During Market hours yesterday — (Tuesday – 15.06.2021):
- The Dow (Symbol: DIA) slid 0.26%. The S&P 500 (Symbol: SPY) lost 0.18% and the Nasdaq (Symbol: QQQ) went down 0.65%.
- Sage Therapeutics (Symbol: SAGE)— Shares of the drug maker fell 19.3% after the release of study results for its experimental depression drug. The treatment resulted in a statistically significant improvement in symptoms, although it could take up to six weeks to be effective.
- Vroom (Symbol: VRM)— The used-vehicle e-commerce platform provider’s shares fell 11.46% after it announced a convertible note offering of $500 million in convertible senior notes due 2026. Vroom plans to use the proceeds to invest in new technologies and other corporate purposes.
- Novavax (Symbol: NVAX)— Shares of Novavax fell 9.94% despite the biotech firm’s announcement Monday that its Covid-19 vaccine is safe and 90.4% effective. The company also said its vaccine remains effective when co-administered with the flu shot.
- Ping Identity (Symbol: PING)— The identity management solutions company saw its shares fall 7.94% after announcing it would offer 6 million shares of common stock by investment funds affiliated with Vista Equity Partners. Ping said it will not receive any proceeds from the sale but will bear the costs associated with it.
- DraftKings (Symbol: DKNG)— The sports betting company shed 4.17% after Hindenburg Research revealed that it had a short position against the stock. Hindenburg’s report highlighted DraftKing’s valuation as a concern and alleged involvement in questionable gambling activity by SBTech, which DraftKings merged with in 2020.
- Fastenal (Symbol: FAST)— Shares of the maker of industrial and constructions supplies dropped 2.22% following a downgrade at Morgan Stanley. The bank slashed its rating on Fastenal to underweight from equal weight, saying the stock had limited upside due to a high valuation and execution risk as it continues the transition.
- MicroStrategy (Symbol: MSTR)— MicroStrategy’s shares rose 5.3% after it said late Monday it plans to plans to sell up to $1 billion in stock to buy more bitcoin. The business software company currently owns more than 92,000 bitcoins. Bitcoin’s price is also recovering this week from its price declines of the last month.
- Exxon Mobil (Symbol: XOM)— Shares of the oil giant advanced 3.64% on the heels of an uptick in the price of oil, and after Bank of America reiterated its buy rating on the stock. The firm believes Exxon will raise its dividend before the end of the year, and sees shares jumping 45% from their Monday closing price to $90.
During Premarket hours today – (Wednesday – 16.06.2021):
- Oracle (Symbol: ORCL) – Oracle earned $1.54 per share for its latest quarter, beating the consensus estimate of $1.31 a share. The business software company’s revenue topped estimates as well. The company forecast current-quarter profit below consensus, however, as it increases investment in its cloud computing operations. Its shares fell 4.7% in premarket trading.
- Roblox (Symbol: RBLX) – Roblox tumbled 7.7% in the premarket after it reported 43 million daily active users for May, up 28% compared to a year earlier but down from 43.3 million in April. Spending by users of the videogame platform was down slightly from a year earlier.
- Kindred Biosciences (Symbol: KIN) – The pet therapeutics company agreed to be acquired by Elanco Animal Health (Symbol: ELAN) for $9.25 per share, or $440 million. Kindred had closed at $6.34 Tuesday, and its stock surged 44.6% in the premarket.
- La-Z-Boy (Symbol: LZB) – La-Z-Boy reported quarterly earnings of 87 cents per share, compared to a consensus estimate of 74 cents a share. The company best known for its reclining chairs also reported better-than-expected revenue. La-Z-Boy said it was being impacted by supply chain issues and significant increases in raw materials prices. Its shares lost 2.3% in the premarket.
- H&R Block (Symbol: HRB) – H&R Block beat Street forecasts for both profit and revenue in its latest quarter, and the tax preparation firm also raised its quarterly dividend by 4% to 27 cents per share. Additionally, H&R Block is shifting the end of its fiscal year to June 30 from April 30, to better capture tax filing activity. H&R Block shares slid 1.1% in premarket action.
- Dish Network (Symbol: DISH) – The satellite TV company was upgraded to “buy” from “hold” at Pivotal Research, which cited the potential for Dish’s 5G wireless network. Dish rose 1.7% in the premarket.
- SoFi Technologies (Symbol: SOFI) – The financial services platform was rated “buy” in new coverage at Rosenblatt Securities, noting SoFi’s “powerful” cost advantage over legacy banks. SoFi shares rose 2.1% in the premarket.
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