During Market hours yesterday — (Tuesday – 30.08.2022)
• The Dow (Symbol: DIA) went down -0.95%. The S&P 500 (Symbol: SPY) lost -1.10%. and the Nasdaq (Symbol: QQQ) fell -1.11%.
• Lucid (Symbol: LCID), Nikola (Symbol: NKLA) – Shares of electric vehicle makers Lucid and Nikola slipped -6.31% and -9.38%, respectively, after both companies this week moved to raise additional cash. Lucid said in a Monday filing that it intends to issue $8 billion in new stock over the next three years. Nikola said in a filing Tuesday it plans to issue up to $400 million of new shares at market prices.
• Oil companies – Oil company stocks tumbled Tuesday, alongside the price of the commodity. Marathon Oil (Symbol: MRO), Halliburton (Symbol: HAL) and Diamondback Energy (Symbol: FANG) slipped -4.52%, -4.86% and -3.73%, respectively. Chevron (Symbol: CVX) fell -2.44%. The sector led declines on the S&P 500 and Dow.
• Baidu (Symbol: BIDU) – Shares of the Chinese technology company fell -6.54% despite Baidu beating estimates on the top and bottom lines in the second quarter. The company’s revenue was down year-over-year, even as it beat estimates. Baidu did also announce that iQiyi, a subsidiary, is selling $500 million of convertible debt to investment firm PAG Asia.
• Bed Bath & Beyond (Symbol: BBBY) – Shares of the retailer slipped -9.29% as investors await its plan for a turnaround, which is set to be released Wednesday. What happens next for the stock depends on the update, according to Morgan Stanley.
During Premarket hours today — (Wednesday – 31.08.2022)
• Express (Symbol: EXPR) – The apparel retailer’s shares slid -4.7% in premarket trading after its quarterly revenue missed estimates and it cut its full-year guidance. Express noted challenging economic conditions that worsened as the quarter progressed.
• Chewy (Symbol: CHWY) – Chewy slumped -10.8% in the premarket after cutting its full-year outlook. The pet products retailer reported a surprise profit for its latest quarter, but sales are lagging as prices rise and consumers focus pet spending on food and medications.
• HP Inc. (Symbol: HPQ) – HP Inc. shares tumbled -7.1% in premarket trading after quarterly earnings matched estimates and revenue missed forecasts. HP is the latest computer maker to report a slowdown in spending on electronics.
• Snap (Symbol: SNAP) – Snap tumbled -7.2% in the premarket after losing two key executives to Netflix (NFLX). Chief business officer Jeremi Gorman will become the streaming service’s president of worldwide advertising, while Snap’s vice president of sales for the Americas, Peter Naylor, will become Netflix’s VP of ad sales. The news follows a report in The Verge Tuesday that the social media company would lay off 20% of its workforce amid a slide in digital advertising.
• Bed Bath & Beyond (Symbol: BBBY) – Bed Bath & Beyond slumped -13.9% in premarket action after the housewares retailer filed to sell additional common shares in the future. Bed Bath & Beyond also provided an update on moves to shore up its finances, including commitments for more than $500 million in new financing.
• Hewlett Packard Enterprise (Symbol: HPE) – Hewlett Packard Enterprise posted results in line with Wall Street forecasts, even as IT business spending declines. CEO Antonio Neri told Barron’s that the provider of networking equipment and services is seeing “enduring demand.” HPE shares rose +1.8% in premarket trading.
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