During Market hours Yesterday (Wednesday – 16.03.2022)

Despite the Fed’s first rate hike in five years, all three main US indices climbed yesterday. Below some of the most representative highlights:

  • The Dow (Symbol: DIA) went up 1.54%. The S&P 500 (Symbol: SPY) earned 2.22% and the Nasdaq (Symbol: QQQ) jumped 3.71%.
  • Alibaba (Symbol: BABA), JD.com (Symbol: JD), Pinduoduo (Symbol: PDD) — Shares of Chinese companies listed publicly in the U.S. surged as Beijing signaled support for the stocks. The Chinese government said it supports the listing of businesses overseas and that its crackdown on technology companies should end soon, according to Chinese state media. Alibaba jumped 36.7%, JD.com added 39.4% and Pinduoduo rallied 56%.
  • Boeing (Symbol: BA) — Boeing shares rallied 5.1% after Baird added the aerospace company to its bullish fresh picks list. While the company’s stock is down year-to-date, investors should buy the dip as deliveries of the 737-Max are expected to resume in China even amid the recent surge in Covid-19 cases, analysts wrote.
  • Micron Technology (Symbol: MU) — The semiconductor stock surged 9%. Bernstein analysts upgraded Micron to outperform, saying the firm will see huge gains after supply issues are resolved later this year.
  • Spotify (Symbol: SPOT) — The streaming company’s stock price jumped more than 6% in midday trading. Spotify signed a stadium and shirt sponsorship deal on Tuesday with Spanish soccer team FC Barcelona. The team members will wear the Spotify logo on their uniform shirts for the next four years.
  • Starbucks (Symbol: SBUX) — Shares of Starbucks climbed 7.9% after the coffee giant announced CEO Kevin Johnson’s retirement following five years on the job and said that Howard Schultz will return as interim CEO. JPMorgan analysts also upgraded Starbucks to overweight and said its shares could rally 22% despite recent China restrictions.
  • Nvidia (Symbol: NVDA) — The chipmaker’s stock price surged 6.6%. Analysts at Wells Fargo added Nvidia to their “signature picks” list, saying the stock’s recent tumble has created an attractive risk/reward profile. Wells Fargo also expects upbeat announcements at Nvidia’s upcoming investor day.
  • Nike (Symbol: NKE) — The sportswear company’s stock price spiked 4.9%. Bernstein said Tuesday that supply chain issues have created a buying opportunity in Nike, which analysts expect will maintain its top position in China.

During Premarket hours today (Thursday – 17.03.2022)

  • Accenture (Symbol: ACN) — Accenture jumped 5.3% in premarket trading after beating top and bottom-line estimates for its latest quarter and forecasting current-quarter revenue above current analyst forecasts. The consulting firm earned $2.54 per share for its most recent quarter, compared with the $2.37 consensus estimate.
  • Signet Jewelers (Symbol: SIG) — The jewelry retailer’s stock surged 7.4% in premarket action after it reported quarterly results. Signet’s adjusted earnings of $5.01 per share matched analyst forecasts, while revenue and same-store sales exceeded estimates. Signet also raised its quarterly dividend to 20 cents from 18 cents.
  • PagerDuty (Symbol: PD) — PagerDuty lost an adjusted 4 cents per share for its latest quarter, 2 cents less than analysts were anticipating, with the digital operations platform provider’s revenue also exceeding Street forecasts. PagerDuty also issued an upbeat revenue forecast, and its stock soared 13.6% in premarket trading.
  • Occidental Petroleum (Symbol: OXY) — Berkshire Hathaway (BRK.B) bought another 18.1 million shares of Occidental, according to an SEC filing. That brings Berkshire’s holdings in the energy producer to 136.4 million shares, or about a 14.6% stake. Occidental shares rose 3.6% in premarket trading.

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