During Market hours yesterday — (Tuesday – 02.03.2021):

  • The Dow (Symbol: DIA) went down 0.4%. The S&P 500 (Symbol: SPY) slid 0.8% and the Nasdaq (Symbol: QQQ) sank 1.6%
  • Rocket Companies (Symbol: RKT) — The online mortgage provider’s stock price skyrocketed more than 71%, on track for its best day ever, in a surprising move on no apparent new news. Rocket has large short bets placed against it by hedge funds and appears to have garnered some bullish interest from day traders on Reddit’s WallStreetBets.
  • Novavax (Symbol: NVAX) — Shares of Novavax slipped more than 14% after missing on the top and bottom lines of its quarterly results. Novavax reported a loss of $2.70 per share, compared to the loss of $1.49 per share expected on Wall Street, according to Refinitiv. The company made $279.7 million, lower than the forecast $304.9 million.
  • TripAdvisor (Symbol: TRIP) – Shares of the travel booking site jumped more than 6% after Citi upgraded the stock to a buy rating. The firm said the company’s new subscription offering, which is currently in beta, could attract 10 million subscribers while creating an additional $1 billion of high-margin revenue. Citi also raised its price target on TripAdvisor to $62, up from $29.
  • Switch (Symbol: SWCH) – Shares of the data center operator dropped nearly 14% following the company’s fourth quarter earnings. Switch beat earnings estimates, reporting a 6 cent per share profit excluding items compared to the expected 5 cent per share profit, but revenue fell short of expectations. The company said sales reached $127.7 million during the period, short of the expected $131.3 million, according to analysts surveyed by Refinitiv.
  • Lemonade (Symbol: LMND) — The insurance stock sank about 16% despite Lemonade beating expectations on the top and bottom lines in its fourth-quarter report. The company said it expected its gross loss ratio to increase during the first quarter of this year due in part to claims from the winter storm in Texas.
  • Target (Symbol: TGT) — Shares of the big box retailer fell close to 6% despite reporting better-than-expected quarterly results. Same-store sales rose 20.5%, compared to the estimated 16.8%, according to Refinitiv. Sales got a lift from a strong holiday season and stimulus checks. Target reported earnings per share of $2.67 on revenue of $28.34 billion. Analysts expected earnings per share of $2.54 on revenue of $27.48 billion.
  • Carnival (Symbol: CCL), Royal Caribbean (Symbol: RCL), Norwegian (Symbol: NCLH) – Cruise stocks rose on Tuesday after Macquarie upgraded Carnival, Royal Caribbean and Norwegian to outperform from neutral. The firm said in a note that it believes that negative catalysts related to the pandemic are now in the past for the industry. Shares of all three companies rose more than 2%.
  • Foot Locker (Symbol: FL) — Shares of the shoe retailer lost more than 2% following a downgrade to hold from buy from Williams Trading. The Wall Street firm citied valuation and increased competition for the rating change.

During Premarket hours today – (Wednesday – 03.03.2021):

  • FuboTV (Symbol: FUBO) – FuboTV reported quarterly revenue in excess of $100 million for the first time, with the live sports streaming company reporting a better-than-expected $105.1 million in sales. Subscriber numbers jumped 73% from a year earlier to a total of 548,000.
  • Lyft (Symbol: LYFT) – The ride-hailing company said that last week saw the highest level of ride volume since the pandemic took hold last March. As a result, Lyft expects to report a smaller quarterly loss than it had previously projected.
  • Las Vegas Sands (Symbol: LVS) – The casino operator’s shares rose 3% in the premarket after it announced a deal to sell its Las Vegas properties to private-equity firms Apollo Global (Symbol: APO) and VICI Properties (Symbol: VICI) for $6.25 billion. The sale includes The Venetian Resort Las Vegas and the Sands Expo and Convention Center.
  • Wendy’s (Symbol: WEN) – The restaurant chain missed estimates by a penny a share, with quarterly earnings of 17 cents per share. Revenue came in short of forecasts as well. Global comparable sales rose 4.7%, shy of the FactSet consensus estimate of 5.7% due primarily to international weakness.

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