During Market hours Yesterday — (Monday – 30.08.2021):
- The Dow (Symbol: DIA) slid 0.14%. The S&P 500 (Symbol: SPY) raised 0.44% and the Nasdaq (Symbol: QQQ) gained 1.12%.
- Affirm (AFRM), Amazon (AMZN) — Shares of Affirm soared 46.67% after the buy-now, pay-later company announced a partnership with Amazon. The e-commerce giant is teaming up with Affirm for its first partnership with an installment payment player on the Amazon site. Shares of Amazon rose 2.15%.
- Globalstar (GSAT), Apple (AAPL) — The satellite services company saw shares surge about 64.3% on a report that Apple’s iPhone, scheduled to launch in the fall, will support satellite communications, allowing customers to call and send messages via satellite. Apple has an existing satellite phone network of 24 satellites in low Earth orbit. Securities analyst Ming-Chi Kuo said Globalstar is most likely to partner with Apple. Apple shares rose 3%.
- Baxter International (BAX), Hill-Rom (HRC)— Baxter International, the healthcare products maker, saw its shares rise 2.7% after the Wall Street Journal reported it’s in advanced talks to acquire the medical technology provider Hill-Rom in a $10 billion potential deal that’s about $150 per share. Hill-Rom shares were $132.90 at the market close on Friday. They rallied 9.69% Monday.
- Generac (GNRC)— The battery backup company’s shares rose 1.2% after Bank of America reiterated the stock as a buy. Hurricane Ida, which has become the fifth-largest hurricane to hit the U.S. mainland, could “serve as a positive catalyst” for the company over the next 30 days, the analyst said. Generac stock has climbed for the past eight sessions, benefiting from demand increases related to the weather disruptions.
- NetEase (NTES)— Chinese gaming giant NetEase’s stock fell 3.39% after China’s National Press and Publication Administration published a new rule for kids and teens under 18 years old in China, limiting their online video game time to just three hours per week. The agency billed the rules as a way to safeguard children’s physical and mental health.
- PayPal (PYPL)— PayPal shares jumped 3.6% on a CNBC report that it’s exploring a stock-trading platform for its U.S. customers as it faces increasing competition from Square, Robinhood and other brokerages and financial superapps.
- Robinhood (HOOD)— Robinhood fell 6.8% following the PayPal report and on the news that Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said a full ban of payment for order flow is “on the table,” according to a Barron’s report. The controversial practice, in which brokerage firms receive rebates on trades routed through their clearing firm, is used by many no-fee brokers.
- Capital One (COF)— Shares of Capital One fell more than 6% after Baird downgraded the stock to an underperform rating from neutral. Good news is already priced into the stock after a massive rally this year, according to Baird. “After being vocal bulls on COF for all of 2020 and most of this year, we now feel that the risk/reward trade-off for the stock is skewed to the downside, and we recommend taking profits here,” the firm said in a note.
- Weber (WEBR) — The grill maker’s shares rose 4.18% after the company received positive endorsements from Wall Street analysts. Goldman Sachs and Bank of America initiated coverage with buy ratings and J.P. Morgan Securities rated the stock overweight, all citing Weber’s leading position as well as pricing power. The company went public earlier this month.
- Dave & Buster’s (PLAY)— Shares of Dave & Buster’s fell 4.65% after Stifel downgraded the stock to a hold rating from a buy. Casual dining visitation trends have slowed amid high Covid cases, according to Stifel’s analysis of mobile location data.
- Zoom Video (ZM)— Shares of the video conferencing company rose 1.96% Monday ahead of Zoom’s second-quarter earnings report. The company will release its latest results after the bell.
During Premarket hours today – (Tuesday – 31.08.2021):
- Zoom Video (ZM) – Zoom reported quarterly earnings of $1.36 per share, 20 cents a share above estimates. Revenue also beat forecasts and topped $1 billion for the first time. Growth rates have slowed from the meteoric levels seen as the pandemic began in 2020. Its shares plunged 11.3% in the premarket.
- Robinhood (HOOD) – Robinhood fell another 2.8% in premarket trading, following a 6.9% Monday tumble. The trading platform operator saw its stock pressured after CNBC reported that PayPal (PYPL) was exploring the launch of its own stock trading platform, as well as SEC Chairman Gary Gensler’s comment that a ban of payment for order flow – which constitutes the bulk of Robinhood’s revenue – was “on the table.”
- Designer Brands (DBI) – The footwear retailer formerly known as DSW reported quarterly earnings of 56 cents per share, compared to a 24 cents a share consensus estimate. Revenue was well above Wall Street forecasts. Comparable-store sales surged 84.9%, more than the 62.2% increase forecast by analysts surveyed by StreetAccount. Its shares surged 7.5% in premarket trading.
- Chico’s FAS (CHS) – The apparel retailer’s shares rallied 4.5% after the company reported an unexpected quarterly profit. Chico’s earned 21 cents per share, compared to consensus estimates of an 8 cents per share loss. Revenue was also well above estimates. Chico’s said the results represented the company’s best second quarter in eight years.
- Textron (TXT) – Textron added 1.8% in premarket action after Cowen upgraded the stock to “outperform” from “market perform,” based in part on robust business jet demand as well as an “underappreciated” opportunity in the electric helicopter market.
- Uber Technologies (UBER) – Russian technology company Yandex (YNDX) announced a deal to buy out Uber’s interest in several food delivery and ride-hailing joint ventures for $1 billion. Uber was little changed in the premarket, but Yandex gained 1.2%.
- Virgin Galactic (SPCE) – Virgin Galactic gained 3.3% in the premarket after Jefferies initiated coverage on the space travel company with a “buy” rating. Jefferies notes an expected ramping up in capacity by Virgin Galactic as well as rapidly growing demand.
- Square (SQ) – Square plans to offer a new paid version of its invoicing software called Invoices Plus, according to announcements shared with some sellers and seen by TechCrunch. The new service will offer some advanced features that had been tested over the past year in limited trials.
- Support.com (SPRT) – Support.com remains on watch, after soaring 38% Monday, tripling over the past week and bringing its year-to-date gain to more than 1,500%. The technical support company’s stock is among heavily shorted stocks that have been targeted by investors on social media. The stock added another 4.4% in premarket trading.
- Moderna (MRNA) – Moderna’s Covid-19 vaccine produced more than twice the number of antibodies as the Pfizer-BioNTech vaccine, according to a study published by the Journal of the American Medical Association. Moderna shares had been under pressure following the suspension of 1.63 million doses in Japan on contamination concerns, and a temporary hold on two vaccine lots in the Gunma and Okinawa prefectures which were ultimately cleared for distribution. Moderna rose 1.4% in the premarket.
- NetEase (NTES) – NetEase reported better-than-expected earnings for its latest quarter, with the China-based online gaming company seeing revenue in line with forecasts. The stock had fallen 3.4% Monday amid new restrictions on online gaming imposed by the Chinese government. NetEase gained 2.1% in the premarket.
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