During Market hours yesterday (Thursday – 08.12.2022):

  • The Dow (Symbol: DIA) went up +0.60%. The S&P 500 (Symbol: SPY) gained +0.78%. and the Nasdaq (Symbol: QQQ) rose +1.18%.
  • GameStop (Symbol: GME) — Shares of the video game retailer and meme stock jumped more than +8% even after the company reported a wider-than-expected loss for the third quarter. CEO Matthew Furlong told investors the company “is attempting to accomplish something unprecedented in retail … seeking to transform a legacy business once on the brink of bankruptcy,” in a call Wednesday.
  • Dexcom (Symbol: DXCM) — The maker of glucose monitoring systems for diabetes management saw its shares rise +4.6% after announcing the U.S. Food and Drug Administration has cleared its G7 device for people with all types of diabetes ages two years and older. Dexcom expects the devices to launch in the U.S. early next year.
  • Cano Health (Symbol: CANO) — Shares of the primary care provider for seniors shed -20.47% after Bloomberg reported that Daniel Loeb’s Third Point sold its remaining stake due to concerns about liquidity. The hedge fund owned a 3.5% position in October.
  • Ciena (Symbol: CIEN) — Shares of Ciena surged +19.8% after the maker of networking equipment reported better-than-expected fiscal fourth-quarter results. The company also said it sees “outsized” revenue growth in fiscal 2023.
  • DigitalOcean Holdings (Symbol: DOCN) — Shares rose +6.87% after Needham initiated the stock as a buy and said it expects its consumption-based model and initiatives “to land larger customers and better mine the market opportunity.” It also said the cloud infrastructure company’s managed services offerings can help its revenue growth in the medium-term.
  • PVH (Symbol: PVH) — The Tommy Hilfiger parent added +2.7% after UBS named the company a top pick. UBS said it was one of the most likely to beat expectations in earnings next year from a list of about 40 stocks, while also saying it had faith in its business transformation plan.

During Premarket hours today – (Friday – 09.12.2022):

  • Lululemon (Symbol: LULU) – Lululemon slid -7.1% in the premarket after the athletic apparel maker issued a weaker-than-expected outlook. Lululemon reported better-than-expected profit and revenue for its latest quarter, but it saw a smaller-than-expected increase in comparable store sales.
  • Broadcom (Symbol: AVGO) – Broadcom shares rallied +3.6% in premarket action after the chip maker reported better-than-expected quarterly results and an upbeat outlook. The company also raised its dividend and said it would resume share buybacks.
  • Netflix (Symbol: NFLX) – Netflix gained +3% in the premarket following two positive analyst reports. Wells Fargo upgraded the streaming service’s stock to overweight from equal weight, saying content growth would lessen customer churn. Cowen named the stock a “best idea” for 2023, pointing to additional monetization avenues including the new ad-supported tier.
  • DocuSign (Symbol: DOCU) – DocuSign posted an +11.3% premarket jump following upbeat quarterly results for the electronic signature technology company. DocuSign also reported better-than-expected billings — a metric that tracks sales to new customers — plus subscription renewals and additional sales to existing customers.
  • Bath & Body Works (Symbol: BBWI) – Bath & Body Works shares jumped +4.9% in the premarket following news that Daniel Loeb’s Third Point has a more than 6% stake in the personal care products retailer. An SEC filing also revealed that Third Point is pushing the company to appoint new board members.

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