During Market hours Yesterday — (Thursday – 03.03.2022):
- The Dow (Symbol: DIA) went down 0.26%. The S&P 500 (Symbol: SPY) lost 0.50% and the Nasdaq (Symbol: QQQ) dropped 1.43%.
- Best Buy (Symbol: BBY) — The retail stock jumped 9.2% after the company announced it was raising its quarterly dividend by 26%. The move comes despite Best Buy reporting adjusted earnings just matching the Refinitiv consensus estimate.
- Kroger (Symbol: KR) — The grocery chain saw its shares jump 11.6% after it beat Wall Street expectations for earnings. The company reported fourth-quarter adjusted earnings of 91 cents per share on revenue of $33.05 billion. Analysts were looking for a profit of 74 cents per share on revenue of $32.86 billion, according to Refinitiv.
- Snowflake (Symbol: SNOW) — Shares plummeted 15.4% after the software company reported earnings that indicated the slowest sales growth since at least 2019. Revenue for the fourth quarter came in above analysts’ estimates and grew by 101% year over year. The company reported an adjusted loss of 43 cents per share.
- Box Inc. (Symbol: BOX) — Shares gained 2.2% after the company reported better-than-expected results for the fourth quarter. The company earned 24 cents per share excluding items on $233 million in revenue. Analysts expected earnings of 23 cents per share on $229 million in revenue.
- American Eagle Outfitters (Symbol: AEO) — The stock sunk 9.3% after the retailer reported quarterly results. American Eagle warned higher freight costs would weigh on earnings in the first half of 2022.
- Intel (Symbol: INTC) — Shares dipped 1.9% after Morgan Stanley downgraded the stock from equal-weight to underweight. “Downgrades of value stocks … will let us focus on more actionable situations that offer relatively more attractive risk-reward going forward,” Morgan Stanley’s Ethan Puritz said.
- Southwest (Symbol: LUV) — Shares gained 1.5% after Evercore ISI upgraded the airline stock to outperform from in-line. “Greater relative financial strength + margin focused planning lead us to raise our rating on Southwest,” the firm said.
- Citigroup (Symbol: C) — The bank’s stock fell 3.3% after downgrades from two firms. Analysts were underwhelmed by Citi’s medium-term target for return on tangible common equity, a key industry metric.
During Premarket hours today – (Friday – 04.03.2022):
- Sweetgreen (Symbol: SG) — Sweetgreen shares soared 19.9% in premarket trading after the salad chain reported strong sales growth in its first quarterly report since going public in November. The company also posted widening losses.
- Gap (Symbol: GPS) — Shares surged 7% in premarket trading after the retailer reported a narrower-than-expected loss for the fourth quarter and issued strong earnings guidance. Gap posted a loss of 2 cents per share, versus the 14 cents forecast by Refinitiv analysts. Revenue also beat estimates.
- Broadcom (Symbol: AVGO) — The chip stock rose more than 3% premarket after Broadcom beat Wall Street expectations for its fiscal first quarter. The company reported adjusted earnings of $8.39 per share, while analysts surveyed by Refinitiv were looking for $8.08 per share. The firm’s second-quarter revenue guidance also came in above expectations.
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