During Market hours yesterday – Thursday (01.10.2020):
Stocks pared earlier gains and finished Thursday’s session slightly higher as hopes for further fiscal stimulus waned.
- The Dow (Symbol: DIA) rose 0.2%. The S&P 500 (Symbol: SPY) rose 0.6% while the Nasdaq (Symbol: QQQ) outperformed, gaining 1.6%.
- Overstock (Symbol: OSTK) The e-commerce stock jumped 15.4% after Wedbush added Overstock to its Best Ideas List. The investment firm said in a note to clients that it expected Overstock to report much higher sales for its third quarter than the Wall Street expected.
- Bed Bath & Beyond (Symbol: BYND) Shares of the retailer soared more than 2.7% after the retailer reported second quarter earnings that blew past analyst expectations. Bed Bath & Beyond earned 50 cents per share on an adjusted basis, above of the 23 cent loss analysts predicted. Revenue came in at $2.69 billion, compared to the expected $2.60 billion.
- Workday (Symbol: WDAY) Shares of the on‑demand financial management and human capital management software vendor rose more than 2.5% after Citi upgraded the stock to buy from neutral. The Wall Street firm said Workday has many paths to “sustain solid growth.”
- Papa John’s International (Symbol: PZZA) Shares of Papa John’s gained 1.3% after KeyBanc initiated coverage on the pizza chain with a buy rating. The Wall Street firm said Papa John’s is “well positioned” to sustain its recent share gains with a new leadership team. The stock has risen more than 30% this year amid a strong growth in its digital business.
- Amazon (Symbol: AMZN) The megacap tech stock rose 2.3% after Pivotal raised its price target to $4,500 per share from $3,925. The firm said in a note to clients that Wall Street undervalues Amazon’s advertising business.
- Marathon Petroleum (Symbol: MPC) Shares of the refiner slid more than 5.5% after the company said it is cutting approximately 12% of its workforce, or 2,050 employees. The company said it will take between a $125 million and $175 million charge as part of the restructuring.
- DraftKings (Symbol: DKNG) The gaming stock rose 5% after Needham initiated coverage of the stock with a buy rating. The firm said in a note that DraftKings was one of the “leading beneficiaries” of the growing online gambling market.
During Premarket hours today – Friday (02.10.2020):
U.S. jobs rose by 661,000 in September, vs. 800,000 estimate
- Walmart (Symbol: WMT) The retailer announced the sale of its British supermarket chain Asda for $8.8 billion. The buying group consists of private equity firm TDR Capital and the Issa brothers, founders of gasoline station chain EG Group.
- Uber Technologies (Symbol: UBER) Private equity firm Greenbriar Equity will invest $500 million in Uber’s logistics unit Uber Freight, valuing it at $3.3 billion. Uber will maintain majority ownership of that business.
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