During Market hours yesterday — (Tuesday – 11.10.2022)
- The Dow (Symbol: DIA) went up +0.11%. The S&P 500 (Symbol: SPY) lost -0.63%. and the Nasdaq (Symbol: QQQ) dropped -1.37%.
- Amgen (Symbol: AMGN) — The biopharma stock jumped +5.7% after Morgan Stanley upgraded Amgen to overweight from equal weight, saying Amgen is “largely derisked” and provides defensiveness for investors.
- Uber (Symbol: UBER), Lyft (Symbol: LYFT) — Shares of the rideshare companies dropped -10.4% and -12%, respectively, after the Labor Department proposed a new rule that could pave the way for gig workers to be reclassified as employees rather than independent contractors. The proposal could raise costs for the companies, who rely on contract workers to drive on their own schedules.
- Wynn Resorts (Symbol: WYNN), Las Vegas Sands (Symbol: LVS) — The casino stocks underperformed the broader market on Tuesday, with shares of Wynn Resorts tumbling -7% and Las Vegas Sands dropping -7.5%.
- Zscaler (Symbol: ZS) — The cloud security stock dropped -5.4% after Zscaler announced the resignation of company president Amit Sinha. Sinha will remain on the company’s board.
- Netflix (Symbol: NFLX)— Shares dropped about -6.8% after Bank of America reiterated an underperform rating on Netflix ahead of its earnings next week, saying that the streaming company’s advertising tier continues to “come across as a bit rushed.”
- ON Semiconductor (Symbol: ON), Qualcomm (Symbol: QCOM)— Semiconductor stocks continued their decline on Tuesday after the Biden administration on Monday announced new restrictions on exports to China. ON Semiconductor was down nearly -4%, Qualcomm was -4% lower and Marvell (Symbol: MRVL) declined -4.1%.
- Meta (Symbol: META)— Shares of the Facebook parent fell -3.9% after Atlantic Equities downgraded the stock to neutral from overweight. The investment firm said that a weakening economy plus more competition in the digital advertising space could squeeze Meta’s revenue as the company is spending heavily on development.
During Premarket hours today — (Wednesday – 12.10.2022)
- PepsiCo (Symbol: PEP) – The snack and beverage maker reported an adjusted quarterly profit of $1.97 per share, 13 cents above estimates, with revenue also topping forecasts. PepsiCo was able to successfully raise prices on its products and raised its guidance for the year. The stock gained +2.4% in the premarket.
- Intel (Symbol: INTC) – Intel added +1% in premarket trading following a Bloomberg report that the chip maker was planning to cut thousands of jobs to deal with a slumping personal computer market. Intel had 113,700 employees as of July.
- Philips (Symbol: PHG) – Philips shares slumped -10.3% in the premarket after the Dutch health technology company said its third-quarter core profit would be down about 60% from a year ago. The company also said it would take a nearly $1.3 billion charge against the value of its troubled respiratory care business.
- CME Group (Symbol: CME) – The exchange operator’s stock was upgraded to buy from hold at Deutsche Bank, citing an attractive valuation after shares fell 33% from March’s 52-week high. CME added +1.2% in premarket action.
- Lyft (Symbol: LYFT) – Lyft gained +4.3% in the premarket after Gordon Haskett upgraded the stock to buy from hold. The firm said the ride-hailing service’s stock is now attractively valued and an improving driver supply and other factors should help Lyft’s results. The stock tumbled yesterday after the Labor Department issued a new proposal that may classify drivers as employees rather than contractors.
- Norwegian Cruise Line (Symbol: NCLH) – Norwegian jumped +3.5% in premarket trading after being upgraded to buy from neutral at UBS, which noted a significant improvement in bookings for the cruise line.
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