During Market hours Yesterday — (Thursday – 06.01.2022):
- The Dow (Symbol: DIA) went down 0.47%. The S&P 500 (Symbol: SPY) lost 0.09% and the Nasdaq (Symbol: QQQ) dropped 0.07%.
- CrowdStrike (Symbol: CRWD) — The cybersecurity stock rose 4.6% on Thursday after Wells Fargo initiated coverage of the company and rated it overweight. The investment firm said in a note that CrowdStrike still had strong growth prospects despite the recent struggles for its shares.
- Allbirds (Symbol: BIRD) — Shares of the shoe company rose 12.2% after Morgan Stanley upgraded the stock to overweight from equal weight. The firm said that Allbirds’ stock now looked cheap after a sharp decline, which brought shares below their IPO price from November.
- Rivian (Symbol: RIVN) — Shares of EV start-up Rivian sank 3% as the market rotated out of high-growth stocks, despite a bullish call from Bank of America. Bank of America named Rivian one of its top picks for 2022. Amazon, a key backer of the EV company, announced a deal with Stellantis on Wednesday, potentially creating additional selling pressure for Rivian.
- Goldman Sachs (Symbol: GS) — Shares of the bank slid 0.4% after Bank of America downgraded the stock to neutral from buy. The Wall Street firm also slashed its 12-month price target to $475 per share from $490 per share. Bank of America is cautious on Goldman as it expects a tougher revenue growth backdrop for its capital markets business due to a moderation in trading activity and M&A.
- Walgreens (Symbol: WBA) — Shares of the drugstore chain fell 2.9% after the company spoke of rising labor costs as its pharmacists are stretched thin by administering vaccines and filling prescriptions. Still, Walgreens beat analysts’ expectations for fiscal first-quarter earnings, as customers came to stores for Covid vaccines and tests. It also raised its forecast for the year.
During Premarket hours today – (Friday – 07.01.2022):
- GameStop (Symbol: GME) — GameStop surged 14.3% in the premarket on reports that the videogame retailer is starting a new division to focus on cryptocurrency partnerships and NFTs.
- STMicroelectronics (Symbol: STM) — STMicro issued preliminary fourth-quarter revenue figures that were higher than analysts were anticipating. The chip maker’s sales came in at $3.56 billion, compared with a consensus estimate of $3.41 billion, amid increasing demand and a worldwide chip shortage. STMicro shares jumped 4.2% in premarket action.
- DraftKings (Symbol: DKNG) — The sports betting company’s stock added 2% in the premarket, ahead of the launch of legal mobile sports betting in New York State, beginning Saturday morning.
- Visa (Symbol: V) — Visa slid 1.4% in premarket trading after Mizuho downgraded the stock to “neutral” from “buy.” Mizuho cites what it sees as the permanent shortening of the “cash-to-card conversion runway” as well as increasing competition.
- New York Times (Symbol: NYT) — The newspaper publisher announced a deal to buy sports news site The Athletic for $550 million, following earlier reports that a transaction had been finalized. New York Times shares fell 1.4% in the premarket.
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