During Market hours Yesterday — (Monday – 28.06.2021):
- The Dow (Symbol: DIA) slid 0.48%. The S&P 500 (Symbol: SPY) went up 0.20% and the Nasdaq (Symbol: QQQ) jumped 1.22%.
- Intellia Therapeutics (Symbol: NTLA)– Intellia shares surged 50.2% after the company announced positive results from a phase one study, along with partner Regeneron, of a gene-editing treatment. The treatment is the first time gene-editing technique CRISPR has been delivered systemically as a medicine to the human body. Other companies involved with CRISPR also saw their shares rally, with CRISPR Therapeutics’ stock (Symbol: CRSP) soaring 6.4% and Editas Medicine’s stock (Symbol: EDIT) jumping 5%.
- Boeing (Symbol: BA)— Shares fell 3.4% after the Federal Aviation Administration said in a letter to the aircraft maker that its 777X long-range aircraft likely won’t be approved to fly until mid- to late-2023 at the earliest. The FAA’s letter to Boeing said there were numerous technical issues that needed to be resolved.
- Cruise stocks — Cruises may be back, but cruise line stocks are falling after two teenage guests on one of Royal Caribbean’s ships tested positive for Covid-19. Royal Caribbean (Symbol: RCL) traded 6.47% lower Monday, while Carnival (Symbol: CCL) fell 7% and Norwegian Cruise (Symbol: NCLH) dropped 6.10%.
- Oil stocks — Oil names fell as West Texas Intermediate crude oil futures dipped Monday after gaining more than 10% in June. Occidental Petroleum (Symbol: OXY) erased 5%, Marathon Oil (Symbol: MRO) dropped 4.8%, Devon Energy (Symbol: DVN) shed 4.5% and Chevron (Symbol: CVX) fell 3% lower.
- Tesla (Symbol: TSLA)— Shares gained 2.5% after Wedbush said the company faces a “moment of truth” following an autopilot software recall in China. The firm maintained its outperform rating on the electric vehicle maker despite the negative headlines.
- Nvidia (Symbol: NVDA) — The semiconductor maker saw its equity jump 5% after it received support for its planned $40 billion takeover of U.K.-based chip designer Arm, according to a report in the Sunday Times of London. The public display of support comes from Broadcom, Marvell and MediaTek, all of which are customers of Arm.
- NRG Energy (Symbol: NRG)— The utility stock jumped 6.10% after Goldman Sachs added NRG Energy to its conviction list. The firm said in a note to clients that NRG’s strong cash flow profile could enable the company to buy back nearly a quarter of its shares.
- Perion Network (Symbol: PERI)— Shares jumped 16.30% after the Israel-based ad-tech company reported better-than-expected preliminary second-quarter results. The company reported preliminary second-quarter revenue of $105 million, compared with analysts’ projection of $95.9 million, according to FactSet.
- Bed Bath & Beyond (Symbol: BBBY)— The retailer’s stock traded 5.98% higher after CFRA Research upgraded it to a buy rating from hold. CFRA said it’s maintaining a $40 price target, implying almost 40% upside.
During Premarket hours today – (Tuesday – 29.06.2021):
- Big banks – Goldman Sachs (Symbol: GS), Bank of America (Symbol: BAC), Morgan Stanley (Symbol: MS), JPMorgan Chase (Symbol: JPM) and Wells Fargo (Symbol: WFC) all announced dividend increases after passing the Fed’s latest stress tests. Morgan Stanley and Wells Fargo both doubled their dividends, while Citigroup (Symbol: C) was the only one of the six largest banks to keep its dividend unchanged. Morgan Stanley rose 3.3% in the premarket, with Goldman up 1.4%.
- Facebook (Symbol: FB) – Facebook remains on watch after a late Monday jump which saw it surge past the $1 trillion mark in market value. That followed a court decision that dismissed both federal and state antitrust complaints against the social media giant.
- Herman Miller (Symbol: MLHR) – Herman Miller reported quarterly profit of 56 cents per share, beating the consensus estimate of 39 cents a share. The office furniture maker’s revenue came in above estimates as well. Herman Miller gave a lower-than-expected earnings forecast, however, and its shares fell 1.7% in the premarket.
- Jefferies Financial (Symbol: JEF) – Jefferies beat Wall Street forecasts for both profit and revenue for its latest quarter, and the financial services firm also announced a 25% dividend increase. Jefferies rallied 3.3% in premarket trading.
- XPO Logistics (Symbol: XPO) – XPO announced that its public offering of 5 million common shares was priced at $138 per share, compared to Monday’s close of $140.61. The transportation and logistics company plans to use the funds to pay down debt and for general corporate purposes. XPO fell 1.5% in the premarket.
- General Electric (Symbol: GE) – Goldman Sachs named the stock a “top idea,” based in part on an upbeat view of GE’s cash flow prospects as the industrials sector recovers. Goldman rates GE “buy” with a price target of $16 compared to Monday’s close of $12.89. GE rose 1% in premarket trading.
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