During Market hours Yesterday — (Tuesday – 29.06.2021):
- The Dow (Symbol: DIA) ticked 0.02% higher. The S&P 500 (Symbol: SPY) edged 0.05% and the Nasdaq (Symbol: QQQ) went up 0.36%.
- Moderna (Symbol: MRNA)— Moderna shares surged 5.17% after the company said its Covid vaccine showed promise in a lab setting in protecting against coronavirus variants, including the highly contagious delta variant first identified in India.
- Banks — Big banks saw their shares gain after announcing dividend increases following the Fed’s latest stress tests. Morgan Stanley (Symbol: MS) shares gained 3.35% after the bank said it would double its dividend. Goldman Sachs (Symbol: GS) shares added 1.06% as the bank announced it would boost its dividend by 60%. Meanwhile, Citigroup (Symbol: C) saw its shares dip 2.56% after it was the only major bank to not commit to any specific dividend increases.
- Lennar (Symbol: LEN), PulteGroup (Symbol: PHM) — Homebuilder stocks rose on Tuesday as the S&P CoreLogic Case-Shiller Index showed that home prices rose more than 14% on an annual basis in April. Several major U.S. cities saw their highest annual price gains on record. Shares of Lennar rose 0.82%, while PulteGroup rose 1.96%.
- General Electric (Symbol: GE)— General Electric shares added 1.55% after Goldman Sachs named the stock a top idea. “We view GE as the ultimate self-help, re-opening levered story in Industrials,” Goldman Sachs’ Joe Ritchie said in a note released Tuesday.
- Herman Miller (Symbol: MLHR) – Shares of the furniture company dipped 6.9% after its fiscal fourth quarter earnings report. The company beat top and bottom line estimates for the period, earning an adjusted 56 cents per share on $621.5 million in revenue, ahead of the expected 39 cent profit and $583 million in revenue, based on estimates compiled by FactSet. However, shares dipped on the company’s lower-than-expected earnings forecast.
- Facebook (Symbol: FB) — The Big Tech stock dipped 1.05% after rising more than 4% on Monday following a court decision that dismissed both federal and state antitrust complaints against the social media giant. Monday’s stock jump pushed the social media giant into the trillion dollar club.
- Textron (Symbol: TXT) – Shares of the industrial conglomerate ticked 0.5% up after Morgan Stanley upgraded the stock to overweight from equal weight. The Wall Street firm said Textron will benefit from the return of sustained growth in business jets as well as a growing market for electric aircrafts.
- FedEx (Symbol: FDX) – The courier stock rose 1.3% after Bank of America Securities added it to its “US1” list of top picks and reiterated its buy rating on the stock. It also said it’s maintaining its price target of $372, implying upside of 26.5%. “We see significant tailwinds for FDX, led by pricing gains, margin improvement, continued ecommerce growth, and the return of volumes,” BofA’s Ken Hoexter said in a note.
- FOX (Symbol: FOX)— Shares of Fox fell 3.2% after Guggenheim downgraded the media company to neutral from buy. “Our revised estimates reflect our view of the advertising market as well as adjustments for the timing of y/y shifts in the sports calendar, production timing, and incremental investments,” the firm said.
- DoorDash (Symbol: DASH)— DoorDash shares increased 4.7% after Wells Fargo raised its price target on the delivery company to $215 from $170.
During Premarket hours today – (Wednesday – 30.06.2021):
- Virgin Galactic (Symbol: SPCE) – The space transportation company’s stock dropped 3% in premarket trading, after Bank of America Securities double-downgraded the stock to “underperform” from “buy.” BofA notes the recent spike in the stock after the company received approval to carry passengers into space, and said the premium earned by Virgin Galactic’s leading position is already reflected in the stock price.
- Xpeng (Symbol: XPEV) – Xpeng will raise $1.8 billion in its Hong Kong initial public offering, according to people with direct knowledge of the matter who spoke to Reuters. The Chinese electric vehicle maker’s U.S. shares fell 2.3% in premarket trading.
- MongoDB (Symbol: MDB) – MongoDB said it would sell 2.5 million class A common shares, seeking to raise $889 million. The database platform provider plans to use the proceeds for general corporate purposes. MongoDB stock lost 4.5% in premarket trading.
- Las Vegas Sands (Symbol: LVS) – Las Vegas Sands rose 1.7% in the premarket following reports that border restrictions between Hong Kong and Macau will loosen in mid-July. Currently, any traveler from Hong Kong to Macau is required to quarantine for 14 days.
- WideOpenWest (Symbol: WOW) – The broadband provider’s shares rallied 4.4% in the premarket after it announced a deal to sell five of its service areas in two separate deals for a total of about $1.8 billion.
- DR Horton (Symbol: DHI) – The home builder was named a “top pick” by Goldman Sachs. Goldman notes that stocks in the sector are down about 15% from May highs and feels that DR Horton is best positioned to execute against industry headwinds.
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