During Market hours Yesterday — (Wednesday – 06.07.2022)

• The Dow (Symbol: DIA) went up 0.23%. The S&P 500 (Symbol: SPY) gained 0.34% and the Nasdaq (Symbol: QQQ) popped 0.64%.

• Uber (Symbol: UBER), DoorDash (Symbol: DASH) – Shares of Uber slumped 4.6% and DoorDash fell 9% on news that Amazon agreed to take a stake in Grubhub in a deal that will give Prime subscribers a one-year membership to the food delivery service.

• Coinbase (Symbol: COIN) – Coinbase slipped 3.1% after Atlantic Equities downgraded the crypto exchange to neutral and slashed its price target, citing increased volatility in the industry.

• Netflix (Symbol: NFLX) – Netflix dropped 2.1% after Barclays slashed its price target for the streaming service to $170 from $275, anticipating a subscriber loss in the second quarter amid increased competition.

• Rocket Companies (Symbol: RKT) – Shares of the consumer fintech company jumped 5.5% after Wells Fargo upgraded it to an overweight rating and said Rocket’s set up for a big comeback after tumbling more than 42% this year. Despite a “tough mortgage backdrop,” Rocket will “continue to take market share from its peers,” Wells Fargo said.

• Rivian (Symbol: RIVN) — The electric vehicle maker surged more than 10% after saying it’s on track to deliver 25,000 vehicles this year. In its most recent quarter, Rivian said it produced 4,401 vehicles, and delivered 4,467, in line with the company’s expectations.

• Cruise stocks – Norwegian Cruise Line Holdings (Symbol: NCLH) slumped 9.6%, Royal Caribbean (Symbol: RCL) fell 5.9%, and Carnival (Symbol: CCL) eased 6.7% on concern about second-half cruise ship demand. Norwegian said it would no longer require guests to test for Covid-19 before joining a cruise, unless required by local regulations.

During Premarket hours today (Thursday – 07.07.2022)

• GameStop (Symbol: GME) – GameStop rallied 7.8% in the premarket after the videogame retailer declared a 4-for-1 stock split. Trading on a split-adjusted basis will begin on July 22.

• Seagen (Symbol: SGEN) – Seagen gained 4.5% in premarket trading after the Wall Street Journal reported that Merck (MRK) is in advanced talks to acquire the biotech company for more than $200 per share, or about $40 billion.

• Virgin Galactic (Symbol: SPCE) – The space tourism company’s stock rallied 3.7% in premarket action, after announcing a partnership with a Boeing (BA) subsidiary to build motherships that carry Virgin rocket ships aloft.

• Bed Bath & Beyond (Symbol: BBBY) – Bed Bath & Beyond jumped 6% in the premarket following the disclosure of several insider purchases. Interim CEO Sue Gove bought 50,000 shares of the housewares retailer’s stock, while board members Harriet Edelman and Jeff Kirwan each bought 10,000 shares.

• Helen of Troy (Symbol: HELE) – The health care and beauty products company reported an adjusted quarterly profit of $2.41 per share, beating the $2.16 consensus estimate, with revenue also topping analyst forecasts. However, the company noted a slowdown in demand in some of its categories, as consumers shift spending patterns to deal with inflation, and cut its full-year outlook. The stock slid 6.7% in the premarket.

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