During Market hours yesterday — Wednesday (11.11.2020):

The S&P 500 and Nasdaq rose on Wednesday as tech shares recovered some of their losses from earlier in the week at the expense of names who would benefit from an economic recovery.

  • The Dow (Symbol: DIA) closed 0.1% lower. The S&P 500 (Symbol: SPY) popped 0.7% and the Nasdaq (Symbol: QQQ) rose 1.8%.
  • Revlon  (Symbol: REV) The cosmetics company popped nearly 23% after the company announced that $236.5 million of outstanding bonds were tendered into the company’s exchange program as Revlon looks to stave off bankruptcy.
  • Datadog (Symbol: DDOG) The cloud company tanked more than 6% despite beating on the top and bottom lines of its quarterly results. Datadog earned 5 cents per share on revenue of $154.7 million. Wall Street expected earnings of 1 cents per share on revenue of $144.3 million, according to Refinitiv.
  • Amazon (Symbol: AMZN), Microsoft (Symbol: MSFT), Apple (Symbol: AAPL)  Several major technology shares clawed back some of this week’s sharp losses amid a big market rotation favoring beaten-down cyclicals. Amazon and Microsoft jumped more than 3% each, cutting this week’s losses to 6.1% and 3.5%, respectively. Apple gained about 3%, while Facebook and Alphabet also traded higher.
  • Lemonade (Symbol: LMND)  The insurance stock dropped 12% despite Lemonade beating Wall Street expectations for the third quarter. Lemonade reported a loss of 57 cents per share on $17.8 million of revenue, better than estimates on both metrics from analysts surveyed by FactSet, but revenue was down year over year.
  • Aurora Cannabis (Symbol: ACB), Tilray (Symbol: TLRY) Shares of marijuana companies fell sharply, giving back some of the massive gains the stocks have seen since Election Day. Stifel downgraded Aurora and Tilray to sell from hold, saying that the companies have not proven a “right-to-win” in new markets. Tilray shares lost 3.5%, while Aurora, which announced a secondary stock offering on Tuesday, slid 7.7%.
  • Delta Air Lines (Symbol: DAL), Royal Caribbean (Symbol: RCL)  Some of the travel stocks that jumped sharply earlier this week pulled back on Wednesday. Delta Air Lines fell nearly 6% while Royal Caribbean dipped 3.8%. United, Carnival and American Airlines also traded in negative territory. These names are still up double digits this week amid the rotation into cyclical stocks.

During Premarket hours today – Thursday (12.11.2020):

U.S. weekly jobless claims total 709,000, vs 740,000 expected.

  • Energizer Holdings (Symbol: ENR) The maker of batteries and other consumer products reported adjusted quarterly profit of 59 cents per share, short of the 81 cent consensus estimate.  Energizer’s revenue did beat estimates, but the company said it incurred higher COVID-related costs to help it meet the needs of its customers and employees.

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