During Market hours yesterday — (Thursday – 15.12.2022):
- The Dow (Symbol: DIA) went down -2.18%. The S&P 500 (Symbol: SPY) lost -2.45%. and the Nasdaq (Symbol: QQQ) dropped -3.36%.
- Netflix (Symbol: NFLX) — Netflix tumbled -8.6% following a report from Digiday that said the streaming stock’s early-stage advertising business is missing viewership targets. The company is reportedly offering to refund money to advertisers.
- Novavax (Symbol: NVAX) — Shares of the drugmaker plummeted -34.3% after it proposed a sale of up to $125 million in common stock and a $125 million convertible debt offering.
- Warner Bros. Discovery (Symbol: WBD) – Warner Bros. Discovery’s stock shed -8.9% after increasing its restructuring cost estimates by $1 billion. The media giant’s been making efforts to cut costs since the merger of AT&T’s WarnerMedia unit and Discovery earlier this year.
- Snap (Symbol: SNAP) – Shares of social media company Snap slipped -8.18% after it was downgraded to hold from buy by analysts at Jefferies due to an uncertain macroeconomic backdrop likely to weigh on earnings.
- Western Digital (Symbol: WDC) – The chip stock tumbled -10.1% after Goldman Sachs downgraded the name to sell from neutral. The Wall Street firm cited high inventory and slowing demand in the memory business.
- Delta Air Lines (Symbol: DAL) – Delta sank -3% after the stock was downgraded to in line from outperform by Evercore ISI, which said it now sees a more balanced risk/reward for the name. Thursday’s decline comes after shares gained Wednesday on the airline’s forecast that 2023 earnings will nearly double.
- JetBlue (Symbol: JBLU) – JetBlue slipped -3.6%, continuing declines after the airline on Tuesday warned that December demand is weaker than it previously expected. Cowen also downgraded the stock to market perform from an outperform rating.
- Trade Desk (Symbol: TTD) – Shares of the advertising trading platform fell -8.2% after a Jefferies analyst downgraded the stock to hold from buy. The firm said in a note to clients that Trade Desk has “best-in-class fundamentals” but is already trading at a premium to its peer group. The stock may also be under pressure from the Digiday report about Netflix returning some advertiser money.
During Premarket hours today – (Friday – 16.12.2022):
- Guardant Health (Symbol: GH) – Guardant shares plunged -33.4% in the premarket following trial results for its DNA blood test for colorectal cancers. The test detected 83% of colorectal cancers and 13% of advanced adenomas, but the test was not as effective as the Cologuard stool-based test made by Exact Sciences (Symbol: EXAS). Exact Sciences shares rallied +16.9% in premarket trading.
- Meta Platforms (Symbol: META) – The Facebook and Instagram parent was upgraded to overweight from neutral at J.P. Morgan Securities, which pointed to several factors including an increase in cost controls and an easing of the impact of Apple’s privacy rule changes. Meta rose +1.9% in premarket trading.
- Adobe (Symbol: ADBE) – Adobe shares jumped +4.6% in the premarket after the software company reported better-than-expected quarterly earnings and revenue that was in line with analyst forecasts. Adobe also issued upbeat current quarter guidance.
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