During Market hours yesterday — (Thursday – 05.01.2023):
- The Dow (Symbol: DIA) went down -1.00%. The S&P 500 (Symbol: SPY) lost -1.14%. and the Nasdaq (Symbol: QQQ) went down -1.57%.
- Bed Bath & Beyond (Symbol: BBBY) — The home goods retailer plummeted -24% after reporting it’s running out of cash and is considering bankruptcy, citing weaker-than-expected sales. The company said it is exploring financial options including restructuring, seeking additional capital or selling assets, in addition to a potential bankruptcy.
- Walgreens Boots Alliance (Symbol: WBA) — The pharmacy operator tumbled more than -8% despite beating Wall Street’s earnings expectations and raising its full-year outlook. Walgreens posted a net loss in relation to an opioid litigation settlement.
- Shopify (Symbol: SHOP) — Shares fell more than -4% after Jefferies downgraded Shopify to a hold from a buy rating, citing uncertain macro challenges ahead for the e-commerce stock.
- Amazon (Symbol: AMZN) — The e-commerce giant fell nearly -2% after announcing it’s cutting 18,000 jobs, becoming the latest technology company to cut back after expanding rapidly during the pandemic.
- American Express (Symbol: AXP) — The global integrated payment company’s stock shed more than -2% after being downgraded to underweight from equal weight by Stephens. The firm said it was concerned about American Express’ cushion heading into a recession and cut its price target on the stock to $134 per share from $146.
During Premarket hours today – (Friday – 06.01.2023):
- Bed Bath & Beyond (Symbol: BBBY) — The retailer dropped -12.4%, building on the sharp losses seen Thursday, after management said the company is low on cash and considering bankruptcy. KeyBanc dropped its price target to the stock from $2 to 10 cents, citing the concern of bankruptcy and weak fundamentals.
- Tesla (Symbol: TSLA) — Shares fell -6.4% after the electric-vehicle maker lowered prices for its Model 3 and Model Y vehicles in China.
- Silvergate Capital (Symbol: SI) – The crypto-focused bank added to its Thursday losses following a downgrade from JPMorgan to neutral from overweight. The firm cited Silvergate’s worse-than-expected deposit outflows and called into question the company’s long-term profitability. Shares dropped 14% premarket, after posting a -42% loss Thursday.
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