During Market hours yesterday — (Tuesday – 05.07.2022)
• The Dow (Symbol: DIA) went down -0.37%. The S&P 500 (Symbol: SPY) gained +0.19%. and the Nasdaq (Symbol: QQQ) dropped -3.05%.
• Ford Motor (Symbol: F) — Shares of the carmaker dropped -1% and hit a new 52-week low after the company reported a slight increase in new vehicle sales for the second quarter that missed automotive analysts’ expectations. The company said sales rose 1.8% to 483,688 new vehicles in the second quarter compared to a year earlier. Analysts expected the Detroit automaker’s sales to rise between 3.3% and 5.1%.
• Energy stocks — Energy stocks dipped on Tuesday as oil fell 8% and the U.S oil benchmark traded below $100. The S&P 500′s energy sector traded 5% lower on the day, with shares of Marathon Oil (Symbol: MARA), Conocophillips (Symbol: COP) and Halliburton (Symbol: HAL) down -6.3%, 7% and -8.1%, respectively. Occidental Petroleum (Symbol: OXY) and Exxon Mobil (Symbol: XOM) dropped -2.2% and -3.1%, respectively.
• HP Inc. (Symbol: HP) — Shares of HP slipped -1% after Evercore ISI downgraded the stock to in line from outperform as the company grapples with a difficult PC market ahead.
• Stellantis (Symbol: STLA) — Shares of the automaker formerly known as Fiat Chrysler fell -5.6% after a Union workers report said the company’s Italy-based production could take a hit of about 220,000 vehicles this year thanks to the global chip shortage. Stellantis produced about 14% fewer vehicles in the first half of this year compared to the same period a year ago.
• Crocs (Symbol: CROX) – Shares of the shoe company jumped +12.2% after Loop Capital upgraded Crocs to buy from hold. Loop said in a note to clients that Crocs should not be considered a pandemic-era fad and that the recent decline for the stock has gone too far.
During Premarket hours today — (Wednesday – 06.07.2022)
• Uber (UBER), DoorDash (Symbol: DASH) – Uber fell -3.1% in the premarket while DoorDash tumbled -7.5%, following the news that Amazon (AMZN) struck a deal to add membership in rival food delivery service Grubhub as a free benefit for its “Prime” members. Amazon’s deal also gives it the option to take a stake in Grubhub.
• Sempra Energy (Symbol: SRE) – Sempra Energy was upgraded to “buy” from “neutral” at Goldman Sachs, which feels the energy company’s stock is undervalued after falling more than 9% over the past month.
• Resolute Forest Products (Symbol: RFP) – The paper and wood products maker agreed to be acquired by Montreal-based paper products producer Paper Excellence Group for $20.50 per share, plus a contingent value right. Resolute Forest Products soared +66.8% in premarket action.
• Kornit Digital (Symbol: KRNT) – The Israel-based developer of digital printing technologies for the apparel industry saw its stock tumble -24.3% in the premarket. That came after Kornit slashed its current-quarter guidance almost in half and said the third quarter may see a similar slowdown, due to a pullback in e-commerce following the pandemic-induced surge.
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