During Market hours Yesterday — (Wednesday – 06.10.2021):
- The Dow (Symbol: DIA) recovered 0.3%. The S&P 500 (Symbol: SPY) also jumped 0.4% and the Nasdaq (Symbol: QQQ) rose 0.6%.
- General Motors (Symbol: GM) — GM shares fell more than 1% after the automaker said it plans to double its annual sales to $280 billion by 2030 as it transitions to all-electric vehicles and grows its new software- and data-focused operations. The announcement came ahead of the company’s investor presentation.
- U.S. Steel (Symbol: X), Nucor (Symbol: NUE) — Shares of the steel producers fell on Wednesday after downgrades from Goldman Sachs. The investment firm said that it expected the price of steel to pull back sharply from its abnormally high levels early next year. Shares of U.S. Steel fell 8.1%, while Nucor lost roughly 3.9%.
- American Airlines (Symbol: AAL), JetBlue (Symbol: JBLU) — The airline stocks retreated after downgrades from Goldman Sachs. The firm said a slowdown in travel recovery and higher fuel prices could weigh on the airlines. American Airlines shares dipped 4.4% and JetBlue fell 4.2%.
- Palantir (Symbol: PLTR) – Shares of the data company, known for its many government contracts, gained more than 1% following news that it won an $823 million contract with the U.S. Army to deliver its intelligence data fabric and analytics foundation using Palantir’s Gotham operating system.
- Coinbase (Symbol: COIN) – Shares of the crypto services firm jumped more than 4% after Goldman Sachs reiterated its buy rating on the stock and said it expects a top-line beat when it reports earnings in November. The price of bitcoin also rallied to a near five-month high of $55,000. Coinbase trades in tandem with the bitcoin price due to its reliance on trading revenue.
- Manchester United (Symbol: MANU) — Manchester United shares sank 14.3% after the Glazer family, which controls the soccer club, announced a 9.5 million share offering. Manchester United will not receive any proceeds from the sale.
- HSBC Holdings (Symbol: HSBC) — HSBC shares added 2.1% after UBS upgraded the stock to a buy rating from neutral. UBS cited an attractive valuation and optimistic expectations for HSBC’s financial performance next year.
- Seagate Technology (Symbol: STX), CDW (Symbol: CDW) — Shares of the technology companies fell after downgrades from Morgan Stanley. The firm downgraded both Seagate Technology and CDW to equal weight from overweight and cut price targets for each stock. Seagate Technology lost 5.9% while CDW shed 5.6%.
During Premarket hours today (Thursday – 07.10.2021):
U.S. weekly jobless claims total 326,000, vs 345,000 estimate
- Conagra Brands (Symbol: CAG) – The company behind food brands like Healthy Choice, Hunt’s and Hebrew National earned an adjusted 50 cents per share for its latest quarter, 1 cent above estimates, while revenue also came in ahead of Wall Street forecasts. Conagra also said it expects to deliver on its full-year targets despite inflationary pressures.
- Tilray (Symbol: TLRY) – The Canadian cannabis producer matched Street forecasts for a quarterly loss of 8 cents per share, while revenue was short of consensus. Revenue did jump 43% from a year earlier, with the company noting that retail cannabis stores in Canada started to reopen in mid-June.
- Levi Strauss (Symbol: LEVI) – Levi Strauss beat estimates by 11 cents with an adjusted quarterly profit of 48 cents per share and the apparel maker’s revenue also topped Street forecasts. The company benefited from an easing of pandemic restrictions that prompted people to refresh their wardrobes. The stock jumped 3.9% in the premarket.
- Helen Of Troy (Symbol: HELE) – The housewares and health care products company earned an adjusted $2.65 per share for its latest quarter, compared with a $2.17 per share consensus estimate. Revenue also came in above analyst forecasts. The company said it was able to overcome the “significant impact of widespread inflation,” which impacted nearly all input costs.
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