During Market hours yesterday — (Wednesday – 02.06.2021):
- The Dow (Symbol: DIA) edged 0.14%. The S&P 500 (Symbol: SPY) gained 0.16% and the Nasdaq (Symbol: QQQ) popped 0.20%.
- Bed Bath & Beyond (Symbol: BBBY), AMC (Symbol: AMC), BlackBerry (Symbol: BB)– Reddit darlings Bed Bath & Beyond and AMC climbed in wild trading. Shares of the home furnishings retailer soared 62.11% after the company announced the release of three new private label brands scheduled to hit the shelves in the next few months. AMC jumped 95.22%, and trading in the name was briefly halted. BlackBerry also leapt 31.92%.
- Etsy (Symbol: ETSY)— Shares of the e-commerce company are up 7.15% after Etsy announced a $1.6 billion deal to buy fashion resale app Depop. The newly acquired business, which is based in London, is popular among younger consumers.
- DXC Technology (Symbol: DXC)– Shares of the IT services company advanced 4.33% after Wells Fargo upgraded the stock to an overweight rating. “We see a situation where a discounted valuation presents an attractive risk/reward ratio and the possibility of higher EPS/valuations as the market gains confidence in the turn-around story that is playing out at DXC,” the firm wrote in a note to clients. Wells Fargo also lifted its target on the stock to $48, implying 26% upside from Tuesday’s closing price.
- Cinemark (Symbol: CNK), Imax (Symbol: IMAX)— Cinemark rose 2.29%, and Imax slipped 1.26% after Goldman Sachs downgraded them to sell from neutral. The investment firm said in a note to clients that the market appeared to be overestimating how much movie attendance would rebound after the pandemic.
- Tesla (Symbol: TSLA)— Tesla shares fell 3.01% on a combination of negative headlines. First, the electric car maker said it is recalling nearly 6,000 vehicles over concerns that their brake caliper bolts might loosen, which could potentially result in a loss of tire pressure. Second, Tesla was reportedly told by the Securities and Exchange Commission that it had failed to properly approve tweets by CEO Elon Musk.
- Carnival Corporation (Symbol: CCL)— Shares of Carnival jumped 3.85% and touched a new 52-week high today of $31.10. The Centers for Disease Control and Prevention accepted an agreement for Carnival Cruise Line to sail from Port Canaveral, The Houston Chronicle reported Tuesday.
- Ambarella (Symbol: AMBA)— Shares of Ambarella rose, then fell 1.46% Wednesday despite reporting better-than-expected quarterly financial results after the bell Tuesday. The semiconductor company reported adjusted earnings of 23 cents per share on revenue of $70.1 million. Analysts expected adjusted earnings of 17 cents per share on revenue of $68.6 million, according to FactSet.
- Vimeo (Symbol: VMEO)— Shares of Vimeo rose slightly then fell 4.74% even after Cowen and Jefferies initiated coverage of the stock with ratings of outperform and buy, respectively. Both firms pointed to Vimeo’s potential in the enterprise video space.
During Premarket hours today – (Thursday – 03.06.2021):
Weekly jobless claims total 385,000, vs 393,000 estimate
- AMC Entertainment (Symbol: AMC) – AMC filed to sell up to 11.55 million common shares “from time to time,” according to a Securities and Exchange Commission filing, but cautioned against investing in the stock due to recent moves “unrelated to our underlying business.” AMC had initially surged in the premarket after nearly doubling Wednesday, but fell 9.7% after the filing.
- BlackBerry (Symbol: BB), Koss (Symbol: KOSS), GameStop (Symbol: GME), Bed Bath & Beyond (Symbol: BBBY) – These stocks remain on watch today, after surging yesterday on investor enthusiasm for the so-called “meme” stocks. BlackBerry jumped 11.2% in the premarket, but Koss fell 10.1%, GameStop lost 2.3% and Bed Bath & Beyond dropped 12.9% after soaring 62% Wednesday.
- Express (Symbol: EXPR) – The apparel retailer reported a quarterly loss of 55 cents per share, smaller than the 58 cents a share that analysts were expecting. Revenue topped Street forecasts and Express said it expects sequential comparable sales improvement throughout this year. Its shares fell 7.1% in the premarket after an initial jump higher.
- Ciena (Symbol: CIEN) – The networking equipment and services company reported quarterly earnings of 62 cents per share, 14 cents a share above estimates. Revenue also came in above analysts’ projections. Ciena said it was helped by an improving market environment and a rebound in customer spending. Ciena gained 1.1% in premarket trading.
- FireEye (Symbol: FEYE) – FireEye announced the sale of its security software products unit – along with the FireEye name – to private-equity firm Symphony Technology for $1.2 billion. The business that remains will be called Mandiant Solutions, the same name used by CEO Kevin Mandia’s business before its sale to FireEye in 2014. FireEye shares tumbled 7.5% in the premarket.
- Splunk (Symbol: SPLK) – Splunk reported a greater-than-expected loss for the first quarter, though the maker of network analytics software did see revenue beat Wall Street forecasts. Splunk has been transitioning customers to cloud-based versions of its software, and recurring cloud revenue did jump 83% during the quarter compared to a year ago. Splunk lost 5.1% in premarket trading.
- Tilray (Symbol: TLRY) – The cannabis producer’s shares rallied 3.6% in premarket trading after Cantor Fitzgerald rolled out new estimates after the completion of Tilray’s merger with Aphria and rated the stock “overweight.” Cantor cites the combined company’s scale as well as upbeat overseas prospects.
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