During Market hours yesterday — (Wednesday – 23.06.2021):
- The Dow (Symbol: DIA) shed 0.20%. The S&P 500 (Symbol: SPY) went down 0.12% and the Nasdaq (Symbol: QQQ) edged 0.05%.
- Clover Health Investments (Symbol: CLOV)— Shares of the health care company jumped 9.5%, pushing its weekly gains over 13% as Reddit-fueled speculative trading in the name continued. Clover said in a filing with the Securities and Exchange Commission earlier this week that a large proportion of its stock has been in the past and may be traded in the future by short sellers, which may increase the likelihood that it will be the target of a short squeeze.
- Xpeng (Symbol: XPEV)— The U.S.-listed Chinese electric carmaker’s stock is up 4.05% after it received the green light from the Hong Kong Stock Exchange to carry out an initial public offering there. The IPO could raise between $1 billion to $2 billion.
- Under Armour (Symbol: UAA)— Shares of the athletic apparel company rose 3.74% after investment firm Cowen named Under Armour one of its best ideas. Analyst John Kernan told clients that they should take advantage of the stock’s recent weakness and bet that Under Armour’s management will be able to top earnings and revenue expectations.
- Coinbase (Symbol: COIN)— Shares of the cryptocurrency exchange popped 1.59%, also in tandem with the bitcoin rebound. Coinbase’s business is closely tied to the price of bitcoin and ether, though that may change in the future as it expands. Ark Invest’s Cathie Wood also purchased 214,718 shares of Coinbase in her flagship fund ARK Innovation fund on Tuesday, worth about $47.8 million based on the exchange’s closing price of $222.47 per share.
- Winnebago (Symbol: WGO)— The RV company saw its stock fall 0.81% despite reporting strong results Wednesday morning for its fiscal third quarter. As the economy continues to reopen, outdoor lifestyle stocks that thrived in the pandemic are slipping now. Similar stocks like Thor and Brunswick are similarly trending down.
- Ford (Symbol: F)— Shares of Ford gained 3.42%. The automaker announced that its Mustang Mach-E GT and Mustang Mach-E GT Performance Edition electric vehicles surpassed their target Environmental Protection Agency-estimated range. Barclays on Tuesday raised Ford’s price target to $17 per share from $15 on Tuesday and reiterated its “overweight” rating on the automaker.
- Occidental (Symbol: OXY), Devon (Symbol: DVN), Diamondback (Symbol: FANG)— Energy stocks rose broadly on Wednesday as European benchmark Brent crude rose above $75 per barrel. Shares of Occidental Petroleum jumped 3.17%, while Devon Energy and Diamondback Energy added 1.96% and 0.64%, respectively.
During Premarket hours today – (Thursday – 24.06.2021):
- Eli Lilly (Symbol: LLY) – The drugmaker’s shares surged 8.7% in the premarket after Lilly’s Alzheimer’s treatment received “breakthrough therapy” designation from the Food and Drug Administration. The designation means the treatment may show substantial improvement over existing therapies and qualifying it for expedited development and approval.
- Accenture (Symbol: ACN) – The consulting firm beat estimates by 17 cents a share, with quarterly profit of $2.40 per share. Revenue topped Street forecasts as well. Accenture saw increasing demand for digital transformation services, with more companies moving to adapt to a hybrid work model. Accenture also raised its full-year forecast, and its stock jumped 4.3% in premarket trading.
- Rite Aid (Symbol: RAD) – The drugstore chain reported quarterly earnings of 38 cents per share, 16 cents a share above estimates. Revenue came in slightly short of Wall Street forecasts, however, and its shares fell 6% in the premarket.
- Beyond Meat (Symbol: BYND) – Some Dunkin’ locations have dropped Beyond Meat’s “Beyond Sausage” breakfast sausage, according to a J.P. Morgan analyst, and a Goldman analyst said a wrap featuring the sausage is likely to suffer the same fate. Dunkin’ told CNBC it continues to have a strong relationship with Beyond Meat and continues to explore new plant-based menu items. Beyond Meat fell 1.3% in the premarket.
- MGM Resorts (Symbol: MGM) – MGM Resorts was upgraded to “buy” from “hold” at Deutsche Bank, which said the hotel and casino operator is likely to exceed its targets for profit margin improvement. MGM shares rose 2.3% in premarket trading.
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