During Market hours Yesterday — (Thursday – 01.09.2022):
• The Dow (Symbol: DIA) gained +0.45%. The S&P 500 (Symbol: SPY) earned +0.31%. and the Nasdaq (Symbol: QQQ) gained +0.04%.
• Nvidia (Symbol: NVDA) — Nvidia’s stock sank -7.7% amid news that the government is restricting the sale of some of its chips to China. Shares of Advanced Micro Devices (Symbol: AMD), which was also ordered to stop selling artificial intelligence chips to China, fell -6%. Micron Technology (Symbol: MU) lost more than -1%. Broadcom (Symbol: AVGO) dropped more than -2%, and Qualcomm (Symbol: QCOM) slid -4%.
• Bed Bath & Beyond (Symbol: BBBY) — Shares of home retailer and meme stock fell -8.6% midday after a handful of analysts said its turnaround plan, announced Wednesday, isn’t enough to fix its struggling business. Raymond James downgraded the stock Thursday, saying new financing and company plans to close stores and lay off employees “only kicks the can down the road.”
• Okta (Symbol: OKTA) — Okta shares cratered -33.7% despite a top and bottom line beat in the recent quarter. A slew of Wall Street banks downgraded shares of the cybersecurity software company, citing troubles as it integrates Auth0, which it acquired last year.
• MongoDB (Symbol: MDB) — MongoDB’s stock shed -25.3% after the cloud computing company said it expects a wider-than-expected loss in the third quarter. The company beat Wall Street’s top and bottom line expectations and shared strong revenue guidance.
• Nutanix (Symbol: NTNX) — Nutanix’s stock soared +29% following a revenue beat in the recent quarter. The company also shared a smaller-than-expected loss and shared strong guidance.
• Ciena Corporation (Symbol: CIEN) – Shares of telecommunications company Ciena Corporation slipped -10.4% Thursday after it reported quarterly earnings that missed Wall Street expectations. The company disappointed on both the top and bottom lines. The firm said that while it’s seeing strong customer demand, component shortages have affected sales.
During Premarket hours today – (Friday – 02.09.2022):
• Lululemon (Symbol: LULU) – Lululemon rallied +9.5% in the premarket after reporting better-than-expected quarterly results and issuing an upbeat outlook. The athletic apparel and leisurewear maker said it continues to see strong sales momentum.
• Broadcom (Symbol: AVGO) – Broadcom rose +2% in premarket trading after quarterly earnings and revenue exceeded analyst forecasts. The chip maker also issued a stronger-than-expected revenue forecast for the current quarter. CEO Hock Tan said Broadcom expected strong demand across all its end markets to continue this quarter.
• Starbucks (Symbol: SBUX) – Starbucks named Laxman Narasimhan as its new chief executive officer. Narasimhan was most recently CEO of Lysol and Enfamil maker Reckitt Benckiser, and has served in executive positions at PepsiCo. Narasimhan will replace interim CEO Howard Schultz on October 1.
• Bed Bath & Beyond (Symbol: BBBY) – The housewares retailer’s stock slid -5.5% in premarket trading, setting it up for a possible fourth straight negative session. Bed Bath & Beyond – popular among “meme stock” traders – unveiled a number of steps on Wednesday designed to shore up its finances.
• Shell (Symbol: SHEL) – Shell CEO Ben van Beurden is preparing to step down next year, after nearly a decade in that job, according to two company sources who spoke to Reuters. The sources say the energy producer has identified four candidates to succeed van Beurden. Shell gained +1.4% in off-hours trading.
• Beyond Meat (Symbol: BYND) – Investment firm Baillie Gifford reported a 6.61% stake in the maker of plant-based meat alternatives as of August 31, compared with a 13.38% stake on December 31, 2021. Beyond Meat rose +1% in the premarket.
*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.