During Market hours yesterday — (Tuesday – 04.05.2021):
- The Dow (Symbol: DIA) went up 0.11%. The S&P 500 (Symbol: SPY) went down 0.62% and the Nasdaq (Symbol: QQQ) sunk 1.8%.
- U.S. Steel (Symbol: X)— Bucking declines in the broader market, shares of U.S. Steel rose 7.9% after Credit Suisse upgraded the stock to outperform from underperform. Analyst Curt Woodworth told clients in a note that the surge in prices for steel made it clear that the industry was in a “super cycle.” He sees U.S. Steel stock rallying 42% from where it closed on Monday.
- CVS Health (Symbol: CVS)— Shares of the pharmacy retailer gained 4.4% after CVS said it earned $2.04 per share in the first quarter, above the $1.72 expected. CVS sales, which also topped expectations, rose at its stores as customers flocked to the company’s locations to receive their Covid-19 vaccine. The company raised its full-year forecast.
- Microsoft (Symbol: MSFT), Apple (Symbol: AAPL), Amazon (Symbol: AMZN), Facebook (Symbol: FB), Alphabet (Symbol: GOOG)— Shares of Big Tech stocks dropped on Tuesday. Shares of Netflix (Symbol: NFLX) lost 1.16%, and Microsoft dropped 1.6%. Amazon and Facebook shed 2.2% and 1.3%, respectively. Apple dropped 3.5% and Alphabet fell 1.7%.
- SolarEdge (Symbol: SEDG)– Shares of the solar inverter maker dropped 16% after the company warned that margins could be lower going forward, thanks to higher freight costs. SolarEdge did, however, top analyst expectations during the period. The company earned 98 cents per share excluding items, while revenue came in at $405.5 million. Analysts surveyed by FactSet were expecting earnings of 80 cents per share and $395.4 million in revenue.
- Under Armour (Symbol: UAA)– Shares dipped 1.2% despite the company beating top and bottom line estimates during the first quarter. The retailer reported adjusted earnings per share of 16 cents on revenue of $1.26 billion. Analysts surveyed by Refinitiv were expecting the company to post a per-share profit of 3 cents on $1.13 billion in revenue. Separately, Under Armour said it reached a settlement with the Securities and Exchange Commission over claims of disclosure failures.
- Kroger (Symbol: KR), Alberstons (Symbol: ACI)— Shares of the grocery chains fell 4% and 2.5%, respectively after Goldman Sachs said the return of restaurants and rising food prices should put pressure on supermarket stocks in the months ahead. Goldman downgraded Kroger to sell from neutral and Albertsons to neutral from buy, saying the companies were likely to be pinched by weakening demand and higher costs.
- Quest Diagnostics (Symbol: DGX)— Shares of Quest Diagnostics gained 2.77% after UBS upgraded the stock to buy from neutral, saying industry fundamentals appeared to be at their healthiest point in more than a decade even as the revenue stream from Covid testing wanes.
- Avis Budget (Symbol: CAR)— The car rental company’s shares dropped 6.36% despite a better-than-expected earnings report. Avis reported a loss of 46 cents per share, less than the expected loss of $2.16 per share, according to Refinitiv. Revenue also topped estimates. Avis management commented on the chip shortage and did not provide forward-looking guidance.
- iRobot (Symbol: IRBT)— Shares of iRobot fell 7.5% after reaffirming the range of its profit guidance, which is on the low end of analysts’ expectations. The company, however, reported EPS of 41 cents per share, well above the 9 cents per share expected on Wall Street, according to Refinitiv. Revenue also topped estimates.
- Arconic (Symbol: ARNC)— The industrial company’s share price surged 19.2% after beating on the top and bottom lines of its quarterly results. Arconic reported earnings of 46 cents per share on revenue of $1.68 billion. Analysts projected earnings of 27 cents per share on revenue of $1.54 billion.
During Premarket hours today – (Wednesday – 05.05.2021):
- General Motors (Symbol: GM) – The automaker earned $2.25 per share for the first quarter, compared to a consensus estimate of $1.04 a share, though revenue was very slightly below forecasts. GM said its results were helped by strong auto pricing as well as solid credit performance at GM Financial. GM shares rose 3.5% in premarket trading.
- Lyft (Symbol: LYFT) – Lyft lost 35 cents per share during the first quarter, but the ride-hailing company’s loss was smaller than the 53 cents a share that analysts were anticipating. Revenue exceeded forecasts, as did the number of active riders during the quarter. Its shares rallied 5.7% in premarket trading.
- Match Group (Symbol: MTCH) – Match Group jumped 6.2% in the premarket after it beat estimates by 17 cents a share, with first-quarter earnings of 57 cents per share. The operator of Tinder and other dating services also reported revenue above analysts’ forecasts and Match Group gave strong current-quarter guidance as it anticipates a surge in dating demand as the pandemic recedes.
- Hilton Worldwide (Symbol: HLT) – The hotel operator reported net earnings of 2 cents per share for the first quarter, missing the consensus estimate of 8 cents a share. Revenue also came in below analysts’ projections. Hilton continued to be hit by pandemic-related travel restrictions, although it said 97% of its hotels were opened by the end of April. Its shares fell 2.7% in premarket trading.
- Scotts Miracle-Gro (Symbol: SMG) – The maker of lawn and garden products saw its shares gain 3.5% in the premarket after beating estimates on the top and bottom lines for its latest quarter. Scotts continues to benefit from a surge in consumer demand as homeowners continued to focus on home projects amid the pandemic.
- Tupperware (Symbol: TUP) – The maker of storage products surged 7.2% in premarket action after a top and bottom line beat. Tupperware earned 82 cents a share for its latest quarter, well above the consensus estimate of 54 cents a share. Revenue was above estimates as well.
- ODP (Symbol: ODP) – The stock jumped 4.7% in premarket action after the parent of Office Depot announced it would split into two separate publicly traded companies. Office Depot and OfficeMax locations will be operated by ODP, while the yet-unnamed new company will contain ODP’s business-to-business operations. Current shareholders will own 100% of the new company.
- Activision Blizzard (Symbol: ATVI) – Activision beat estimates by 14 cents a share, with quarterly earnings of 84 cents per share. The video game maker’s revenue also exceeded Wall Street forecasts and the company raised its full-year forecast as demand remains elevated for games like “Call of Duty” and “Candy Crush.” Its shares gained 4.5% in the premarket.
- T-Mobile US (Symbol: TMUS) – T-Mobile was up 3.3% in premarket trading after it came in 17 cents a share above consensus by earning 74 cents per share for its latest quarter. Revenue also topped estimates, and the mobile service provider added a larger-than-expected number of paying subscribers during the quarter.
- Caesars Entertainment (Symbol: CZR) – Caesars shares surged 6.7% in premarket action. The casino operator reported a smaller-than-expected loss for the first quarter, while its revenue was above estimates. Caesars said results continue to improve significantly as the pace of Covid-19 vaccinations accelerates.
- Zillow (Symbol: ZG) – Zillow reported quarterly earnings of 44 cents per share, compared to a consensus estimate of 25 cents a share. The real estate website operator’s revenue also came in above estimates, and traffic to its websites and apps rose 19% compared to a year ago. Zillow shares climbed 2.6% in the premarket.
- Herbalife Nutrition (Symbol: HLF) – Herbalife reported better-than-expected sales and profit for the first quarter, and raised its full-year guidance. The health and wellness products maker saw particularly strong growth in its sports nutrition category. The stock added 4.7% in the premarket.
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