During Market hours yesterday – (Thursday – 06.05.2021):
U.S. weekly jobless claims total 498,000, vs 527,000 estimate
- The Dow (Symbol: DIA) went up 0.94%. The S&P 500 (Symbol: SPY) gained 0.80% and the Nasdaq (Symbol: QQQ) popped 0.75%.
- Kellogg (Symbol: K)— Shares jumped 7.07% after the cereal and snack food company beat expectations on the top and bottom lines for the first quarter. Kellogg earned an adjusted $1.11 per share on $3.58 billion in revenue, helped by growth internationally. Analysts surveyed by Refinitiv were looking for 96 cents in earnings per share and $3.38 billion in revenue. The company also hiked its full-year guidance.
- Uber (Symbol: UBER)— The ride-hailing company’s shares tumbled 8.85% following a revenue miss. Uber posted $2.9 billion in revenue in the first quarter, below an estimate of $3.3 billion per Refinitiv. The company saw its loss improve, however, due to the sale of its self-driving unit ATG. Uber lost 6 cents per share for its latest quarter, compared to expectations of a 54 cents a share loss.
- Tapestry (Symbol: TPR)— The apparel stock fell 3.33% despite a stronger-than-expected report for the company’s fiscal third quarter. Tapestry reported 51 cents in adjusted earnings per share on $1.27 billion in revenue. Analysts surveyed by Refinitiv had penciled in 31 cents per share on $1.22 billion in revenue. The company did not provide detailed guidance for the full fiscal year, citing uncertainty about the pandemic.
- Anheuser-Busch InBev (Symbol: BUD)— The brewer’s shares rose 6.2% after the company announced that CEO Carlos Brito will step down this summer. Brito will be succeeded by Michel Doukeris, who runs Anheuser-Busch InBev’s North American business. The company also reported stronger-than-expected earnings for the first quarter.
- Moderna (Symbol: MRNA)— Shares of Moderna fell 1.44% a day after U.S. Trade Representative Katherine Tai said on Wednesday that Washington supports waiving intellectual property protections for manufacturers of Covid-19 vaccines. Moderna, which produces one of just a few vaccines authorized for emergency use in the U.S., fell 6.1% on Wednesday. Pfizer (Symbol: PFE), another vaccine maker, was down 1.95% on Thursday.
- Sunrun (Symbol: RUN)— Shares of the residential solar company advanced 11.69% after Sunrun beat revenue estimates during the first quarter, while also raising its full-year guidance. Goldman Sachs reiterated its buy rating on the stock following earnings, saying it’s a “bellwether solar name.”
- Etsy (Symbol: ETSY)— The e-commerce retailer’s stock dropped 14.57% after the company warned of slowing user growth. The retailer did, however, beat top and bottom line estimates during the first quarter. The company earned $1.00 per share on $551 million in revenue. Analysts surveyed by Refinitiv were expecting the company to earn 88 cents per share on $530 million in revenue.
- PayPal (Symbol: PYPL)— Shares of the payments company climbed 1.87% following a stronger-than-expected quarterly report. Its earnings per share came in at $1.22, adjusted, versus $1.01 per share expected in a Refinitiv survey of analysts. PayPal’s first-quarter revenue also beat expectations. On the earnings call, CEO Dan Schulman pointed to cryptocurrency as a key growth engine and touted an upcoming ‘digital wallet’ product.
During Premarket hours today – (Friday – 07.05.2021):
- Beyond Meat (Symbol: BYND) – Beyond Meat lost 42 cents per share for the first quarter, more than double the 19 cents per share loss that analysts had expected. Revenue also missed forecasts, with the company saying the pandemic has dampened both retail and restaurant demand. Shares tumbled 7.1% in the premarket.
- Peloton (Symbol: PTON) – Peloton said it would take a current-quarter hit of $165 million for the recently announced recall of its treadmills, and it also cut its sales and profit forecast for the current fiscal year ending June 30. The fitness equipment maker reported a smaller-than-expected loss for its most recent quarter, as well as beating analysts’ revenue forecasts. Peloton shares jumped 5.9% in the premarket.
- Roku (Symbol: ROKU) – Roku rallied 8.2% in premarket trading, putting it in a position to end an eight-session losing streak. Roku earned 54 cents per share for the first quarter, compared to consensus forecasts of a 13 cents per share loss. Revenue also beat expectations, and the maker of streaming video devices gave an upbeat forecast as homebound consumers continue to stream more content.
- Shake Shack (Symbol: SHAK) – Shake Shack slid 7.8% in premarket trading after it reported a quarterly profit of 4 cents per share, compared to consensus forecasts of a 9 cents per share loss. The restaurant chain’s revenue, however, did fall short of forecasts, and it gave a tepid current-quarter sales outlook as sales in city locations and sports stadiums continue to weigh on overall results.
- Tilray (Symbol: TLRY) – The cannabis producer’s shares surged 8.8% in premarket trading, following a double upgrade by Jefferies to “buy” from “underperform.” Jefferies calls the recently completed combination of Tilray and rival Aphria “the perfect match,” citing Tilray’s scale and Aphria’s positioning on the German market.
- Square (Symbol: SQ) – Square more than doubled the 16 cents a share consensus estimate, with quarterly earnings of 41 cents per share. The mobile payment company’s revenue was also substantially above estimates, boosted by surging demand for bitcoin, sparking an increase in transactions on its peer-to-peer payment service Cash App. Square rose 1.9% in premarket action.
- Dropbox (Symbol: DBX) – Dropbox came in 4 cents a share above estimates, with quarterly profit of 35 cents per share. Revenue, as well as average revenue per user, beat forecasts for the online storage service. The key metric of annual recurring revenue was also above Wall Street forecasts. Dropbox gained 2.5% in the premarket.
- Bill.com (Symbol: BILL) – Bill.com surged 14.3% in premarket trading after it reported a narrower loss for its latest quarter and better-than-expected sales for its latest quarter. The provider of back-office enterprise software also announced the acquisition of expense management software provider Divvy for $2.5 billion
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