During Market hours Yesterday– (Tuesday – 13.07.2021):
- The Dow (Symbol: DIA) went down 0.29%. The S&P 500 (Symbol: SPY) slid 0.34% and the Nasdaq (Symbol: QQQ) didn’t change.
- Boeing (Symbol: BA)— Shares of Boeing fell 4.23%. The plane maker cut production of its 787 Dreamliners after a new flaw was detected on some of the jets. Boeing also cut its delivery target for the planes.
- PepsiCo (Symbol: PEP)– Shares of the snack and beverage company advanced 2.3% to a new all-time high after the company beat top and bottom line estimates during the second quarter. Pepsi earned an adjusted $1.72 per share on $19.22 billion in revenue, compared to Wall Street’s expectations of $1.53 per share on $17.96 billion. The company also raised its forecast as restaurant demand returns.
- Electronic Arts (Symbol: EA)— The video game publisher rose 1.32% after BMO Capital Markets upgraded EA to outperform from market perform. The investment firm said in a note that the market appeared to be underestimating the strength of the video game market amid the economic reopening and that some of EA’s games show upside potential in the upcoming year.
- Goldman Sachs (Symbol: GS)— Shares of the New York-based bank fell 1.19% even after a stellar quarterly earnings report. Goldman’s second-quarter earnings and revenue blew past Wall Street’s expectations as its investment banking segment posted its second-highest revenue quarter ever, behind the first quarter of 2021, amid a booming IPO market. Since the stock is already up more than 40% this year, much of the good news might have been priced in.
- Okta (Symbol: DIA)— Okta’s share price rallied 1.44% after Goldman Sachs initiated coverage of the stock with a buy rating. The Wall Street firm Goldman said the cloud and identity management company that it was well positioned in the shift to digital.
- Roblox (Symbol: RBLX)— Shares of the video game company dropped 2.91% after Benchmark initiated coverage of the stock with a sell rating. The Wall Street firm cited concerns about the pull forward in the stock during the pandemic.
- JPMorgan (Symbol: JPM)— The bank’s share price fell 1.49% despite JPMorgan reporting a quarterly profit of $3.78 per share for the second quarter, beating the $3.21 consensus estimate. Revenue also topped the Street’s forecasts.
- First Solar (Symbol: FSLR)— Shares of the solar panel company dipped 1.59% on Tuesday after Citi downgraded First Solar to neutral from buy. The firm said in a note to clients that First Solar’s stock had priced in a lot of good news for the company, including the potential for green energy spending in an infrastructure deal in Congress. The stock had jumped nearly 20% in the past three months.
- Conagra Brands (Symbol: CAG)— Shares of the food company slumped 5.43% despite beating on the top and bottom lines of its quarterly results. Conagra reported earnings of 54 cents per share on revenue of $2.74 billion. Analysts expected earnings of 52 cents per share on revenue of $2.71 billion, according to Refinitiv.
During Premarket hours today – (Wednesday – 14.07.2021):
- Bank of America (Symbol: BAC) – Bank of America shares slid 2.2% in the premarket after it reported a quarterly profit of $1.03 per share, including a one-time tax benefit. The consensus estimate was 77 cents. The bank’s revenue came in below Wall Street forecasts and it also reported higher expenses.
- BlackRock (Symbol: BLK) – The asset management firm reported an adjusted quarterly profit of $10.03 per share, beating the consensus estimate of $9.46, while revenue was also above Wall Street forecasts. Assets under management surged to a record $9.49 trillion during the quarter. Despite the beat, BlackRock fell 1.4% in premarket action.
- Delta Air Lines (Symbol: DAL) – Delta lost $1.07 per share for the second quarter, less than the $1.38 per share loss that analysts were anticipating. Revenue topped forecasts, with Delta noting accelerated customer demand and a “solid” pretax profit for the month of June. Delta gained 2.6% in premarket action.
- Peloton (Symbol: PTON) – Pelton shares fell 2.2% in the premarket after Wedbush Securities downgraded the fitness equipment maker’s stock to “neutral” from “outperform”. Wedbush points out that consumers now have a growing number of workout alternatives, as well as the post-pandemic option of out-of-home workouts.
- American Airlines (Symbol: AAL) – American expects to report positive cash flow for the second quarter, the first time that’s happened since the pandemic began. At the height of the global travel shutdown, American was burning about $100 million per day in cash. American shares jumped 2.9% in premarket trading.
- Apple (Symbol: AAPL) – Apple is asking suppliers to build as many as 90 million next-generation iPhones, according to people with knowledge of the matter who spoke to Bloomberg. That would represent an up to 20% increase over 2020 levels. Apple rose 1.8% in the premarket.
- L Brands (Symbol: LB) – L Brands raised its fiscal second-quarter earnings guidance, thanks to better-than-expected profit margins and improved sales at its Victoria’s Secret and Bath & Body Works units. Separately, L Brands filed to sell 20 million shares held by founder Leslie Wexner and affiliated stockholders. The company will not receive any proceeds from the sale. L Brands fell 2.1% in the premarket.
- Jefferies Financial (Symbol: JEF) – Japan’s Sumitomo Mitsui Financial Group is considering buying a 5% stake in Jefferies for about $380 million, according to multiple reports. Sumitomo did acknowledge it was considering a financial alliance with Jefferies and would announce further details once they are worked out. Jefferies shares rallied 3.5% in premarket trading.
- Lululemon (Symbol: LULU) – The apparel maker’s shares rose 1.1% in the premarket after Goldman initiated coverage with a “buy” rating and inclusion on the firm’s “Conviction Buy” list. Goldman said the post-Covid recovery period has been favorable for apparel and strong brands.
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