During Market hours yesterday — (Thursday – 24.06.2021):
- The Dow (Symbol: DIA) jumped 0.94%. The S&P 500 (Symbol: SPY) went up 0.59% and the Nasdaq (Symbol: QQQ) rose 0.62%.
- Ad tech stocks — The digital advertising industry saw stocks surge Thursday after Google pushed back its timeline to kill third-party tracking cookies to 2023 from 2022. Trade Desk (Symbol: TTD) is up 16%, Magnite (Symbol: MGNI) rose 8.19%, and PubMatic (Symbol: PUBM) rose 12.98%.
- Eli Lilly (Symbol: LLY)— Eli Lilly shares jumped 7.31% after the biopharmaceutical company announced its Alzheimer’s disease treatment received a “Breakthrough Therapy” designation from the Food and Drug Administration. The news comes weeks after the FDA approved Biogen’s Alzheimer’s drug.
- KB Home (Symbol: KBH)— The homebuilder’s shares fell 6.7% after it reported late Wednesday quarterly earnings of $1.50 per share, which is higher than analysts’ estimates. However, the company missed revenue estimates of $1.5 billion, coming in with $1.44 billion, despite reporting a selling price increase of 13% and a 145% surge in new orders.
- Darden Restaurants (Symbol: DRI)— The Olive Garden parent saw its stock rise 3.25% after it reported on Thursday adjusted quarterly earnings of $2.03 per share, compared to a $1.79 consensus estimate. Darden said its same-restaurant sales surged 90.4% compared to a year ago in the middle of the pandemic.
- Rite Aid (Symbol: RAD)— Shares of the drug store chain tumbled 14.5% after the company reported a revenue miss. Rite Aid did report adjusted quarterly earnings of 38 cents per share, 16 cents above Refinitiv estimates, however.
- MGM Resorts International (Symbol: MGM)— The casino stock jumped 2.18% after Deutsche Bank upgraded MGM to buy from hold. The firm said in a note to clients that MGM’s cost cuts over the past year should pay off in the form of higher margins as Las Vegas continues to rebound from the pandemic.
- Steelcase (Symbol: SCS)— Shares of the office furniture maker jumped 4.68% after the company reported on Wednesday a smaller-than-expected loss for its latest quarter. Steelcase posted revenue that topped Wall Street estimates, and the company said revenue will improve on a sequential basis as more workers return to their offices.
- Beyond Meat (Symbol: BYND)— Shares of the plant-based meat company fell 2.39% after JPMorgan reported that Dunkin’ recently discontinued the Beyond Sausage breakfast sandwich. The bank also said it believed Dunkin’ discontinued its breakfast wrap with the Beyond Meat product, though JPMorgan had not fully confirmed the move.
- Dollar Tree (Symbol: DLTR)— Shares of the discount retailer slipped 2.12% after investment firm Piper Sandler downgraded the stock to neutral from overweight. The firm said in a note to clients that rising inflation, including the cost of wages, would eat into Dollar Tree’s profit margins.
During Premarket hours today – (Friday – 25.06.2021):
- Nike (Symbol: NKE) – Nike reported quarterly earnings of 93 cents per share, well above the 51 cents a share consensus estimate. Revenue beat forecasts by a wide margin and exceeded $12 billion for the first time. Nike benefited from pent-up demand for its shoes and apparel, and saw a 73% jump in direct sales through its apps and websites. Nike shares soared 12.5% in the premarket.
- CarMax (Symbol: KMX) – CarMax shares rallied 5.9% in premarket trading after the auto retailer reported better-than-expected sales and profit for its latest quarter. CarMax beat the consensus estimate by $1 a share, with quarterly profit of $2.63, helped by a pandemic-induced preference for cars over public transport.
- Virgin Galactic (Symbol: SPCE) – Virgin shares surged 11.5% in the premarket after the Federal Aviation Administration granted approval for Virgin to fly paying customers into space. It’s the first such approval granted by the FAA, and follows a successful test flight by Virgin Galactic in May.
- FedEx (Symbol: FDX) – FedEx beat estimates by 2 cents a share, with quarterly earnings of $5.01 per share. The delivery service’s revenue also topped forecasts. CEO Fred Smith said operations are being crimped by an inability to find enough workers, however, and the company will ramp up capital spending by 22% this year to deal with delivery delays. The stock slid 3.9% in premarket trading.
- Tesla (Symbol: TSLA) – Japanese electronics giant Panasonic sold its entire stake in Tesla for about $3.6 billion during the most recent fiscal year, according to a Panasonic spokesperson. Panasonic was an early investor in Tesla, and is a major battery supplier for the automaker.
- JPMorgan Chase (Symbol: JPM), Wells Fargo (Symbol: WFC), Bank of America (Symbol: BAC), Citigroup (Symbol: C) – Big bank stocks are on watch today after the Federal Reserve gave passing marks to all 23 banks that were subjected to the latest round of stress tests. Following those results, the Fed said it would lift temporary restrictions on dividends and share buybacks.
- Doximity (Symbol: DOCS) – The social network for doctors saw its stock slide 3.9% in the premarket, after going public at $26 per share and closing its first day of trading at $53.
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