During Market hours yesterday — (Thursday – 03.06.2021):
- The Dow (Symbol: DIA) lost 0.10%. The S&P 500 (Symbol: SPY) dropped 0.37% and the Nasdaq (Symbol: QQQ) slid 1.04%.
- AMC Entertainment (Symbol: AMC)— The movie theater operator’s shares closed 17.92% lower after AMC said it may offer and sell up to 11.55 million shares of its Class A common stock. Additional shares dilute the value of the existing stock for shareholders. AMC captured Wall Street’s attention this week as retail investors doubled down on the struggling company. The stock rallied 95% on Wednesday alone.
- GameStop (Symbol: GME), Bed Bath & Beyond (Symbol: BBBY) and Express (Symbol: EXPR)— Other meme stocks popular among retail investors dropped Thursday mirroring AMC’s fall. Shares of GameStop, which made headlines earlier this year in a short squeeze fueled by retail traders, erased 8.52%. Bed Bath & Beyond shares fell 27.81% after rallying more than 60% the day prior. Shares of Express tumbled 19.51% after the retailer announced a stock sale plan of 15 million shares.
- Ford (Symbol: F)– The American auto maker is trading 7.2% higher after it unveiled a new compact pickup truck called Maverick, which Ford expects to go on sale by the end of the year. The company hopes the addition to its truck lineup will attract more West Coast customers.
- General Motors (Symbol: GM)— Shares of General Motors jumped 6.39% after the auto maker said it would ramp up production of large- and mid-sized pickups in North America to meet rising demand. The company also raised its expectations for financial results from the first half of 2021.
- Twitter (Symbol: TWTR)– Twitter shares moved up on Thursday, but closed 0.26% lower after the social media company launched its first subscription service, Twitter Blue, to diversify its advertising-dominated revenue streams. Users will pay a low monthly fee for exclusive features and the company will begin rolling it out in Canada and Australia.
- FireEye (Symbol: FEYE)– Shares of the cybersecurity firm dropped 17.6% after the company said it’s selling its products business to Symphony Technology Group – a private equity firm – for $1.2 billion. The sale includes the “FireEye” name. The remaining cyber forensics unit will be known as Mandiant Solutions. “After closing, we will be able to concentrate exclusively on scaling our intelligence and frontline expertise through the Mandiant Advantage platform, while the FireEye Products business will be able to prioritize investment on its cloud-first security product portfolio,” CEO Kevin Mandia said.
- Ciena Corp (Symbol: CIEN)– Stocks of the communications tech company jumped 7.3% after reporting its quarterly earnings earlier that morning. Ciena brought in 62 cents per share, beating analyst estimates by 14 cents per share, and $834 million in revenue.
- Splunk (Symbol: SPLK)— Shares of the software company tanked 9.5% after reporting a wider-than-expected quarterly loss. Splunk lost 91 cents per share, more than the expected 70 cents per share, according to Refinitiv. Revenue, however, topped analyst estimates.
- Tilray (Symbol: TLRY)— Shares of the Canadian cannabis grower popped 3.79% after Cantor Fitzgerald issued new financial estimates for company following the completion of its merger with Aphria. The brokerage rated Tilray at overweight and applauded its scale and international business opportunities.
- Moderna (Symbol: MRNA)— Moderna equity gained 1.89% after the company announced it’s in a supply agreement with the government of Botswana for its Covid-19 vaccine. That deal comes after Moderna struck a deal with a World Health Organization-backed Covax initiative to supply up to 500 million doses of its inoculation.
During Premarket hours today – (Friday – 04.06.2021):
- DocuSign (Symbol: DOCU) – DocuSign shares rallied 6.8% in premarket trading after the company beat Wall Street forecasts by 16 cents a share, with quarterly earnings of 44 cents per share. Revenue also beat estimates, and DocuSign gave an upbeat outlook as more companies adopt its electronic signature technology.
- Five Below (Symbol: FIVE) – Shares of the discount retailer jumped 5.7% in the premarket, after first-quarter profit and revenue comfortably exceeded Street forecasts. Comparable-store sales surged 162% compared to the same quarter a year ago.
- MongoDB (Symbol: MDB) – The database platform provider lost 15 cents per share for its latest quarter, less than half of the 37 cents a share loss expected by analysts. Revenue also exceeded estimates as subscription sales jumped 40%, and the company forecast a lower-than-expected full-year loss. The stock surged 6.2% in premarket action.
- ChargePoint (Symbol: CHPT) – The electric vehicle charging network’s stock rose 1.1% in the premarket, despite reporting a wider-than-expected loss for its latest quarter. Its revenue beat Wall Street forecasts, however, and ChargePoint also held to its prior 2021 revenue outlook.
- AMC Entertainment (Symbol: AMC) – AMC fell 3.7% in the premarket, following the movie theater operator’s second share sale in a week to raise money. The stock had fallen almost 18% Thursday after announcing the sale, which had followed a 95% rise Wednesday and a nearly 23% gain Tuesday.
- Zumiez (Symbol: ZUMZ) – The seller of apparel, footwear and athletic equipment gained 5% in premarket trading, after Zumiez surged past Wall Street’s consensus 4 cents a share estimate with first-quarter profit of $1.03 per share. Revenue also beat forecasts, with the company saying its business has recovered beyond pre-pandemic levels.
- Asana (Symbol: ASAN) – The maker of collaboration software saw its stock rally 8.6% in the premarket after it reported a smaller-than-expected quarterly loss while its revenue and outlook beat consensus estimates.
- Bed Bath & Beyond (Symbol: BBBY) – Bank of America Securities moved to a “no rating” on the housewares retailer, an unusual move that reflects the firm’s belief that the so-called “meme stock” is no longer trading on fundamentals. The firm also dropped coverage on GameStop (Symbol: GME) for similar reasons, saying the videogame retailer’s stock is trading on non-fundamental factors. GameStop fell 1.2% in premarket trading, while Bed Bath & Beyond was little changed.
*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.