During Market hours Yesterday — (Wednesday – 14.07.2021):
- The Dow (Symbol: DIA) went up 0.12%. The S&P 500 (Symbol: SPY) edged 0.15% and the Nasdaq (Symbol: QQQ) gained 0.18%.
- Bank of America (Symbol: BAC)— Shares of the banking giant fell 2.5% after reporting quarterly earnings of $1.03 per share, including a one-time tax benefit. While that was higher than the consensus estimate of 77 cents, the company reported revenue below Wall Street forecasts and reported higher expenses.
- BlackRock (Symbol: BLK)— The asset management firm’s stock fell 3% despite reporting a better-than-expected quarterly profit Wednesday. BlackRock brought in $10.03 per share, beating the consensus estimate for the second quarter by 57 cents. Assets under management rose to a record $9.49 trillion during the quarter.
- Energy stocks — Energy stocks are falling after the International Energy Agency warned Tuesday about the prospect of a deepening supply deficit if OPEC+ can’t reach a deal on its production policy. Marathon Petroleum (Symbol: MRO) fell 4.57% and Valero (Symbol: VLO) is down 3.9%, Occidental (Symbol: OXY) has lost 7.48% and Cabot Oil & Gas (Symbol: COG) fell 4.97%.
- Oatly (Symbol: OTLY)— Shares of Oatly fell 2.79% after the alternative dairy company was accused of questionable accounting practices and misrepresenting its sustainability practices. The Swedish oat-based milk substitute company made its U.S. public debut about two months ago.
- Peloton (Symbol: PTON)— Shares of the at-home workout empire dropped more than 5.4% after Wedbush Securities downgraded its stock to “neutral” from “outperform.” Wedbush noted the number of fitness alternatives is growing and as the economy reopens customers are leaving their homes again for out-of-home workouts.
- Lululemon (Symbol: LULU)— The athleisure brand’s stock rose 1.6% after Goldman initiated coverage with a “buy” rating and included it on its “Conviction Buy” list. Even as people swap their leggings and sweatpants for business casual attire, Goldman said Lululemon can expand into new categories geographically and categorically.
- Delta Airlines (Symbol: DAL)— The air carrier’s shares are down 1.5% after reporting it lost $1.07 per share for the second quarter, which was less of a loss than analysts expected. The airline topped revenue estimates, however, noting accelerated customer demand and a “solid” pretax profit for the month of June
- American Airlines (Symbol: AAL)— American Airlines saw its stock rise 3% ahead of its second-quarter earnings report next week. The company said it expects a “slight” pretax profit for the second quarter.
- L Brands (Symbol: LB)— Shares of the retailer advanced 1.35% after the company raised its second-quarter earnings guidance. The optimistic outlook comes amid strength in L Brands’ Victoria’s Secret and Bath & Body Works divisions. The company also announced plans to sell 20 million shares held by founder Leslie Wexner and others.
- Apple (Symbol: AAPL)— Apple is trading 2.40% higher after reports that the company asked suppliers to ramp up production of next-generation iPhones by 20%. That news follows another report from Tuesday that the tech company is working with Goldman Sachs on a buy-now-pay-later service.
- AMC Entertainment (Symbol: AMC)— The movie theater chain saw its stock tumbling 15% to around $33 apiece on Wednesday, less than half of its all-time high of $72.62 in early June. The decline brought its month-to-date losses to nearly 40%. The stock is still up more than 1,500% this year thanks to the meme stock mania earlier this year.
During Premarket hours today – (Thursday – 15.07.2021):
U.S. weekly jobless claims total 360,000, as expected
- Morgan Stanley (Symbol: MS) – Morgan Stanley beat estimates by 20 cents with second-quarter earnings of $1.85 per share, while revenue topped forecasts as well, helped by an acceleration in investment banking activity. Despite the beat, Morgan Stanley shares fell 1.6% in the premarket.
- American International Group (Symbol: AIG) – AIG shares surged 5% in premarket trading after it announced a deal to sell a 9.9% stake in its life insurance and retirement services unit to Blackstone (BX) for $2.2 billion. The deal also calls for Blackstone to manage an initial $50 billion in assets backing AIG’s life insurance policies and annuities, increasing to about $100 billion over the next six years.
- AMC Entertainment (Symbol: AMC) – AMC tumbled another 6.2% in the premarket after the movie theater operator’s stock fell for the fourth straight day and the eighth time in nine sessions Wednesday. The skid was capped by a 15% drop in yesterday’s session, bringing its total loss over that time to about 41%.
- Norton LifeLock (Symbol: NLOK) – Norton LifeLock is in talks to buy fellow cybersecurity firm Avast, in a deal that would expand Norton’s presence in consumer software. Avast said the two sides were in advanced discussions about a possible cash-and-stock deal. Norton LifeLock fell 2.6% in the premarket.
- Johnson & Johnson (Symbol: JNJ) – Johnson & Johnson is recalling some batches of its Neutrogena and Aveeno spray sunscreen products after benzene was found in some samples. Johnson & Johnson said benzene – which can potentially cause cancer – is not used in the manufacture of the products and it is investigating how it wound up in some products. Shares fell 1% in the premarket.
- Netflix (Symbol: NFLX) – Netflix hired former Facebook executive Mike Verdu to lead its video games unit, as it steps up efforts to grow beyond its flagship video streaming business. The stock rose 1.8% in premarket action.
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