During Market hours yesterday — (Tuesday – 08.06.2021):

  • The Dow (Symbol: DIA) slid 0.07%. The S&P 500 (Symbol: SPY) gained 0.02% and the Nasdaq (Symbol: QQQ) went up 0.05%.
  • Clover Health (Symbol: CLOV)— Shares of Clover Health surged as much as 100% and last traded up 85.82% as retail traders on Reddit’s WallStreetBets forum piled into the Medicare insurance start-up that went public via Chamath Palihapitiya’s SPAC.
  • Stitch Fix (Symbol: SFIX)— Shares of Stitch Fix jumped 14.08% after the online styling service reported better-than-expected fiscal third-quarter results. The company posted a loss of 18 cents per share, narrower than analysts’ projection of 27 cents lost per share, according to Refinitiv. Stitch Fix also reported revenue of $535.6 million; analysts were projecting revenue of $511 million.
  • Biogen (Symbol: BIIB)— Shares of the drugmaker ticket 0.12% lower after rallying 38% on Monday upon the approval of Biogen’s Alzheimer’s therapy drug, which goes by the name Aduhelm.
  • Marvell Technology (Symbol: MRVL)— The semiconductor stock rose 5.10% after Marvell beat estimates on the top and bottom lines for its first-quarter report. The report earned praise on Wall Street, with investment firm Stifel reiterating its buy rating and JPMorgan resuming coverage with an overweight rating.
  • Generac Holdings (Symbol: GNRC)— Shares of the generator company jumped 6.32% after KeyBanc upgraded the stock to overweight from sector weight. The firm said in a note that concerns about the stability of the electric grid should increase demand for home generators.
  • Coupa Software  (Symbol: COUP)— The software giant’s stock fell 8.17% despite reporting quarterly earnings of 7 cents per share, beating analysts’ expectations of a 19-cent loss per share, according to Refinitiv. Coupa’s revenue of $166.9 million also beat estimates of $152.6 million.
  • Contango Oil & Gas (Symbol: MCF)— The energy producer’s stock fell 9.6% after agreeing to merge with KKR’s Independence Energy business in an all-stock deal. The combined company will have an initial market capitalization of about $4.8 billion.
  • Vail Resorts (Symbol: MTN)— Shares of the resort operator fell 2.37% despite reporting quarterly earnings of $6.72 per share, beating Wall Street forecasts by 18 cents. The company said it cut season pass sales prices by 20%, leading to increased sales by 50% and 33%, by units and dollars, respectively, compared to pre-pandemic results.
  • Chico’s (Symbol: CHS)— Shares of the apparel retailer rose 9.57% in midday trading after reporting quarterly earnings that beat Wall Street analysts’ estimates. The company also said it’s taking measures to improve performance and shareholder value, in response to a letter from activist investor Barington Capital.

During Premarket hours today – (Wednesday – 09.06.2021):

  • Clover Health (Symbol: CLOV), Wendy’s (Symbol: WEN) – The two stocks extended their gains in premarket trading, after surging yesterday on increased social media attention. Clover – a seller of health-care insurance that went public via a SPAC deal in October – has risen for the past six days, capped by a nearly 86% surge Tuesday. It soared 24.2% in premarket action, while Wendy’s – up nearly 26% in yesterday’s trading – added another 4.3% this morning.
  • Campbell Soup (Symbol: CPB) – The food producer reported quarterly earnings of 57 cents per share, missing consensus by 9 cents a share. Revenue also missed forecasts as results lagged year-ago figures that were boosted by pandemic-related demand. Campbell also cut its full-year forecast, reflecting both those quarterly results and the recent sale of its Plum baby food and snacks business. Campbell shares tumbled 5.8% in the premarket.
  • Lordstown Motors (Symbol: RIDE) – Lordstown Motors said there was “substantial doubt” about its ability to continue as a going concern. The electric truck maker said in a Securities and Exchange Commission filing that it is having problems funding vehicle production. Lordstown plunged more than 16% yesterday ahead of the news, and slid another 4.2% in premarket trading.
  • Fastly (Symbol: FSLY) – Fastly issued an apology for Tuesday’s widespread internet outage, with the cloud computing company saying the incident was caused by a software bug that was triggered when a customer changed settings. Fastly rose 2.4% in the premarket.
  • Sherwin-Williams (Symbol: SHW) – Sherwin-Williams raised its sales and profit guidance for the year, as the paint maker sees pandemic-induced demand for its products continuing even as the pandemic recedes. The company is also raising its prices to deal with higher costs for raw materials. Sherwin-Williams fell 1.3% in the premarket.
  • Casey’s General Stores (Symbol: CASY) – Casey’s reported quarterly earnings of $1.12 per share, beating the consensus estimate of 88 cents a share. The convenience store chain’s revenue exceeded estimates as well. Same-store sales, excluding gasoline purchases, rose 12.8% as customer traffic steadily increased.
  • Fox Corp. (Symbol: FOXA) – Fox added 1.8% in the premarket following an upgrade to “overweight” from “equal weight” at Wells Fargo Securities, which feels the stock could benefit from Fox’s presence in sports gambling despite pressures from cord-cutting.
  • Abercrombie & Fitch (Symbol: ANF) – The apparel retailer was upgraded to “buy” from “hold” at Jefferies, which points to ongoing benefits from years of brand elevation efforts as well as an increase in profit margins. Abercrombie rose 2.9% in premarket trading.

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