During Market hours on Yesterday (Monday – 24.10.2022):
- The Dow (Symbol: DIA) went up +1.34%. The S&P 500 (Symbol: SPY) gained +1.22%. and the Nasdaq (Symbol: QQQ) rose +1.10%.
- Tesla (Symbol: TSLA) — Shares of the electric vehicle company fell -1.49% after Tesla cut the starting prices for some of its vehicles in China. The price decreases apply to Model 3 and Model Y cars. CEO Elon Musk said last week that he saw signs of a recession in China.
- WeWork (Symbol: WE) — Shares of WeWork rallied +6.22% after Cantor Fitzgerald initiated coverage of the stock with an overweight rating. Cantor said that the office-sharing company’s cost and optimization of its real estate portfolio cut $2.7 billion in expenses.
- Alibaba (Symbol: BABA), Pinduoduo (Symbol: PDD) — Shares of Chinese companies listed in the U.S. dropped sharply Monday after Beijing tightened President Xi Jinping’s grip on power, souring investor sentiment for non-state-driven companies. Tech giant Alibaba lost -12.51%, while Tencent Music Entertainment (Symbol: TME) fell -4.96%. Another tech name Pinduoduo plunged a whopping -24.61% Monday.
- Starbucks (Symbol: SBUX) — Starbucks’ shares dropped -5.47% Monday. The company also has exposure to China, opening its 6,000th store in the country last
- AT&T (Symbol: T) — The telecom stock added +2.4% after Raymond James upgraded the stock to a strong buy from an outperform rating, saying that AT&T shares could surge 40% and that a return to its core business has benefited the stock.
During Premarket hours today (Tuesday – 25.10.2022):
- Coca-Cola (Symbol: KO) — Coca-Cola shares rose +2.9% in the premarket after the beverage giant’ third-quarter earnings and sales beat Street forecasts. The company also raised its full-year outlook as demand remains steady even as it has raised prices to make up for higher expenses.
- General Motors (Symbol: GM) — GM shares rallied +4.4% in premarket trading after the automaker reported a better-than-expected third-quarter profit, helped by rebounding sales. GM also said supply chain constraints are easing, allowing it to increase inventories on dealer lots.
- UPS (Symbol: UPS) — The delivery service’s shares rallied +4.4% in the premarket following a mixed quarterly report that saw earnings beat consensus and revenue fall short. UPS was helped by expanded profit margins as it raised prices.
- UBS (Symbol: UBS) — UBS jumped +5.1% in the premarket after the Swiss bank posted better-than-expected quarterly results, helped by a jump in customer cash inflows to its wealth management business.
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