During Market hours yesterday — (Wednesday – 09.06.2021):
- The Dow (Symbol: DIA) slid 0.45%. The S&P 500 (Symbol: SPY) lost 0.15% and the Nasdaq (Symbol: QQQ) went up 0.02%.
- Clean Energy Fuels (Symbol: CLNE)— Shares of Clean Energy Fuels surged 31.5% amid heightened chatter on Reddit’s WallStreetBets forum. The renewable natural gas company has a relatively small float at 66%, meaning the stock can be more easily manipulated, and about 8% of its float is sold short, according to data from FactSet.
- Clover Health (Symbol: CLOV), ContextLogic (Symbol: WISH), AMC Entertainment (Symbol: AMC), Wendy’s (Symbol: WEN)— Some of the most popular Reddit stocks over the past few weeks lost ground on Wednesday as social media traders appeared to shift their focus to other ideas. Shares of AMC dropped 10.37%, while Clover fell 23.6%, ContextLogic sunk 8.86% and Wendy’s slid 12.68%.
- Lordstown Motors Corp (Symbol: RIDE)— The electric vehicle company’s shares fell double digits, then erased its losses to close 0.09% higher. Lordstown Motors said Tuesday in a filing with the SEC that it’s having trouble funding vehicle production and there’s “substantial doubt” about its ability to keep going. Then on Wednesday afternoon, the company said it is in talks with multiple parties to raise funds.
- Campbell Soup Company (Symbol: CPB)— The food producer’s stock fell 6.5% in midday trading after it reported quarterly earnings of 57 cents per share, missing analysts’ estimates by 9 cents. The company cut its full year forecast and said it expects higher costs to hurt margins, even with price hikes planned for later this year.
- Merck (Symbol: MRK)— Shares of the drugmaker gained 2.27% after the company said the U.S. government has agreed to pay about $1.2 billion for 1.7 million courses of its experimental Covid-19 treatment if it is authorized by U.S. regulators. Merck expects to have more than 10 million courses of the therapy available by the end of this year.
- Abercrombie & Fitch (Symbol: ANF)— Shares of the clothing retailer added 0.85% after Jefferies upgraded the stock to buy from hold. Jefferies said Abercrombie & Fitch is experiencing brand elevation that is underestimated on Wall Street.
- Fox Corp. (Symbol: FOX)— Shares of the media giant popped 2.47% after Wells Fargo upgraded its rating on the stock and said it could rally to $47 over the next 12 months. Wells said it is bullish on the company’s exposure to sports betting: “Our detailed sports betting scenario analyses indicate potential share price accretion of 17% to 34% over the next couple of years.”
During Premarket hours today – (Thursday – 10.06.2021):
U.S. consumer price index rose 5% year-over-year, vs. 4.7% estimate
Initial jobless claims were 376,000 against the 370,000 forecasted.
- RH (Symbol: RH) – RH surged 8.4% in premarket trading after it reported quarterly profit of $4.89 per share, above the $4.10 a share consensus estimate. The home furnishings retailer formerly-known as Restoration Hardware also reported better-than-expected revenue and raised its full-year outlook.
- Signet Jewelers (Symbol: SIG) – Signet surged 6.3% in premarket trading after it trounced a $1.27 consensus estimate with quarterly earnings of $2.23 per share. The jewelry retailer’s revenue also beat estimates as same-store sales more than doubled from a year earlier. Signet raised its full-year revenue forecast as well.
- GameStop (Symbol: GME) – GameStop revamped its executive suite by hiring two former Amazon executives to top positions, with Matt Furlong named CEO and Mike Recupero tapped as chief financial officer. Additionally, the video game retailer reported better-than-expected quarterly results, and said the Securities and Exchange Commission was seeking information on the recent trading frenzy in its stock. GameStop also said it may sell 5 million additional shares from time to time. Its shares dropped 5.5% in the premarket.
- Clover Health (Symbol: CLOV), Wendy’s (Symbol: WEN), WWE (Symbol: WWE), Clean Energy Fuels (Symbol: CLNE) – The newest of the so-called “meme stocks’ remain on watch today, as they pick up social media interest. Health insurance provider Clover rose 1.8% in the premarket after a 23.6% drop Wednesday; Wendy’s gained 1.8% after plunging 12.7% yesterday; and wrestling and entertainment company WWE rose 2.4% premarket after a 10.9% jump Wednesday. Clean Energy Fuels – a California-based natural gas provider – rallied 5.6% in premarket trading after a 31.5% surge Wednesday.
- The Original BARK Company (Symbol: BARK) – Jefferies began coverage of the dog products company with a “buy” rating, citing strong subscription growth and a move to parlay brand equity into new categories. The company formerly known as BarkBox began trading under its new name and ticker symbol last week, following its merger with blank-check company Northern Star Acquisition. The stock added 3.8% in premarket action.
- ServiceNow (Symbol: NOW) – The provider of workflow platforms saw its stock rise 2.4% in the premarket after it was added to the “Conviction Buy” list at Goldman Sachs. Goldman cites improving near-term fundamentals and the potential to accelerate subscription revenue.
- Fastly (Symbol: FSLY) – The cloud computing company’s shares fell 2.2% in the premarket following an Oppenheimer downgrade to “perform” from “outperform.” Oppenheimer said Fastly reacted to this week’s internet outage quickly and appropriately, but noted that the costs to customers for switching cloud providers is relatively low.
- Boeing (Symbol: BA) – United Airlines (Symbol: UAL) is reportedly in advanced talks to buy a substantial number of large narrow-body jets that would include at least 100 Boeing 737 Max jets. People familiar with the matter told Bloomberg the talks are part of a broader fleet revamp at United. Boeing shares added 1% in premarket trading.
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