During market hours yesterday (Tuesday – 26.01.2021):
- The Dow (Symbol: DIA) went down 2.6% The S&P500 (Symbol: SPY) sank 0.16% and the Nasdaq (Symbol: QQQ) rose 0.15%
- General Electric (Symbol: GE) — Shares rose 2.7% after General Electric’s industrial free cash flow came in better than expected for the fourth quarter. The company reported $4.37 billion for the metric after CEO Larry Culp had previously projected at least $2.5 billion. GE’s earnings per share missed expectations, but revenue was higher than analysts had projected, according to Refinitiv.
- GameStop (Symbol: GME) — The brick-and-mortar gaming retailer’s shares jumped 92.7% higher after briefly topping $100 as investors’ buying frenzy continued. The stock turned sharply higher as Social Capital’s Chamath Palihapitiya said in a tweet that he bought GameStop call options betting the stock will go higher. GameStop has rallied more than 300% in January alone as an army of retail investors marshaled against short sellers in online chat rooms.
- Bed Bath & Beyond (Symbol: BBBY) — The retailer’s shares popped 20.2%, despite two downgrades from Wall Street firms advising clients to take profits after Bed Bath & Beyond’s recent surge. Shares rose as much as 40% Monday as individual investors deliberately bought up shares of the embattled retailer, forcing hedge funds to cover their losses from shorting the stocks.
- DraftKings (Symbol: DKNG) — Shares of the sporting betting company rallied 5.4% after Goldman Sachs upgraded DraftKings to buy from neutral. The Wall Street firm said DraftKings is in a leading position as states legalize gambling.
- Canopy Growth (Symbol: CGC) — The cannabis company’s shares jumped 7.9%, hitting their highest level since July, after the firm announced a new line of CBD products for pets led by Martha Stewart. The new offerings include oil drops and soft-baked chews.
- American Express (Symbol: AXP) — The payments stock slipped 4.1% after the company reported its fourth quarter results. American Express reported $1.76 in earnings per share, above the $1.31 per share expected by analysts surveyed by Refinitiv. Revenue was in line with expectations at $9.35 billion. The fall for American Express continues a trend of financial stocks falling despite reporting bottom-line beats in the fourth quarter.
- 3M (Symbol: MMM) – Shares of the manufacturing company gained 3.3% after 3M beat top and bottom line estimates during the third quarter. The company earned $2.38 per share on an adjusted basis during the period, which was 23 cents ahead of analyst expectations. Revenue came in at $8.58 billion, ahead of the expected $8.4 billion. 3M said it saw heightened demand for its health care products, including N95 masks.
- Johnson & Johnson (Symbol: JNJ) — Shares of the drug and and consumer products company rose 2.7% after reporting better-than-expected earnings. Johnson & Johnson reported adjusted earnings of $1.86 per share, higher than the $1.82 expected in a survey of analysts by Refinitiv. The company also said it would release key details on its coronavirus vaccine “soon.”
- Polaris (Symbol: PII) — Shares of the manufacturer of motorcycles and snowmobiles rose 3.5% after beating on the top and bottom lines of its quarterly earnings. Polaris reporting earnings of $3.34 per share on revenue of $2.16 billion. Wall Street expected earnings of $2.90 per share on revenue of $2.11 billion, according to Refinitiv.
During Premarket hours today – (Wednesday – 27.01.2021):
- Microsoft (Symbol: MSFT) – Microsoft earned $2.03 per share for its latest quarter, beating the consensus estimate of $1.64 a share. Revenue topped estimates as well. Microsoft’s Azure cloud computing unit had a particularly strong quarter, with revenue rising 50% from a year earlier
- Boeing (Symbol: BA) – Boeing reported a quarterly loss of $15.25 per share, which included $8.3 billion in charges relating to the 737 Max and a delay in the 777-X program, among other factors. Boeing’s revenue came in above Wall Street forecasts. Separately, EU regulators have cleared the MAX for a return to service in Europe.
- AT&T (Symbol: T) – AT&T beat estimates on both the top and bottom lines, and also added a greater-than-expected number of post-paid phone subscribers. Separately, AT&T was hit with a $1.35 billion lawsuit by Seattle-based Network Apps, which accused AT&T of stealing its device synchronization technology following the end of a joint venture between the two companies.
- Advanced Micro Devices (Symbol: AMD) – AMD beat estimates by 5 cents a share, with quarterly earnings of 52 cents per share. The chip maker’s revenue came in above consensus as well. AMD saw strong demand for chips used on gaming consoles, personal computers and data centers, and it also gave an upbeat 2021 sales forecast.
- Starbucks (Symbol: SBUX) – Starbucks came in 6 cents a share ahead of estimates, with quarterly profit of 61 cents per share. The coffee chain’s revenue fell shy of analysts’ forecasts as global comparable-store sales fell more than expected.
- Tesla (Symbol TSLA) – The company is expected to publish their quarterly earnings report today after market close. According to Zacks Investment Research, based on 7 analysts’ forecasts, the consensus forecast is $0.63.
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