During Market hours yesterday — (Tuesday – 01.03.2022)
- The Dow (Symbol: DIA) went down 1.82%. The S&P 500 (Symbol: SPY) lost 1.52% and the Nasdaq (Symbol: QQQ) dropped 1.53%.
- Target (Symbol: TGT) — Shares of the retailer jumped 9.9% after the company reported 9% sales growth in the fiscal fourth quarter, despite supply chain pressures, and said it’s poised to keep that momentum going. Target also issued revenue guidance with growth in the low to mid- single digits and projected adjusted earnings per share to rise by high single digits in the year ahead.
- Foot Locker (Symbol: FL) — The athletic retailer saw shares fall 7.6% after Goldman Sachs downgraded the stock to neutral from buy, saying it sees too much near-term pressure on the stock. The downgrade follows Foot Locker’s announcement that it will sell fewer Nike products.
- Workday (Symbol: WDAY) — Shares of Workday popped 4.9% after beating on the top and bottom lines of its quarterly earnings results. The company also raised guidance for its fiscal year 2023 subscription revenue to be in a range of $5.53 billion to $5.55 billion, reflecting year-over-year growth of 22%.
- Lucid Group (Symbol: LCID) — Shares of the electric carmaker plunged 13.8% in midday trading after reporting a wider-than-expected loss of 64 cents per share, while analysts expected a loss of 25 cents per share, according to Refinitiv. Revenue came in at $26.4 million, below the forecast $36.7 million.
- Zoom Video (Symbol: ZM) — Zoom shares fell 7.4% after the video conferencing platform issued a weaker-than-expected first quarter and full-year guidance. The company beat earnings and revenue expectations for the fourth quarter.
- Rivian (Symbol: RIVN) — Shares of Rivian sunk 8.4% after Wells Fargo reiterated its equal-weight rating on the stock. The firm said it sees too many “near-term headwinds.”
- Wells Fargo (Symbol: WFC), Bank of America (Symbol: BAC) — Financial stocks were among the biggest losers Tuesday. Bank of America was down 3.9%, while Wells Fargo eased 5.8%. Falling Treasury yields could potentially take a bite out of bank profits, while the conflict in Eastern Europe and sanctions on Russia have some traders worried about disruption in credit markets.
- Lockheed Martin (Symbol: LMT), Northrop Grumman (Symbol: NOC) — Defense stocks gained as investors monitored increasing tension in the Russia-Ukraine conflict. Lockheed Martin rose 5.3% while Northrop Grumman added 3.2%.
During Premarket hours today — (Wednesday – 02.03.2022):
- Nordstrom (Symbol: JWN) — The retail stock spiked 30.5% in premarket trading after the company posted better-than-expected fourth-quarter results. Nordstrom reported earnings of $1.23 per share versus the Refinitiv consensus estimate of $1.02 expected. Revenue also topped expectations. The retailer highlighted improvements in its off-price business, Nordstrom Rack.
- SoFi (Symbol: SOFI) — Shares of the digital financial services company surged 15.5% premarket after SoFi’s quarterly report. SoFi posted a loss of 15 cents per share on revenue of $279.9 million versus the Refinitiv consensus estimate of a 17-cents loss per share on revenue of $279.3 million.
- Abercrombie & Fitch (Symbol: ANF) — Shares of Abercrombie & Fitch fell 8.1% premarket after the retailer missed top and bottom-line estimates. The company posted adjusted earnings of $1.14 per share on revenue of $1.16 billion. Analysts expected a profit of $1.27 per share on revenue of $1.18 billion, according to StreetAccount.
- First Solar (Symbol: FSLR) — Shares of First Solar sunk 12.4% premarket after the company missed revenue expectations for the fourth quarter. The solar-panel manufacturer also issued weak full-year guidance.
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