- The Dow (Symbol: DIA) fell 0.4%. The S&P 500 (Symbol: SPY) also went down 0.25% and the Nasdaq (Symbol: QQQ) sank 0.4%.
- MGM Resorts (Symbol: MGM) — Shares of MGM Resorts jumped nearly 7% after Credit Suisse upgraded the casino stock to outperform from neutral. The firm said MGM’s new operations and solid cash flow should make the stock attractive to investors. “MGM has gone through a transformation, recently announcing four transactions, and we believe the market is not giving full credit,” Credit Suisse said.
- CureVac (Symbol: CVAC) – Shares of the German biotech firm slid more than 6% after it withdrew its Covid-19 vaccine application in Europe, following a decision by the European Medicines Agency not to fast-track the approval process for CureVac.
- Solar power stocks— Solar stocks have been on a tear this week amid global worries about an energy shortage. Enphase Energy (Symbol: ENPH) rose 5.7%, while Sunrun (Symbol: RUN) rallied 8%.
- Airbnb (Symbol: ABNB) — Shares of the lodging rental company jumped just shy of 4% after Cowen upgraded the stock to outperform from market perform. The Wall Street firm said Airbnb’s growth next year will top expectations amid strong demand for alternative lodging. Cowen hiked its price target on Airbnb to $220 per share from $160 per share.
- Nike (Symbol: NKE) — Shares of the sportswear company rose about 1% after Goldman Sachs initiated coverage of the stock with a buy rating. The firm said there could still be upside to the stock as Nike will likely benefit from more customers focusing on wellness, “a likely increased casualization of fashion trends post the pandemic.”
- Signet Jewelers (Symbol: SIG) — Shares of the jewelry retailer slipped 0.3% after the company announced the acquisition of rival Diamonds Direct for $490 million in cash. SIgnet said the acquisition would add immediately to the company’s earnings.
- Fastenal (Symbol: FAST) – Fastenal shares advanced more than 2% following the company’s third-quarter earnings report. The industrial products maker earned 42 cents per share, which was in-line with Wall Street’s expectations, according to estimates from Refinitiv. Revenue came in at $1.55 billion, slightly ahead of the $1.54 billion analysts were expecting.
- General Electric (Symbol: GE) — Shares of the industrial company dipped roughly 2% after JPMorgan reiterated its neutral rating on the stock. JPMorgan analyst Stephen Tusa said that the stock appeared overvalued even if he adopted more optimistic projections put forth by other analysts.
During Premarket hours today – (Wednesday – 13.10.2021):
- JPMorgan Chase (Symbol: JPM) – JPMorgan Chase reported a profit of $3.74 per share for the third quarter, compared with a consensus estimate of $3.00, while revenue also topped Wall Street forecasts. CEO Jamie Dimon said the quarter was strong despite negative economic impact from the Delta variant and supply chain disruptions.
- BlackRock (Symbol: BLK) – The asset management firm earned an adjusted $10.95 per share for the third quarter, beating the $9.35 consensus forecast. Revenue beat estimates as well, despite the implementation of some fee waivers during the quarter. Asset under management grew, although less than analysts had anticipated.
- Delta Air Lines (Symbol: DAL) – The airline beat estimates by 13 cents with adjusted quarterly earnings of 30 cents per share, while revenue beat forecasts as well. Delta’s quarterly profit was it’s first since before the pandemic, but it does anticipate a modest current quarter loss due to higher fuel costs.
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