During Market hours yesterday – (Monday – 28.03.2022)
Below some of the most representative highlights:
- The Dow (Symbol: DIA) went up 0.27%. The S&P 500 (Symbol: SPY) gained 0.71% and the Nasdaq (Symbol: QQQ) earned 1.55%.
- Tesla (Symbol: TSLA) — Tesla shares gained 8% on Monday following news that the electric vehicle maker will ask shareholders at its annual meeting to authorize a stock split in order to pay stock dividends to investors.
- Coinbase (Symbol: COIN) — Shares of the cryptocurrency services firm rose 7.8% following a report by a local newspaper that the company is in a talks to buy 2TM, the parent of the Brazilian cryptocurrency brokerage Mercado Bitcoin, and that the potential deal could be closed by the end of April. The move also coincides with a significant move higher in the bitcoin price over the weekend that erased its 2022 losses.
- AMC Entertainment (Symbol: AMC) — The movie theater company saw shares surge 44.9% after its CEO Adam Aron said more “transformational” M&A deals are coming. The comments followed news about the company’s investment in Hycroft Mining, a gold and silver mining operator, earlier in the month.
- Foot Locker (Symbol: FL) — The athletic apparel retailer’s shares dropped 1% after Cowen urged investors not to get too enticed by the pullback in their price. The firm downgraded Foot Locker to market perform from outperform and cut its price target on the stock to $34 from $42.
- Beyond Meat (Symbol: BYND) — Shares of the meat alternative producer slid more than 2% before turning higher after Piper Sandler downgraded the stock to underweight from neutral. The firm also cut its price target on Beyond, seeing 40% downside.
- Altria Group (Symbol: MO) — RBC also downgraded Altria, the tobacco and cigarette giant that owns Philip Morris, to sector perform from outperform, noting that it sees limited room for upside for the company. Altria shares dropped 2.9%.
During Premarket hours today – (Tuesday – 29.03.2022)
- FedEx (Symbol: FDX) — FedEx CEO Fred Smith will step down from that role at the company he founded more than 50 years ago. He’ll become executive chairman on June 1 and will be replaced as CEO by President and Chief Operating Officer Raj Subramanian. FedEx shares rose 2% in the premarket.
- Uber Technologies (Symbol: UBER) — Uber is close to an agreement with a San Francisco taxi company to include taxis in its ride-hailing platform in that city, according to people familiar with the matter who spoke to The New York Times. Uber recently struck a similar agreement in New York City. The stock added 1.9% in premarket action.
- GameStop (Symbol: GME) — GameStop remains on watch as the videogame retailer’s stock rides a 10-session winning streak that has seen it gain 143%. Another “meme stock” on a roll is movie theater operator AMC Entertainment (AMC), which surged 45% Monday, its best day since last June. GameStop fell 3.5% in premarket trading, while AMC slid 4.5%.
- Stellantis (Symbol: STLA) — The automaker is laying off an undisclosed number of workers at its Illinois Jeep plant in an effort to “operate the plant in a more sustainable manner.” The plant saw several layoffs last year as well as it tried to deal with the impact of the global semiconductor shortage. Stellantis shares jumped 4.5% in premarket trading.
- Dave & Buster’s (Symbol: PLAY) — The restaurant chain’s stock slumped 5% in the premarket after a top and bottom-line miss for its latest quarter. Dave & Buster’s fell 8 cents a share shy of estimates, with quarterly earnings of 52 cents per share. Dave & Buster’s said its results were strong in light of ongoing Covid-19 headwinds.
- Pinterest (Symbol: PINS) — Shares of the image-sharing site operator slid 2.7% in premarket trading after Morgan Stanley downgraded it to “equal-weight” from “overweight.” Morgan Stanley points to challenging user trends, including a greater proportion of time spent on activities with lower monetization potential.
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