During Market hours Yesterday — (Wednesday – 01.09.2021):
- The Dow (Symbol: DIA) slid 0.10%. The S&P 500 (Symbol: SPY) edged 0.05% and the Nasdaq (Symbol: QQQ) advanced 0.17%.
- Ambarella (Symbol: AMBA)— Shares of the semiconductor company surged 27.4% after Ambarella beat expectations on the top and bottom lines for its second quarter. The company reported 35 cents in adjusted earnings per share on $79.3 million in revenue. Analysts surveyed by Refinitiv were expecting $75.7 million. Ambarella’s third-quarter revenue guidance also topped expectations, and the company said it expects a second-half recovery after the Texas freeze earlier this year hit its supply chain.
- PVH Corp (Symbol: PVH)— The clothing company’s stock soared 15% on stellar earnings. The Calvin Klein owner reported earnings of $2.72 per share, well above the $1.20 per share expected by Wall Street, according to Refinitiv. PVH made $2.31 billion in revenue, topping expectations of $2.14 billion. Digital revenues for the company rose 35% year-over-year.
- Sunrun (Symbol: RUN)— Shares of the solar company jumped 6.2% after JPMorgan reiterated its overweight rating and added the stock to its analyst focus list. The firm cited Sunrun’s strong inventory position, which should allow it to navigate any shortages that may hit the industry. JPMorgan’s $86 12-month price target on Sunrun indicates a rally of over 90%.
- Kansas City Southern (Symbol: KSU)— The freight rail holding company climbed 3.8% higher after Citi upgraded the stock to buy from neutral. The company has been in the middle of a bidding war between Canadian National Railway and Canadian Pacific Railway. This week, a U.S. regulator rejected a proposed voting trust for the deal. An activist investor in Kansas City Southern has also been moving to stop the deal. Shares of Canadian National Railway (Symbol: CNI) gained 3.6% and Canadian Pacific Railway (Symbol: CP) added nearly 5%.
- Wells Fargo (Symbol: WFC)— Shares fell 4.9% as its phony accounts scandal from five years ago continues to plague the company. Shares extended their losses from Tuesday, when banking regulators warned about the possibility of imposing new sanctions on the bank. The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau said they were unsatisfied with the pace of the bank’s efforts to compensate the victims of the scandal. Examiners at the OCC are among those expected to testify against former Wells executives later this month.
- Uber (Symbol: UBER)— The ridesharing company saw its stock jump 3.7% after KeyBanc reiterated it as overweight, saying the company has a big opportunity to gain market share in the grocery delivery space. Uber also said Tuesday that it’s selling stakes in several Russian businesses for $1 billion.
- Apple (Symbol: AAPL)— Shares of Apple jumped before pulling back to 0.45% after the company announced the rollout of a feature that will allow users to add driver’s licenses and state IDs to their Apple Wallet. Arizona and Georgia will be the first states to adopt the feature. Connecticut, Iowa, Kentucky, Maryland, Oklahoma and Utah will follow. Apple didn’t specify a timeline.
- Campbell Soup (Symbol: CPB)— Shares of the food producer rose 2.05% after it beat top- and bottom-line estimates for the second quarter. It also issued a fiscal 2022 adjusted earnings outlook of $2.75-$2.85 per share, compared to a consensus estimate of $2.87, citing higher input costs and a constrained labor market.
During Premarket hours today – (Thursday – 02.09.2021):
Jobless claims total 340,000, the lowest level since March 2020
- Hormel (Symbol: HRL) – The food producer reported adjusted quarterly earnings of 39 cents per share, matching forecasts, with revenue coming in above estimates. However, Hormel gave a weaker-than-expected full-year outlook, noting the impact of higher costs, although it said price hikes and cost cuts should help its margins moving forward. Hormel fell 3.5% in premarket trading.
- Lands’ End (Symbol: LE) – The apparel retailer beat estimates by 6 cents with quarterly earnings of 48 cents per share and revenue above estimates as well. However, the company also said its profit margins would moderate in the back half of its fiscal year due to supply chain challenges, and the stock fell 3% in premarket action.
- Hill-Rom Holdings (Symbol: HRC) – The medical equipment maker agreed to be bought by medical products maker Baxter International (Symbol: BAX) for $156 per share in cash or about $10.5 billion. It had been reported earlier this week that the two sides were in talks about a potential $10 billion deal. Hill-Rom gained 3.1% in premarket trading, while Baxter edged higher by 0.7%.
- Signet Jewelers (Symbol: SIG) – The jewelry retailer reported adjusted quarterly earnings of $3.57 per share, well above the consensus estimate of $1.69, with revenue exceeding forecasts as well. Comparable store sales surged 97%, more than the 79.2% increase that analysts were anticipating. Signet also raised its full-year outlook, and its stock rallied 5.4% in the premarket.
- Chewy (Symbol: CHWY) – Chewy tumbled 10.2% in the premarket, following a wider-than-expected quarterly loss and revenue that fell slightly short of estimates. The pet products retailer’s adjusted loss of 4 cents per share was twice as wide as analysts had anticipated, with Chewy noting a higher-than-usual level of out-of-stock products. The company also issued a weaker-than-expected outlook.
- ChargePoint (Symbol: CHPT) – The electric vehicle charging company saw its shares soar 12.3% in the premarket after quarterly sales beat estimates and the company raised its full-year revenue guidance. For its most recent quarter, ChargePoint matched Street forecasts with an adjusted loss of 13 cents per share.
- Okta (Symbol: OKTA) – The identity management software company posted an adjusted quarterly loss of 11 cents per share, smaller than the 35-cent loss that analysts were anticipating. Revenue came in above estimates, and the company issued a better-than-expected outlook, but the shares fell 1.5% in the premarket.
- C3.ai (Symbol: AI) – The artificial intelligence software provider’s stock tumbled 7.7% in premarket trading after it reported a surprise quarterly loss. C3.ai lost an adjusted 37 cents per share for its latest quarter, compared with analyst forecasts of a 28 cents per share profit, and it also issued a weaker-than-expected current-quarter revenue outlook.
- Five Below (Symbol: FIVE) – The discount retailer saw its stock slide 8.6% in the premarket, despite a 4-cent beat with quarterly earnings of $1.15 per share. Five Below’s revenue was shy of Street forecasts, and it is not giving sales or earnings guidance for the full year due to uncertainties surrounding Covid-19.
- Ciena (Symbol: CIEN) – The networking equipment maker earned an adjusted 92 cents per share for its latest quarter, beating estimates by 13 cents, while revenue beat estimates as well amid what the company calls “robust demand.” Separately, Ciena announced the acquisition of AT&T’s (Symbol: T) Vyatta virtual routing and switching technology unit. Ciena jumped 6.3% in premarket trading.
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