Please see below Market News for yesterday (Thursday – 25.03.2021) and today Premarket (Friday – 26.03.2021):
During Market hours yesterday – (Thursday – 25.03.2021):
- Nasdaq (Symbol: QQQ) lost 0.17%. The S&P 500 (Symbol: SPY) gained 0.56%. The Dow (Symbol: DIA) went up 0.65%.
- GameStop (Symbol: GME) — Shares rose 52.69% trading as the volatile video game retailer stock looked to snap a losing streak and curb steep losses from the prior session.
- Darden Restaurants (Symbol: DRI) — The restaurant brand owner’s stock price gained 8.19% after the company reported earnings ahead of analysts’ expectations. Darden said it’s forecasting fiscal fourth-quarter results will show that it’s on the way to recovering from the impact of the coronavirus pandemic as more customers flock to Olive Garden and its other chains.
- RH (Symbol: RH) – Shares of the home furnishings provider jumped 9.06% after RH beat top and bottom line estimates during the fourth quarter. The company earned $5.07 per share compared to the expected $4.76. Revenue came in at $813 million, above the expected $798 million.
- Rite Aid (Symbol: RAD) – The drug store chain’s shares dropped more than 20% after Rite Aid said it expects to report a net loss for fiscal 2021. The company said sales of cough, cold and flu-related products declined by nearly 37% during the most recent quarter.
- Nike (Symbol: NKE) – Shares of the sportswear giant dropped 3.39% after a statement surfaced on Chinese social media in which the sports giant said it was “concerned” about reports of forced labor in Xinjiang.
- Jefferies Financial Group (Symbol: JEF) – The Wall Street firm’s share price fell about 3% even after the company beat estimates on top and bottom line in its first-quarter report. Jefferies reported an EPS of $2.13, higher than a FactSet estimate of $1.24 per share.
- ViacomCBS (Symbol: VIAC) — The media stock dipped 5.35% after research firm MoffettNathanson downgraded ViacomCBS to sell from neutral. The firm said in a note that ViacomCBS was smart to sell additional stock but still appeared to be a “have-not” in the media space.
- Cisco Systems (Symbol: CSCO) — The tech stock added 1.73% after Goldman Sachs upgraded Cisco to buy from neutral. Goldman said in a note that the potential for increased spending by businesses to make their offices better for video conferencing presents “fundamental upside” for Cisco.
During Premarket hours today – (Friday – 26.03.2021):
- BowX Acquisition (Symbol: BOWX) – The special purpose acquisition company will take office-sharing company WeWork public in a deal worth $9 billion, including debt. BowX rose 3.6% in the premarket.
- MSG Entertainment (Symbol: MSGE) – The owner of the New York Knicks and Rangers, as well as Madison Square Garden and other venues, is buying MSG Networks (Symbol: MSGN) in a stock-swap deal. The transaction reunites the two entities after a split-up was announced in 2018 and became official last year. MSG Networks fell 4.9% in premarket action.
- JPMorgan Chase (Symbol: JPM), Bank of America (Symbol: BAC), Citigroup (Symbol: C), Wells Fargo (Symbol: WFC) – These and other bank stocks are on watch after the Federal Reserve announced plans to lift restrictions on bank dividends and stock buybacks. That will occur after the June stress tests, if the banks show they can maintain sufficient capital. JPMorgan gained 1.1% in premarket trading, with Bank of America up 1.5%, Wells Fargo up 1.3% and Citi up 1.3%.
- Root Inc. (Symbol: ROOT) – Root rose 3.9% in premarket trading after a 4.9% increase on Thursday. The auto insurer is “misunderstood”, according to Citron Research founder Andrew Left, who calls it a “disruptive tech company.” Root has seen its stock price cut in half since its initial public offering in October.
- Uber (Symbol: UBER), Lyft (Symbol: LYFT) – A Massachusetts judge has ruled that a challenge to the classification of drivers as independent contractors by Uber and Lyft can proceed. The ride-hailing companies had sought to have the case brought by the state’s attorney general dismissed. The judge did not rule on whether drivers should be classified as independent contractors, or employees entitled to benefits. Uber rose 1.1% in premarket trading.
- Nio (Symbol: NIO) – Nio will suspend electric vehicle production at its plant in Hefei, China, due to the worldwide shortage of semiconductors. Nio tumbled 5% in premarket action.
- Progress Software (Symbol: PRGS) – Progress Software reported quarterly earnings of 91 cents per share, 13 cents a share above estimates. Revenue beat forecasts as well. The enterprise application software company also raised its full-year outlook. Progress Software gained 2.6% in premarket trading.
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