During Market hours Yesterday — (Thursday – 30.09.2021):
- The Dow (Symbol: DIA) fell 1.6%. The S&P 500 (Symbol: SPY) also sank 1.2% and the Nasdaq (Symbol: QQQ) went down 0.4%.
- Bed Bath & Beyond (Symbol: BBBY) – Shares of the big-box retailer plunged 22% after the company slashed its revenue and earnings outlook amid supply chain challenges and inflation. Bed Bath & Beyond cited a steep drop-off in shopper traffic in August. The stock has wiped out its jaw-dropping meme-stock rally in 2021, falling over 4% on the year. Other retail stocks including Gap, Newell Brands and Bath & Body Works declined as well.
- Kohl’s (Symbol: KSS) – Kohl’s shares sunk over 12% after Bank of America double-downgraded the stock to an underperform rating from buy, citing persistent supply chain problems. The firm also slashed its price target to $48 per share from $75.
- CarMax (Symbol: KMX) – Shares of the used vehicle retailer tanked more than 12% after reporting disappointing quarterly earnings. CarMax reported earnings of $1.72 per share, while analysts expected earnings of $1.90 per share, according to Refinitiv. Used car same-store sales rose 6.2%, lower than the 7.3% forecast.
- Virgin Galactic (Symbol: SPCE) – Virgin Galactic shares soared more than 12% a day after the Federal Aviation Administration cleared the space travel company to resume launches after concluding a probe of an incident during a flight July 11. The FAA determined Virgin Galactic’s flight deviated from its assigned path and had not communicated the change to the agency as required.
- Lordstown Motors (Symbol: RIDE) – The electric truck maker’s shares jumped about 8% after Bloomberg reported it’s close to a deal to sell its Ohio car factory for an undisclosed amount to Taiwan’s Foxconn Technology. Lordstown had bought the plant from General Motors less than two years ago.
- Nvidia (Symbol: NVDA), Electronic Arts (Symbol: EA) – Shares of Nvidia and Electronic Arts rallied about 1.2% and 3.9%, respectively after the companies announced Electronic Arts would put more of its video games on Nvidia’s cloud gaming service.
- Advanced Micro Devices (Symbol: AMD) – Shares of AMD gained 2.5% after the semiconductor company announced it would expand its collaboration with Google Cloud.
- Starbucks (Symbol: SBUX) – Shares of Starbucks fell 1.7% after Atlantic Equities downgraded the coffee chain stock to a neutral from outperform. The firm said wage inflation and growth concerns in China could weigh on Starbucks’ profit.
During Premarket hours today – (Friday – 01.10.2021):
- Lordstown Motors (Symbol: RIDE) – Lordstown struck a deal to sell its Ohio plant to Taiwan’s Foxconn for $230 million, with Foxconn taking over the manufacturing of Lordstown’s full-sized electric pickup truck. It was reported earlier this week that a deal between the two sides was near.
- Wells Fargo (Symbol: WFC) – Wells Fargo will have to face a shareholder fraud lawsuit involving its attempt to rebound from years of scandals. A judge rejected the bank’s moved to have the suit dismissed, saying it was plausible that statements by various Wells Fargo officials about the recovery were false or misleading.
- Nio (Symbol: NIO) – Nio reported deliveries of 10,628 vehicles in September, a 126% increase over a year ago for the China-based electric vehicle maker. Nio added 1.8% in the premarket.
- Jefferies Financial Group (Symbol: JEF) – Jefferies reported a quarterly profit of $1.50 per share, beating the 99-cent consensus estimate, with the financial services company’s revenue also topping Wall Street forecasts. Jefferies saw its results boosted by a strong performance in its investment banking business.
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