During Market hours yesterday — (Tuesday – 05.10.2021):
- The Dow (Symbol: DIA) rose 0.9%. The S&P 500 (Symbol: SPY) also went up 1% and the Nasdaq (Symbol: QQQ) surged 1.4%.
- Facebook (Symbol: FB), Amazon (Symbol: AMZN), Apple (Symbol: AAPL) – Shares of major technology companies led Tuesday’s market rebound. Facebook shares rose 2.5% following a 5% slide on Monday due to a whistleblower’s claims and a site outage. Amazon rose 2%, while Apple advanced more than 1%. Alphabet added over 2%.
- Southwest Gas Holdings (Symbol: SWX) — The energy company jumped nearly 6% after activist investor Carl Icahn, who has a significant stake in it, wrote a letter to the company pushing it to drop a potential acquisition of Dominion Energy’s Questar Pipeline and focus on improving its stock’s performance, The Wall Street Journal reported.
- Marathon Oil (Symbol: MRO) — Shares of the exploration and production company advanced more than 2% on the heels of climbing oil and natural gas prices. Occidental also gained 1.8%, while EOG Resources, Devon Energy, Halliburton and Hess all rose. West Texas Intermediate crude futures, the U.S. oil benchmark, broke above $79 per barrel on Tuesday for the first time since November 2014.
- PepsiCo (Symbol: PEP) — Shares of PepsiCo gained more than 1% after the food and beverage corporation reported better-than-expected third-quarter earnings despite higher supply chain costs. Pepsi Co reported earnings of $1.79 per share on revenue of $20.19 billion. Analysts projected earnings of $1.73 per share on revenue of $19.39 billion, according to Refinitiv. The company also raised its full-year forecast.
- Nike (Symbol: NKE), Under Armour (Symbol: UA) — The athletic retail stocks each added more than 2% after Wedbush began coverage of both with an outperform rating. The bank called the companies “long-term structural winners.” They’re both poised to benefit in the long term, though the firm expects they’ll be affected by some short-term volatility.
- Netflix (Symbol: NFLX) — Shares of Netflix gained more than 4% after Cowen reiterated its outperform rating on the streaming giant. The firm’s recurring U.S. survey found Netflix continues to lead in content among other services.
- DocuSign (Symbol: DOCU) — Shares of the e-signature company jumped more than 3% after Wedbush Securities analyst Daniel Ives named the stock one of his team’s top tech stocks to buy with the sector’s multi-year rally being far from over.
- Charles Schwab (Symbol: SCHW) — The brokerage firm saw its stock rise 3.5% after Atlantic Equities initiated coverage of it as overweight, calling it inexpensive and highlighting the recent “shift to focus on asset-gathering,” which creates “far more sustainable and compounding revenue streams.”
- Bank stocks — Bank stocks climbed higher as the 10-year Treasury yield topped 1.5%. Goldman Sachs (Symbol: GS) gained nearly 3%, while Bank of America (Symbol: BAC) and Wells Fargo (Symbol: WFC) added more than 2%. Banks tend to benefit from rising interest rates because they allow for higher margins and profits.
During Premarket hours today – (Wednesday – 06.10.2021):
- Constellation Brands (Symbol: STZ) – The maker of beer and wine reported adjusted quarterly earnings of $2.38 per share, missing the $2.77 consensus estimate, although revenue did beat Wall Street forecasts and Constellation increased its full-year earnings outlook. Shares fell 2.2% in the premarket.
- Acuity Brands (Symbol: AYI) – The maker of lighting and building management systems reported an adjusted quarterly profit of $3.27 per share, beating the consensus estimate of $2.85, with revenue topping forecasts as well. The earnings beat came amid what the company terms a “challenging” environment that included higher labor, materials and freight costs.
- Southwest Gas (Symbol: SWX) – Southwest Gas struck a deal to buy Questar Pipelines from Dominion Energy (D) for $1.975 billion in cash and assumed debt. Investor Carl Icahn, who holds a 4.9% stake in Southwest Gas, had sent a letter to the company objecting to such a deal when reports of it first surfaced earlier this week. Icahn said the deal would be a huge mistake and diminish shareholder value. Southwest Gas fell 1.7% in premarket action.
- Facebook (Symbol: FB) – Facebook CEO Mark Zuckerberg responded to accusations from whistleblower Frances Haugen, saying the company does not prioritize profits over safety. Zuckerberg published a blog post addressing the accusations following Haugen’s testimony before a Senate panel Tuesday. Shares shed 1.3% in the premarket.
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