During Market hours Yesterday — (Thursday – 09.09.2021):
- The Dow (Symbol: DIA) sunk 0.4%. The S&P 500 (Symbol: SPY) slid 0.43% and the Nasdaq (Symbol: QQQ) went down 0.34%.
- Moderna (Symbol: MRNA)— Shares of the drug maker rose 7.8% after announcing it’s developing a two-in-one vaccine booster shot that protects against both Covid-19 and the seasonal flu. The new vaccine, which the company is calling mRNA-1073, combines Moderna’s current Covid vaccine with a flu shot that’s also under development, according to a press release.
- Lululemon (Symbol: LULU)— The athleisure brand jumped 10.47% and hit an all-time high after reporting strong second-quarter earnings and said it’s on track to hit a 2023 revenue target ahead of schedule. The company has outperformed other retailers during the pandemic and is poised to continue to even as people return to offices.
- GameStop (Symbol: GME)— Shares of the video game retailer pared losses from a steep post-earnings sell-off to close 0.2% higher as retail investors rallied around the Reddit favorite. GameStop fell as much as 10% before punching back into the green intraday. The company posted a narrower loss in the second quarter compared with a year prior and rising sales.
- Boston Beer (Symbol: SAM)— Shares of the alcoholic beverage lost 3.77% after it pulled its earnings guidance late Wednesday amid a slowdown in sales of its hard seltzer brand Truly. That development came just a few weeks after the company blamed weaker-than-expected second-quarter earnings on poor Truly sales, leading it to cut its full-year forecast.
- RH (Symbol: RH)— Shares of the furniture retailer popped 7.8% after beating on the top and bottom lines of its quarterly results. RH earned $8.48 per share, topping estimates of $6.48 per share, according to Refinitiv. Revenue came in at $988.8 million, above expectations of $975.4 million.
- Caesars Entertainment (Symbol: CZR)— Caesars shares gained 0.66% after the company announced it will sell the non-U.S. assets of its William Hill sports betting unit to British gambling firm 888 Holdings. The deal is worth about 2.2 billion pounds, or roughly $3 billion.
- NetEase (Symbol: NTES)— Chinese regulators summoned NetEase and other gaming companies to remind them of restrictions on game time for children. Shares of NetEase retreated 2.06%.
- Analog Devices (Symbol: ADI)— Analog Devices shares added 3.1% after the company announced its acquisition of rival chip maker Maxim Integrated Products is expected add to adjusted earnings in 12 months after closing, six months sooner than previously expected. Analog Devices said it expects the acquisition to be neutral to adjusted earnings in fiscal 2022.
- Macy’s (Symbol: M)— Shares of the retailer gained 1.9% after Cowen upgraded the stock to an outperform rating, saying the stock can jump almost 30%. The firm pointed to the retailer’s digital push, as well as product innovation and pricing management as factors that will drive upside. Shares of Macy’s have nearly doubled this year.
- Ford (Symbol: F)— Shares of Ford dipped 2.1% after the automaker said it would end vehicle production in India, costing about $2 billion. The company is shutting down two large plants in the country and about 4,000 people are expected to lose their jobs.
- Blade Air Mobility (Symbol: BLDE)— Shares of Blade surged 18.8% after JPMorgan said the aerial ride-sharing company could be the Uber of the skies. The firm predicts an 80% rally ahead for Blade and believes the aerial ride-sharing market could be worth tens of billions of dollars within a decade.
- Leslie’s (Symbol: LESL)— Shares of Leslie’s rose 3.2% after Stifel initiated coverage of the pool stock with a buy rating. The firm said the stock is currently undervalued as Leslie’s is poised to “build upon its leading market share” in the pool and spa market.
During Premarket hours today – (Friday – 10.09.2021):
- Affirm Holdings (Symbol: AFRM) – Affirm soared 22.4% in the premarket as the “buy now, pay later” company’s revenue easily topped estimates. Active merchant numbers more than quintupled and Affirm issued a positive outlook as well.
- Toyota Motor (Symbol: TM) – The automaker cut its annual production target by 300,000 vehicles as factories in Vietnam and Malaysia were hit by the spread of Covid-19 and the ongoing computer chip shortage. Toyota gained 1.1% in the premarket.
- Endo International (Symbol: ENDP) – Endo surged 19.1% in premarket action after it agreed to pay $50 million to resolve lawsuits by New York State and two counties over the drug maker’s sale and marketing of opioids.
- Bausch Health (Symbol: BHC) – Bausch Health will pay $300 million to settle an antitrust lawsuit involving the company’s diabetes drug Glumetza. Bausch had been accused of illegally maintaining a monopoly on the treatment, with the price increasing nearly 800% in 2015.
- Wells Fargo (Symbol: WFC) – Wells Fargo was fined $250 million by regulators who said the bank has not made sufficient progress in solving ongoing issues in its mortgage business. Regulators had first identified those issues in a 2018 order. Wells Fargo shares added 2% in premarket action.
- Nielsen Holdings (Symbol: NLSN) – Nielsen CEO David Kenny defended the ratings company in a letter to TV industry executives and said Nielsen does need to move faster in adjusting its ratings systems to capture the consumer shift from traditional viewing to streaming. Nielsen shares rose 1.3% in the premarket.
- Dave & Buster’s (Symbol: PLAY) – Dave & Buster’s rallied 7.9% in premarket trading after it reported quarterly earnings of $1.07 per share, well above the 58-cent consensus estimate. The restaurant and arcade chain’s revenue beat Wall Street forecasts and Dave & Buster’s said it continues to see signs of recovery in its business. It expects that to continue, barring any significant Covid-related downturn.
- American Outdoor Brands (Symbol: AOUT) – American Outdoor Brands earned an adjusted 48 cents per share for its fiscal first quarter, 8 cents above estimates. The maker of outdoor recreational products got a boost from increased profit margins and higher sales in both domestic and international markets. It projects full-year earnings of $2.02 to $2.26 compared with a $2.24 consensus estimate. Shares slid 5.4% in the premarket.
- Zumiez (Symbol: ZUMZ) – Zumiez beat estimates by 23 cents with adjusted quarterly earnings of $1.02 per share, but revenue fell short of the consensus view. The maker of streetwear and action sports apparel did not provide an outlook, due to volatile market conditions, and shares fell 5.3% in premarket trading.
- Take-Two Interactive (Symbol: TTWO) – Take-Two is delaying new versions of its “Grand Theft Auto” video game by four months, saying it wants additional time to “further polish” the final products. Take-Two maintained its prior full-year outlook and shares fell 1.9% in the premarket.
- Sunrun (Symbol: RUN), First Solar (Symbol: FSLR) – Sunrun rose 2.8% in premarket trading, while First Solar added 1.1%. Sunrun was rated “buy” in new coverage at Needham, and the firm initiated coverage on First Solar with a “hold” rating. Needham is upbeat on Sunrun because of its leading market position in the solar industry, while it has near-term concerns about profit margin pressures for First Solar.
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