During Market hours on Yesterday (Monday – 26.09.2022):
- The Dow (Symbol: DIA) dropped -1.06%. The S&P 500 (Symbol: SPY) lost -0.99%. and the Nasdaq (Symbol: QQQ) went down -0.41%.
- Las Vegas Sands (Symbol: LVS), Wynn Resorts (Symbol: WYNN) — Shares of the casino operators soared about +12% after Macao announced its plan to allow Chinese tour groups back in the casinos as soon as November. The Macau government said that it will resume visitation access from Mainland China through tours and e-visa in a few months. Jefferies upgraded the duo to buy from hold following the reopening announcement.
- Li Auto (Symbol: LI), Xpeng (Symbol: XPEV)— The Chinese electric vehicle makers all saw shares increase after Beijing announced an extension of tax breaks on electric vehicles. Xpeng went up about +4.8%. Li, a competitor, jumped about +5.6% despite cutting guidance for the third quarter.
- Amazon (Symbol: AMZN)— Shares of the ecommerce giant were up +1.2% following news of a Prime Day-like event for members coming in October.
- Lyft (Symbol: LYFT)– Shares of the ride hailing company fell about -3.4% after UBS downgraded the stock to neutral from a buy. The firm said it’s skeptical that Lyft can deliver top-line growth at the industry level.
During Premarket hours today (Tuesday – 27.09.2022):
- Lucid Group (Symbol: LCID) — Shares of the electric vehicle player jumped +2.7% in premarket trading after Cantor Fitzgerald initiated coverage with an overweight rating. The firm said Lucid’s luxury and premium vehicles provide greater efficiency, longer range, faster charging and more space relative to its peers.
- Li Auto (Symbol: LI) — Shares of the Chinese EV maker edged up +0.5% premarket, even after the company cut its third-quarter delivery guidance by 2,500 vehicles or 9%. The company said the downward revision was due to supply chain constraints.
- Amazon (Symbol: AMZN), Apple (Symbol: AAPL) , Microsoft (Symbol: MSFT)— Big Tech names Amazon, Apple, Alphabet and Microsoft all traded at least +1% higher premarket, a possible rebound from Monday’s sell-off. Treasury yields retreated Tuesday morning after the multi-year highs hit in the previous session put pressure on tech names.
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