During Market hours yesterday — (Wednesday – 16.06.2021):
- The Dow (Symbol: DIA) slid 0.77%. The S&P 500 (Symbol: SPY) lost 0.56% and the Nasdaq (Symbol: QQQ) went down 0.37%.
- General Motors (Symbol: GM)— GM shares added 1.56% after the company said it would increase spending on electric and autonomous vehicles to $35 billion through 2025. The new figure is 30% higher than plans announced late last year. “Across the board, we are seeing exceptionally strong reactions and positive response to all of our electric vehicles,” CEO Mary Barra told.
- H&R Block (Symbol: HRB)— Shares of H&R Block sunk 6.5% after the tax preparation company missed Wall Street’s fourth-quarter revenue expectations. On Tuesday, the company reported revenue of $2.33 billion, lower than analysts’ $2.35 billion estimate. However, H&R Block reported adjusted earnings of $5.16 per share, slightly higher than analysts’ $5.13 per share projection.
- Citigroup (Symbol: C)— Citi shares slumped 3.2% after Bloomberg reported the bank warned of rising costs and slipping revenue. Chief financial officer Mark Mason said he expected second-quarter expenses to increase to somewhere between $11.2 billion and $11.6 billion, according to Bloomberg.
- Oracle (Symbol: ORCL)— Shares of the enterprise software maker dropped 5.6% after the company offered lower quarterly revenue guidance than expected as it plans to increase capital expenditures to support cloud computing workloads. For its fiscal fourth quarter, Oracle posted earnings and revenue that beat analysts’ estimates, according to Refinitiv.
- Carnival (Symbol: CCL), Royal Caribbean (Symbol: RCL) and Norwegian Cruise Line Holdings (Symbol: NCLH)— Cruise stocks gained after Wolfe Research upgraded the three major lines to outperform from peer perform. Carnival shares added 2.3%, Royal Caribbean shares jumped 1.83% and Norwegian gained 2.6%.
- Roblox (Symbol: RBLX)— Shares of the video game company sank 8% after showing a slowdown in user growth from the month prior. Roblox reported 43 million daily active users for May, up 28% compared to a year earlier but down from 43.3 million in April.
- Kindred Biosciences (Symbol: KIN)— Shares of Kindred Biosciences soared 45.6% after the pet therapeutics company announced it would be acquired by Elanco Animal Health at a price of $9.25 per share, about $440 million. Kindred Biosciences said the selling price was a premium of 52% based on the 30-day average.
- La-Z-Boy (Symbol: LZB)— La-Z-Boy shares slid 11.7% despite posting better-than-expected fourth-quarter financial results. The furniture company reported adjusted earnings of 87 cents per share, beating analysts’ earnings expectations of 74 cents per share, according to FactSet.
- Dish Network (Symbol: DISH)— Shares of the television company rose 2.66% after Pivotal Research Group upgraded the stock to buy from hold. The firm said in a note to clients that it was bullish on Dish’s push into 5G wireless.
- SoFi (Symbol: SOFI)— Shares of the consumer finance startup rose 4.95% after Rosenblatt initiated coverage of the company as a top pick based on fintech’s promise to offer more services at lower costs. Earlier this week JPMorgan Chase CEO Jamie Dimon also lamented that the financial institution “could have” innovated the way fintech firms have but didn’t due to heftier regulatory requirements imposed on traditional banks.
- Sunrun (Symbol: RUN)— Shares of the residential solar panels and home battery provider rose 10.56% after Morgan Stanley reiterated its overweight rating of the stock. It also raised Sunrun’s price target on it from $86.00 to $91.00.
- Maxar Technologies (Symbol: MAXR)— The space stock surged 11.2% after Goldman Sachs initiated coverage of Maxar Technologies with a buy rating. The investment bank sees a 45% climb for shares in the next year.
- Squarespace (Symbol: SQSP)— Shares of Squarespace edged 3.3% higher after Mizuho initiated coverage of the company with a buy rating. “Squarespace offers a robust SaaS platform to build Website and Ecommerce sites that we believe is differentiated through aesthetic appeal, ease of use, and features to garner market share in the digital goods and services marketplace,” Mizuho’s Siti Panigrahi said in a note.
During Premarket hours today – (Thursday – 17.06.2021):
First-time filings for unemployment insurance for the week ended June 12 totaled 412,000, compared to the previous week’s 375,000. That was the highest number since May 15.
- CureVac (Symbol: CVAC) – CureVac shares plunged 46.2% in the premarket after the German drugmaker reported disappointing results from a study of its experimental Covid-19 vaccine. The treatment was 47% effective in a clinical trial, compared to more than 90% for other mRNA-based vaccines from Moderna (Symbol: MRNA) and Pfizer (Symbol: PFE).
- Novavax (Symbol: NVAX), BioNTech (Symbol: BNTX) – On the heels of the CureVac news, Novavax added 3.4% in the premarket while BioNTech rose 2.6%. BioNTech’s Covid vaccine – developed in partnership with Pfizer – is already approved for use in the US, while Novavax reported 90% efficacy for its vaccine in a recent study.
- The Honest Company (Symbol: HNST) – The household products maker reported a wider-than-expected loss in its first quarter as a public company, although revenue was better than analysts had anticipated. Sales got a boost from pandemic-induced demand for sanitizing products. The stock tumbled 8.3% in premarket trading.
- Tenet Healthcare (Symbol: THC) – The hospital operator’s shares jumped 3.5% in the premarket, after it announced the sale of five hospitals and associated physician practices in Florida to Steward Health Care for about $1.1 billion.
- Fisker (Symbol: FSR) – Fisker shares added 2.8% in the premarket after the electric vehicle maker signed a long-term manufacturing agreement with Magna International (Symbol: MGA). Magna will build the Fisker Ocean electric SUV starting in November 2022.
- Akamai Technologies (Symbol: AKAM) – A variety of financial institutions, governments and airlines experienced brief website outages early Thursday. Some of the outages were linked to a failure at web services company Akamai Technologies, according to people familiar with the matter who spoke to Bloomberg. Shares fell 1.5% in premarket trading.
*Any information contained in this article, including any information contained in external third party links, if any, is solely for informational purposes and does not contain, or should not be construed as containing, investment advice or an investment recommendation, or, an offer of or solicitation for any transactions in financial instruments. Past performance does not guarantee or predict future performance. Colmex Pro Ltd does not take into account your personal investment objectives or financial situation and makes no representation, and assumes no liability to the accuracy or completeness of the information provided, nor for any loss arising from any investment based on presented information.