part to an acceleration of the company’s commercial business. AutoZone added 1.1% in premarket trading.
- Live Nation Entertainment (Symbol: LYV) – Live Nation President Joe Berchtold told CNBC’s “Closing Bell” that concert venue bookings are rebounding, and that it is expecting a better year in 2022 than it had in 2019. Shares added 1% in premarket action.
- IAC/Interactive (Symbol: IAC) – IAC shares jumped 5.3% in premarket trading ahead of today’s spinoff of Vimeo to IAC shareholders. Vimeo will begin trading on the Nasdaq today, with the producer of video tools valued at roughly $10 billion.
- Petco (Symbol: WOOF) – The pet products retailer announced a secondary stock offering of 22 million shares, with the selling stockholder granting underwriters the option to purchase another 3.3 million shares within 30 days. Petco will not receive any proceeds from the offering. The stock fell 1.1% in the premarket.
- Alaska Air (Symbol: ALK) – Alaska Air boosted its cash flow outlook for the current quarter, saying it now expects positive cash flow of $550 million to $650 million compared to a prior projection of $450 million to $550 million. The airline cites improved travel demand as well as better-than-expected affinity card inflows. Alaska Air shares fell 2.8% in premarket trading.
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