During Market hours yesterday — (Tuesday – 01.06.2021):
- The Dow (Symbol: DIA) edged 0.07%. The S&P 500 (Symbol: SPY) slid 0.09% and the Nasdaq (Symbol: QQQ) lost 0.33%.
- Devon Energy (Symbol: DVN) and Marathon Oil (Symbol: MRO)— Shares of Devon Energy and Marathon Oil jumped around 13.7% each on the back of rising oil prices. West Texas Intermediate crude futures, the U.S. oil benchmark, rose to its highest level in more than two years on Tuesday, lifting the energy sector broadly. Occidental (Symbol: OXY) advanced 9.67%, Exxon (Symbol: XOM) gained 3.58% and Chevron (Symbol: CVX) rose 2.76%.
- United Airlines (Symbol: UAL) and American Airlines (Symbol: AAL)— Shares of United and American added 2.26% (UAL) and 1.77% (AAL) after the latest air travel data show volume at its highest level since before the Covid pandemic. The Transportation Security Administration screened an average of 1.78 million passengers during Memorial Day weekend. Budget carriers Spirit and Frontier also gained around 3% each, while Allegiant rose more than 2%.
- Boeing (Symbol: BA)— Shares of the aerospace giant rose 3.12% after Cowen upgraded the stock to outperform, citing recovering air travel. “Fast improving air traffic is bolstering aircraft demand; and while lingering FAA oversight and timing of China’s MAX approval limit upside to 2021, 2022-24 look brighter,” Cowen analyst Cai von Rumohr said in a note.
- Cloudera (Symbol: CLDR) — The software stock jumped 23.87% after the company announced a $5.3 billion takeover deal by investment firms KKR and Clayton, Dubilier & Rice. The transaction will make Cloudera a private company, and the all-cash deal is worth $16 per share.
- AMC (Symbol: AMC)– AMC shares spiked 22.66% after the theater chain revealed in a securities filing that it sold more than 8 million shares to an investment firm. Bloomberg News reported later on Tuesday that the firm sold all of its stock in AMC. The stock, a favorite in Reddit’s WallStreetBets forum, gained 116% last week on high volume fueled by retail traders.
- Cinemark (Symbol: CNK)– Shares of the theater chain gained 7.72% after movie ticket sales over Memorial Day weekend reached their best performance since the start of the pandemic. North American cinemas raked in nearly $100 million over the holiday weekend. Paramount’s “A Quiet Place Part II” boasted a $48.4 million three-day haul for the highest film debut of the pandemic.
- The Honest Company (Symbol: HNST)– The consumer goods company is up 6.97% after receiving bull ratings from several Wall Street analysts as its IPO quiet period expired. Morgan Stanley, which initiated coverage of Honest Tuesday with an overweight price target, called it a “strong growth” story.
- Nio (Symbol: NIO)– The Chinese electric vehicle maker’s stock jumped 9.63% after a recommendation from Citi, which upgraded it to a buy and raised its price target on it, giving it more than 50% upside. The bank’s analyst said he senses a rebound in demand and an increase in sales of new energy vehicles in the coming months.
- Abbott Laboratories (Symbol: ABT)– Abbott Laboratories shares fell 9.31% after the company lowered its fiscal year 2021 outlook. Abbott now forecasts $4.30 to $4.50 adjust earnings per share, versus prior guidance of at least $5.00, according to FactSet.
- Canopy Growth (Symbol: CGC)— Shares of the cannabis producer fell 6.94% after missing Wall Street expectations for its quarterly financial results. Canopy Growth reported C$148 million in fourth-quarter net revenue ($122.9 million) compared with analysts’ C$152 million estimate ($126.2 million), according to Refinitiv.
During Premarket hours today – (Wednesday – 02.06.2021):
- AMC Entertainment (Symbol: AMC) – AMC surged 23.7% in premarket trading following yesterday’s 22.7% jump. That came after the movie theater operator raised more than $230 million in a share sale to hedge fund Mudrick Capital, which is said to have immediately sold those shares at a profit.
- Lands’ End (Symbol: LE) – The apparel retailer reported an unexpected profit of 8 cents per share, compared to a consensus forecast for a 29 cents per share quarterly loss. Revenue also exceeded estimates, helped by a jump in digital sales. Lands’ End surged 6.6% in premarket trading.
- Ambarella (Symbol: AMBA) – Ambarella beat estimates by 6 cents a share, with quarterly profit of 23 cents per share. The maker of video chips and components also saw its revenue beat Street projections, boosted by strong growth in the company’s automotive business. It also gave an upbeat outlook. Ambarella rallied 4.9% in the premarket.
- Etsy (Symbol: ETSY) – The online crafts marketplace announced a deal to buy fashion resale company Depop for $1.625 billion. London-based Depop will continue to operate as a separate marketplace after the deal is completed. Etsy rose 1% in the premarket.
- Hewlett Packard Enterprise (Symbol: HPE) – Hewlett Packard Enterprise reported a quarterly profit of 46 cents per share, beating estimates by 4 cents a share. Revenue also topped Wall Street forecasts. The enterprise computing company posted its first year-over-year revenue growth since 2018, however it also reported a sequential decline in hardware profit margins. Its shares fell 1.8% in premarket trading.
- Zoom Video (Symbol: ZM) – Zoom came in 33 cents a share ahead of estimates, with quarterly earnings of $1.33 per share. The video communications platform company’s revenue beat analysts’ forecasts as well, and the company gave upbeat guidance even as more people return to offices. Zoom shares gained 2.4% in the premarket.
- Cinemark (Symbol: CNK), IMAX (Symbol: IMAX) – Goldman Sachs downgraded both stocks to “sell” from “neutral,” saying an expected movie box office recovery in 2021 and 2022 is already reflected in the prices of both stocks and that there are “heightened risks” to that recovery. Cinemark lost 2.8% in premarket action, while IMAX fell 2.5%
- Scotts Miracle-Gro (Symbol: SMG) – Scotts raised its full-year financial outlook, as it expects the pandemic-related boost in sales of lawn and garden products to continue even as the pandemic recedes. Scotts now expects full-year sales growth of 17% to 19%, compared to a prior estimate of 8% to 12%. Scotts shares added 1% in premarket action.
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