During Market hours yesterday — (Tuesday – 27.12.2022)
- The Dow (Symbol: DIA) went up +0.13%. The S&P 500 (Symbol: SPY) lost -0.39%. and the Nasdaq (Symbol: QQQ) lost -1.41%.
- Southwest Airlines (Symbol: LUV) — Shares dropped -6% after the company canceled 70% of its scheduled flights and warned that mass disruptions would continue “for the next several days.” Airlines had canceled thousands of U.S. flights over the last week in the midst of severe snow, ice, high winds and cold around the country.
- Las Vegas Sands (Symbol: LVS), Wynn Resorts (Symbol: WYNN) — The casino stocks rose following China’s announcement that it will end quarantine for international travelers starting Jan. 8. Shares of Las Vegas Sands and Wynn Resorts have outsize exposure to the country given their operations in Macao. They added +4.2% and +4.5%, respectively.
- China-based companies — ADRs that are publicly listed in the U.S. traded up after the government announced the easing of Covid restrictions. Alibaba (Symbol: BABA) and JD.com (Symbol: JD) each gained more than +4%. Baidu (Symbol: BIDU) added +4.4%, and Pinduoduo (Symbol: PDD) rose +1.4%.
- Tesla (Symbol: TSLA) — Shares of the electric-vehicle maker tumbled -11.4% on news that it will slow production at its Shanghai factory in January. The factory shut down at the end of December.
- Nio (Symbol: NIO) — Shares slid -8.3% after the electric-vehicle maker lowered its fourth-quarter delivery outlook due to supply chain disruptions in China.
- Peloton (Symbol: PTON) – The fitness company announced that it will offer refurbished bikes at a discount of up to $500 compared with new bikes. The stock was last down more than -8.4%.
During Premarket hours today — (Wednesday – 28.12.2022)
- Tesla (Symbol: TSLA) – Tesla gained +1.6% in the premarket in a volatile session, following a seven-day losing streak and declines in ten of the past eleven sessions. Baird reduced its price target on Tesla to $252 per share from $316, but continues to rate the stock outperform.
- AMC Entertainment (Symbol: AMC) – AMC Entertainment rose +1.2% in premarket trading after CEO Adam Aron asked the movie theater chain’s board to freeze his salary. He also urged other top AMC executives to do the same.
- Southwest Airlines (Symbol: LUV) – Southwest Airlines fell -1.3% in premarket action as it continues to cancel flights in its struggle to return to a normal schedule. Southwest has canceled thousands of flights over the past week, following a severe winter storm, and is limiting bookings over the next few days.
- Nvidia (Symbol: NVDA), Micron Technology (Symbol: MU) – These and other semiconductor stocks remain on watch as investors focus on an oversupply of chips. That is in sharp contrast to the global shortage during the pandemic, when demand was surging.
- Apple (Symbol: AAPL) – Apple is marginally higher in the premarket following its Tuesday close, which was the lowest since June 2021. Apple fell during the past three days and in eight of the past nine trading sessions.
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