During Market hours yesterday – Monday (28.09.2020):

Stocks rose sharply on Monday as Wall Street built on strong gains from the previous session amid hope for a new deal on U.S. fiscal stimulus and several corporate deals being struck.

  • The Dow (Symbol: DIA) went up 1.5%. The S&P 500 (Symbol: SPY) gained 1.6% and the Nasdaq (Symbol: QQQ) climbed 2%.
  • Devon Energy (Symbol: DVN) WPX Energy (Symbol: WPX) Shares of Devon jumped 11% while WPX gained 16.4% after the two companies announced their intention to merge. The all-stock transaction gives the combined company, an enterprise value of roughly $12 billion.
  • Cleveland-Cliffs (Symbol: CLF) ArcelorMittal (Symbol: MT) Shares of the two mining companies jumped 11.5% and 10.5%, respectively, after Cleveland-Cliffs agreed to buy in the fourth quarter of 2020 ArcelorMittal’s U.S. operations for $1.4 billion. The deal, will make Cleveland-Cliffs the largest flat-rolled steel producer in North America.
  • Sina Corp (SymboL: SINA) Sina stock popped more than 5.8% after the Chinese social-media giant said it will go private in a deal that values the company at $2.59 billion. New Wave Holdings will pay $43.30 per share in cash for the parent of Weibo, Chinese version of Twitter.
  • Virgin Galactic (Symbol: SPCE) The space tourism company’s stock surged more than 24.8% after getting buy ratings from Bank of America and Susquehanna. The new ratings leave Virgin Galactic with eight out of eight buy ratings from Wall Street firms. Bank of America gave the stock a $35 per share price target and called the space flight company’s growth potential “unparalleled.”
  • Plug Power (Symbol: PLUG) Shares of the fuel-cell maker popped more than 13% after a Morgan Stanley analyst upgraded the company to overweight from equal weight. The analyst also hiked his price target on the stock to $14 per share. “We believe that, if PLUG can generate green hydrogen at relatively low cost, its customers … will likely adopt PLUG’s fuel cell products even more rapidly,” according to the analyst.

During Premarket hours today – Tuesday (29.09.2020):

  • McCormick (Symbol: MKC) The spice maker came in one cent a share ahead of estimates, with quarterly earnings of $1.53 per share. Revenue also came in above Wall Street projections. The company is projecting fiscal 2020 adjusted earnings per share of $5.64-$5.72, compared to a consensus estimate of $5.76. McCormick also announced a 2-for-1 stock split.
  • Big Lots (Symbol: BIG) The discount retailer said it expects to report current-quarter earnings of 50 cents to 70 cents per share, compared to a consensus estimate of 21 cents a share as demand for home goods remains strong.
  • Polaris Industries (Symbol: PII) The recreational vehicle maker signed a 10-year deal with Zero Motorcycles to develop and sell electric off-road vehicles and motorcycles. The partnership’s first vehicle is expected to debut by the end of 2021.
  • United Natural Foods (Symbol: UNFI)  United Natural Foods reported quarterly earnings of $1.06 per share, beating the 74 cents a share consensus estimate. Revenue also exceeded forecasts. The largest U.S. publicly traded food wholesaler also gave a better-than-expected fiscal 2021 earnings outlook. Separately, the company announced that CEO Steven Skinner plans to retire next July 31 when his contract expires.
  • The nation’s airlines and their unions are lobbying Congress for another $25 billion in coronavirus aid to delay tens of thousands of furloughs for another six months. U.S. air travel remains about two-thirds lower than it was a year ago on continued concerns about catching Covid-19 on planes.

*Any information contained in this article, including any information contained in external third party links, if any, is solely for informational purposes and does not contain, or should not be construed as containing, investment advice or an investment recommendation, or, an offer of or solicitation for any transactions in financial instruments. Past performance does not guarantee or predict future performance. Colmex Pro Ltd does not take into account your personal investment objectives or financial situation and makes no representation, and assumes no liability to the accuracy or completeness of the information provided, nor for any loss arising from any investment based on presented information.