During Market hours Yesterday — (Thursday – 16.09.2021):
- The Dow (Symbol: DIA) slid 0.18%. The S&P 500 (Symbol: SPY) lost 0.16% and the Nasdaq (Symbol: QQQ) went up 0.07%.
- Wynn Resorts (Symbol: WYNN), Las Vegas Sands (Symbol: LVS)– Major casino stocks continued to tumble on Thursday as officials in Macao are reviewing the licensing rules and regulations around the island’s massive gambling industry. Shares of Wynn Resorts fell 2.39%, while Las Vegas Sands dropped nearly 1.39%. JPMorgan downgraded both of those stocks, along with Melco Resorts, on Thursday, saying there was too much uncertainty about the potential changes in Macao.
- Beyond Meat (Symbol: BYND)– Shares of the alternative meat company 2.3% after Piper Sandler downgraded the stock to an underweight rating based on expectations of slower sales. “Beyond is an early leader in plant-based meat, but we believe its current all-channel retail momentum lags consensus expectations, and our foodservice estimates may be high, too,” the firm wrote in a note to clients. Piper also cut its target on the stock from $120 to $95. The new target is roughly 14% below where the stock closed on Wednesday.
- Avis Budget Group (Symbol: CAR)– The rental car stock jumped 9.7% after Bank of America upgraded Avis Budget to buy from neutral. The firm said that the high prices for rental cars should continue “well into 2022.”
- DoorDash (Symbol: DASH)– Shares of DoorDash rose 5.5% after Bank of America upgraded the food delivery company to a buy rating from neutral. “We see upside to 2021 estimates and a robust 5-year growth opportunity driven by the rapid shift of local commerce to delivery via mobile apps,” Bank of America said.
- Lordstown Motors (Symbol: RIDE)– Shares of the electric vehicle company Lordstown Motors fell 1.6% after Bank of America downgraded the stock to underperform from neutral. Competition in electric vehicles is heating up but the bank called Lordstown “just one of many participants” and “one of the less legitimate along the universe of start-up electric vehicle automakers.”
- Fisker (Symbol: FSR)– Shares of the electric automaker dropped 4.5% following a downgrade to neutral from buy from Bank of America. The Wall Street firm said while Fisker is one of the more legitimate among the universe of start-up electric vehicle automakers, it is largely a function of its relationship with contract manufacturer Magna.
- Freeport-McMoRan (Symbol: FCX)– Shares of the mining company fell 6.6% on Thursday as the price of metals, including silver and copper, pulled back. The company’s president also spoke about the development of mining projects at a Morgan Stanley virtual conference on Wednesday.
- Virgin Galactic (Symbol: SPCE)– Shares of the space exploration company rose 2.4% after private competitor SpaceX successfully completed an all-civilian flight.
During Premarket hours today – (Friday – 17.09.2021):
- Manchester United (Symbol: MANU) – The soccer team operator reported a quarterly loss that was 5.9% narrower than what it lost a year ago amid a 15.9% increase in revenue. Manchester United is not providing full-year revenue or earnings guidance for fiscal 2022 due to uncertainty surrounding the Covid-19 pandemic.
- Invesco (Symbol: IVZ) – The investment management firm is in talks to merge with State Street’s (Symbol: STT) asset management unit, according to people familiar with the matter who spoke to the Wall Street Journal. Those sources said a deal is not imminent and might not happen at all. Invesco shares surged 6.5% in the premarket, while State Street edged up 0.6%.
- Take-Two Interactive (Symbol: TTWO) – The video game maker’s stocks fell 1.3% in premarket action after BMO Capital downgraded the stock to “market perform” from “outperform.” BMO’s earnings estimates for Take-Two had been on the high end of Street forecasts, but it said it is now less confident following a series of video game release delays.
- Coupang (Symbol: CPNG) – Softbank’s Vision Fund sold 57 million shares of the South Korean online retailer for about $1.69 billion, according to an SEC filing.
- Accolade (Symbol: ACCD) – The provider of workplace benefits management solutions rose 2% in the premarket after Baird upgraded the stock to “outperform” from “neutral.” Baird cited a track record of strong execution and its increasing confidence following recent conversations with management.
- Unum (Symbol: UNM) – Unum is launching a new digital verification tool designed to help companies manage vaccine mandates. The insurer’s product allows workers to report vaccination status and upload documentation as well as helping companies manage exemptions.
- Eli Lilly (Symbol: LLY) – The drugmaker won FDA approval for expansion of the emergency use authorization for its Covid-19 treatment. The treatment can now be used in patients who could have a high risk of infection after being exposed to someone with Covid.
- General Motors (Symbol: GM) – GM plans to extend downtime at seven North American factories as the worldwide semiconductor shortage continues to crimp production.
- U.S. Steel (Symbol: X) – U.S. Steel is planning to build a new U.S. steel mill, with construction beginning next year and production planned to kick off in 2024. The move comes amid booming demand for steel as well as prices that have roughly quadrupled since the summer of 2020. Shares fell 2.1% in the premarket.
- Zumiez (Symbol: ZUMZ) – Zumiez shares rose 1% in premarket trading after the streetwear and sports apparel company announced a $150 million stock buyback program.
- Diamondback Energy (Symbol: FANG) – The energy producer announced an accelerated capital return plan and approved a $2 billion stock buyback. Diamondback’s stock rallied 5.2% in premarket trading.
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