During Market hours Yesterday — (Wednesday – 04.01.2023):
- The Dow (Symbol: DIA) went up +0.40%. The S&P 500 (Symbol: SPY) gained +0.77%. and the Nasdaq (Symbol: QQQ) jumped +0.48%.
- Salesforce (Symbol: CRM) — Shares of the cloud-based software company rose +3.57% after Salesforce announced that it is cutting 10% of its personnel and reducing some office space as part of a restructuring plan.
- Microsoft (Symbol: MSFT) — The stock sank -4.37% following UBS’ downgrade to neutral from buy. The firm cited risks related to Office and Microsoft’s Azure business.
- Micron Technology (Symbol: MU) — Micron surged +7.6% in midday trading. On Wednesday, Daiwa Capital Markets reiterated its buy rating and $65 price target, which implies 29% upside from Tuesday’s close. The firm thinks earnings will likely recover in the fiscal 2023 fourth quarter on demand recovery.
- Etsy (Symbol: ETSY) — The e-commerce platform added +3.13% after Needham upgraded the stock to buy from hold. Needham said the company has been able to keep the majority of buyers from the pandemic and is uniquely focused on diversification and affordability.
- Bank of America (Symbol: BAC) — Shares added +1.88% after Wells Fargo named the stock a 2023 top pick and said it should show “best-in-class” growth.
- Pfizer (Symbol: PFE) — The pharma giant’s shares fell -2.2% following a downgrade to neutral by Bank of America, which cited uncertainty over the magnitude of the revenue decline for its Covid drugs, Comirnaty and Paxlovid.
- Coinbase (Symbol: COIN) — Shares of the cryptocurrency exchange jumped +12.2% after the company reached a settlement agreement with the New York Department of Financial Services. Coinbase agreed to pay a $50 million penalty for prior compliance issues and invest another $50 million in continued improvements. The investigation had previously been disclosed to investors.
During Premarket hours today — (Thursday – 05.01.2023):
- Amazon (Symbol: AMZN) — Amazon’s stock gained about +2% after announcing that it’s cutting 18,000 jobs, becoming the latest technology company to cut back after expanding rapidly during the pandemic.
- Coinbase Global (Symbol: COIN) — Shares of the crypto services company fell more than -6% in premarket trading after Cowen downgraded the stock citing the difficult macro environment and lingering concerns about the failure of FTX. The downgrade comes a day after Coinbase reached a $100 million settlement with the New York Department of Financial Services over shortcomings in anti-money laundering standards.
- Shopify (Symbol: SHOP) — Shares dipped more than -2% before the bell after Jefferies downgraded Shopify to a hold from a buy rating, citing uncertain macro challenges ahead for the e-commerce stock.
- American Express (Symbol: AXP) — The stock fell -1.48% in the premarket after being downgraded by Stephens on Thursday to underweight from equal weight. The firm’s analysts, concerned about American Express’ cushion heading into a recession, also cut their price target to $134 per share from $146 and slashed their 2023 EPS estimates by 8%.
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