During Market hours Yesterday — (Tuesday – 31.08.2021):
- The Dow (Symbol: DIA) slid 0.05%. The S&P 500 (Symbol: SPY) went down 0.15% and the Nasdaq (Symbol: QQQ) lost 0.08%.
- Zoom (Symbol: ZM)— The video-conferencing software company saw its shares tumble 16.7% after its quarterly report showed slowing revenue growth amid tough year-over-year comparisons as offices reopen and live events return. Zoom CFO told CNBC there are headwinds in its mass markets, namely individual consumers and small businesses. The drop in shares came even as Zoom’s earnings beat estimates and the company raised full-year guidance.
- Virgin Galactic (Symbol: SPCE)— Virgin Galactic shares gained 8.95% after Jefferies initiated coverage of the space travel stock with a buy rating. In Jefferies’ survey of individuals with over $1 million in net worth, a third of respondents expressed interest in going to space, with 20% willing to spend 5% of their net worth to do so.
- Chico’s FAS (Symbol: CHS)— Chico’s shares sunk 11.47% despite the apparel retailer’s better-than-expected quarterly earnings. The company reported an unexpected quarterly profit of 21 cents per share, compared to Refinitiv consensus estimates of an 8 cents per share loss. Revenue also beat Wall Street expectations.
- Designer Brands (Symbol: DBI)— Shares of Designer Brands, which owns Designer Shoe Warehouse, fell 8.29% despite an earnings beat. The retailer reported quarterly earnings of 56 cents per share, compared to a 24 cents a share Refinitiv consensus estimate. Revenue also topped analyst forecasts.
- NetEase (Symbol: NTES)— Chinese gaming giant NetEase’s stock gained 8.70% after reporting better-than-expected second-quarter earnings, with revenue in line with forecasts. The stock fell Monday, when China’s National Press and Publication Administration published a new rule limiting kids’ online video game time to just three hours per week to safeguard their physical and mental health.
- Textron (Symbol: TXT)— Shares of Textron jumped 1% after Cowen upgraded the stock to outperform from market perform, citing strong demand for business jets and a compelling opportunity with electric aircrafts. The firm also hiked its price target on the stock to $95 per share from $75, implying 32% upside from Textron’s Monday closing price.
- Occidental Petroleum (Symbol: OXY)— Shares of the oil exploration company rose 1.74% after Citi initiated coverage of the stock with a buy rating. The investment firm said in a note to clients that the stock offered more upside than some of its energy peers.
- Support.com (Symbol: SPRT)— Support.com shares retreated 13.8% after running up 38% the prior trading session fueled by retail investors coordinating in Reddit forums. The stock has a high level of short interest, which could explain why retail traders coalesced around the small-cap name.
During Premarket hours today – (Wednesday – 01.09.2021):
- Campbell Soup (Symbol: CPB) – The food producer beat top and bottom-line estimates for its latest quarter, earning an adjusted 55 cents per share and beating consensus by 7 cents. It issued a fiscal 2022 adjusted earnings outlook of $2.75-$2.85 per share, compared with a consensus estimate of $2.87, as it deals with higher input costs and a constrained labor market. Shares were initially up more than 1% in premarket trading but subsequently trimmed those gains.
- PVH (Symbol: PVH) – PVH reported adjusted quarterly earnings of $2.72 per share, well above the $1.20 consensus estimate, while the apparel maker’s revenue topped forecasts as well. The company behind the Tommy Hilfiger and Calvin Klein brands also raised its full-year revenue forecast. PVH shares surged 7.8% in the premarket.
- Ambarella (Symbol: AMBA) – Ambarella rallied 9.1% in premarket trading after it came in 10 cents above estimates with an adjusted quarterly profit of 35 cents per share. Revenue also beat analyst projections. The maker of chips for cars and cameras said demand is high and that revenue could reach a 5-year high for the current quarter.
- CrowdStrike (Symbol: CRWD) – CrowdStrike beat Street forecasts by 2 cents with adjusted quarterly earnings of 11 cents per share, while revenue came in above estimates as well. The cybersecurity company also raised its full-year outlook, but shares fell 2.2% in premarket action.
- Philips (Symbol: PHG) – Philips received permission from the FDA to begin repairing and replacing its DreamStation respiratory devices after the agency approved its proposal for replacing sound abatement material. The Dutch technology company issued a recall in June for up to 4 million of the devices to fix a potential toxicity problem with sound abatement foam. Philips gained 2.3% in the premarket.
- Sunrun (Symbol: RUN) – The solar energy company’s stock jumped 3.6% in the premarket following two positive analyst mentions. It was added to the U.S. Analyst Focus List at JPMorgan Chase, and it was also among clean energy stocks rated “market overweight” in new coverage at Wolfe Research. Wolfe said the clean energy transition is a secular trend that will last well past the current economic cycle.
- Nio (Symbol: NIO) – The China-based electric vehicle maker’s shares slid 4.6% in premarket trading after it cut its third-quarter delivery outlook, citing supply chain constraints.
- Intuit (Symbol: INTU) – Intuit is in talks to buy e-mail marketing firm Mailchimp for more than $10 billion, according to people familiar with the matter who spoke to Bloomberg. Such a deal would add to the personal finance software company’s tools for small businesses, which include QuickBooks and Credit Karma.
- Southwest Airlines (Symbol: LUV) – Southwest pilots are suing the airline over changes made to working conditions as the Covid-19 pandemic took hold. The pilots contend those changes should have been subject to bargaining with its union, while the company said such bargaining was not required.
- Canadian National Railway (Symbol: CNI) – Canadian National will not be allowed to use a temporary voting trust as part of its $30 billion deal to buy Kansas City Southern (Symbol: KSU), following a ruling from the Surface Transportation Board. That could present a significant obstacle to completing the deal, and another opportunity for Canadian Pacific Railway (Symbol: CP), which has also offered to buy Kansas City Southern.
- Sprouts Farmers Markets (Symbol: SFM) – Sprouts said its Chief Financial Officer Denise Paulonis is leaving the natural foods supermarket chain, with board member Lawrence Molloy succeeding Paulonis on Sept. 25.
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