During Market hours yesterday — Monday – 28.09.2021:
- The Dow (Symbol: DIA) dropped 0.2%. The S&P 500 (Symbol: SPY) sank 0.3% and the Nasdaq (Symbol: QQQ) slid 0.8%.
- Energy stocks – Energy stocks led the S&P 500 on Monday as oil prices climbed amid supply concerns driven by a pick-up in demand as pandemic conditions around the world start to ease. Cimarex (Symbol: XEC) and Cabot (Symbol: CBT) climbed over 8%, Diamondback (Symbol: FANG) and Occidental (Symbol: OXY) added more than 7%, Marathon Oil (Symbol: MRO) rose 6% and Halliburton (Symbol: HAL) wasn’t far behind with more than 5% gains.
- Financial stocks – Shares of financial institutions also rallied as the yield on the benchmark 10-year Treasury note climbed above 1.5% at one point Monday morning. M&T Bank (Symbol: MTB) and Lincoln (Symbol: LNC) rose 5.5% and and nearly 5%, while MetLife (Symbol: MET) and State Street (Symbol: STT) added more than 3%. Bank stocks tend to benefit from rising interest rates because they allow for higher margins and profits.
- Best Buy (Symbol: BBY) – Shares of Best Buy jumped 5% after Piper Sandler raised its price target on the stock to $150 from $146 per share. The new projection implies 43.2% upside from Best Buy’s closing price Friday. Piper Sandler called Best Buy “one of our top ideas under coverage” and said Best Buy’s new membership program is “one of the most intriguing initiatives BBY has launched in 5+ years.”
- Altice (Symbol: ATUS) – Shares of the broadband and video company dropped more than 3% after Credit Suisse downgraded the stock to neutral from outperform. The Wall Street firm said Altice could experience a short-term negative impact from its aggressive fiber buildout strategy.
- Carnival Corp. (Symbol: CCL) – Shares of the cruise line operator jumped 4.7% after the company issued an upbeat business update on Friday. Carnival said its “voyages are already cash flow positive” and it expects the positive trend to continue. The company reported a U.S. GAAP net loss of $2.8 billion and an adjusted net loss of $2.0 billion for the third quarter of 2021.
- Vaccine makers – Makers of Covid-19 vaccines fell as Singapore reported a daily record in Covid cases and hit five new daily highs in the past week. The two main vaccines used in Singapore are those developed by Pfizer-BioNTech and Moderna. Pfizer (Symbol: PFE) is roughly flat Monday but BioNTech (Symbol: BNTX) dropped almost 8%, Novavax (Symbol: NVAX) also dropped about 7% and Moderna (Symbol: MRNA) fell nearly 5%. CureVac (Symbol: CVAC) lost over 3%.
During Premarket hours today – Tuesday – 29.09.2021:
- Ford (Symbol: F) – Ford is accelerating its push into electric vehicles, with plans for a new U.S. assembly plant and three battery factories. Ford and South Korean partner SK Innovation will invest more than $11 billion in the project. Ford shares rose 3.3% in premarket trading.
- Thor Industries (Symbol: THO) – The recreational vehicle maker reported quarterly earnings of $4.12 per share, beating the consensus estimate of $2.92 a share. Revenue also topped Wall Street forecasts. Thor said demand for RVs remains strong, with backlogs at a record high.
- FactSet (Symbol: FDS) – The financial information provider earned $2.88 per share for its latest quarter, 16 cents a share above estimates. Revenue also came in above projections, helped by an increase in sales of analytics, content and technology solutions.
- United Natural Foods (Symbol: UNFI) – The food distributor beat the 80 cents a share consensus estimate, with quarterly profit of $1.18 per share. Revenue came in below consensus estimates. United Natural said sales in the year-ago quarter saw strong pandemic-driven customer demand. Shares fell 2.7% in the premarket.
- Endeavor Group (Symbol: EDR) – Endeavor is buying sports betting business OpenBet from Scientific Games (SGMS) for $1.2 billion in cash and stock. The Ultimate Fighting Championship owner plans to combine OpenBet with its existing sports betting business. Endeavor shares soared 10.1% in the premarket.
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