During Market hours yesterday — Thursday (10.12.2020):
- The Dow (Symbol: DIA) went down 0.1%. The S&P 500 (Symbol: SPY) fell 0.03% and the Nasdaq (Symbol: QQQ) raised 0.4%.
- Best Buy (Symbol: BBY) Shares of the retailer slipped 1.6% after Goldman Sachs downgraded the stock to sell from neutral. The investment firm said in a note to clients that Best Buy is “one of the best run retailers” but that the stock had a high valuation and recent sales growth would be hard to maintain.
- RH (Symbol: RH) Shares of the home furnishings company fell 3% after the company warned that supply constraints would hurt the company during the fourth quarter. The company formerly known as Restoration Hardware did beat expectations for the third quarter, with $6.20 in adjusted earnings per share and $844.8 million in revenue. Analysts surveyed by Refinitiv had penciled in $5.30 per share and $837.1 million in revenue.
- DoorDash (Symbol: DASH) Shares of the food delivery service fell 2% following its strong market debut on Wednesday. DoorDash shares soared 85% on its first day of trading on the New York Stock Exchange.
- Starbucks (Symbol: SBUX) Shares of the coffee chain jumped more than 4% after the company reaffirmed guidance supporting a “significant” rebound in 2021. The company is forecasting growth of at least 20% in fiscal 2022. Longer-term, Starbucks anticipates adjusted earnings per share rising between 10% and 12%.
- Canada Goose (Symbol: GOOS) Shares of Canada Goose dropped 3.2% after a Goldman Sachs analyst downgraded the company to sell from neutral. The analyst said Canada Goose’s 27% jump since September is “unwarranted,” adding that “we observe mixed brand momentum indicators for the brand through November, which we expect to present a headwind to near- and medium-term growth.”
- Tenet Healthcare (Symbol: THC) Shares of Tenet Healthcare jumped more than 22% after the healthcare service company said it has agreed to acquire a portfolio of up to 45 ambulatory surgery centers from SurgCenter Development for $1.1 billion in cash, plus the assumption of $18 million of debt. The deal is expected to close by the end of 2020.
- Ciena (Symbol: CIEN) Shares of the networking systems company dropped more than 2% after missing analysts’ expectations for its fiscal fourth quarter earnings. Ciena reported earnings of 60 cents per share, below the 63 cents per share estimate, according to Refinitiv.
During Premarket hours today – Friday (11.12.2020):
- Costco (Symbol: COST) Costco beat estimates by 24 cents a share, with quarterly earnings of $2.29 per share. The warehouse retailer’s revenue also exceeded Wall Street forecasts.
- Airbnb (Symbol: ABNB) Airbnb remains on watch following a 114% jump from its initial public offering price on its first day of trading Thursday. Aibnb’s shares were down 1.5% in premarket trading.
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