During Market hours yesterday – (Wednesday – 24.03.2021):

  • Nasdaq (Symbol: QQQ) lost 1.69%. The S&P 500 (Symbol: SPY) slid 0.51%.  The Dow (Symbol: DIA) went up 0.01%.
  • GameStop (Symbol: GME)— Shares of the brick-and-mortar retailer tanked 33.8% after failing to give investors enough details about its turnaround plan and acknowledging in a filing that it was considering selling additional equity shares.
  • General Mills (Symbol: GIS) – Shares of the food company dipped 4.2% after General Mills missed earnings estimates during the third quarter. The company earned 82 cents per share excluding items, compared to the 84-cent profit analysts surveyed by Refinitiv were expecting. Revenue did, however, beat estimates, coming in at $4.52 billion compared to the expected $4.45 billion.
  • Bank of New York Mellon (Symbol: BK)– The bank stock popped 1.98% after Bank of America upgraded the shares two notches to buy from underperform. The Wall Street firm said Bank of New York Mellon will benefit from an improving revenue and earnings outlook, as well as an attractive valuation.
  • AMC Entertainment (Symbol: AMC)– Shares of the movie chain slid 15.4% after Disney said it is pushing back the release of “Black Widow” from May 7 to July 9. The movie, along with “Cruella,” will also be available on Disney+ for an additional rental fee. AMC shares are down more than 26% so far this week.
  • FedEx (Symbol: FDX)– Shares of the shipping giant rose 0.5% after Barclays named FedEx a top pick. The firm said in a note to clients that it expects the company’s cash flow to improve in the quarters ahead after years of investing those proceeds back into the delivery network.
  • Winnebago (Symbol: WGO)–The recreational vehicle stock fell 7.4% on Wednesday despite a better-than-expected fiscal second-quarter report. Winnebago earned $2.12 per share on $840 million of revenue. Analysts surveyed by Refinitiv were looking for $1.42 per share and $805 million of revenue. The company’s deliveries of its “class A” units did decline year over year even as total deliveries grew.
  • Adobe (Symbol: ADBE)– Shares of the computer software company slid 1.9% despite beating first-quarter earnings estimates and raising its fiscal 2021 outlook. Adobe raised its revenue guidance for fiscal 2021 to $15.45 billion, up from previous guidance of $15.15 billion. The company also raised its fiscal 2021 earnings per share guidance from $11.20 to $11.85.
  • Estee Lauder (Symbol: EL)– The beauty retailer’s shares ticked up 1.3% after Wells Fargo upgraded Estee Lauder to overweight from equal weight ahead of its third-quarter report. The Wall Street firm said Estee Laurder’s long-term sales and margin potential was “attractive.”

During Premarket hours today – (Thursday – 25.03.2021):

U.S. weekly jobless claims total 684,000, vs 735,000 estimate

  • Rite Aid (Symbol: RAD) – Rite Aid expects to report a loss for its just-concluded fiscal year, compared to analysts’ forecasts of a $125 million profit. The drugstore chain was hit by a 37% drop in sales of cold, cough and flu-related products, as people suffered from these maladies far less due to pandemic-related lockdowns. Rite Aid shares plunged 18.6% in premarket action.
  • Walgreens (Symbol: WBA) – The drugstore operator’s stock fell 2% in the premarket, possibly in sympathy with Rite Aid. Deutsche Bank also labeled the stock a “catalyst call buy idea,” noting short-term issues but saying the Covid vaccine could provide a positive opportunity for Walgreens in both the near and longer-term.
  • Darden Restaurants (Symbol: DRI) – The parent of Olive Garden and other restaurant chains reported quarterly earnings of 98 cents per share, well above the consensus estimate of 69 cents a share. Revenue beat estimates as well, and although same-restaurant sales tumbled 26.7% from a year ago, that was a smaller drop than the 31.2% anticipated by analysts polled by FactSet. Darden shares rose 4.2% in premarket trading.
  • Coherent (Symbol: COHR) – Coherent accepted a takeover proposal by optical components maker II-VI (IIVI), ending a long bidding battle between II-VI and optical fiber company Lumentum (Symbol: LITE). Coherent – a provider of lasers and related technology – approved the bid of $220 per share in cash and 0.91 II-VI shares for each Coherent share, and will pay Lumentum a breakup fee of $217.6 million. II-VI tumbled 8% while Lumentum jumped 7.2% in the premarket.
  • RH (Symbol: RH) – RH reported quarterly earnings of $5.07 per share, beating the consensus estimate of $4.76 a share. The Restoration Hardware parent also saw revenue beat analysts’ forecasts. RH reported strong demand for its high-end furniture and other luxury products, and expects current-quarter revenue to grow by at least 50%. RH shares surged 8.4% in premarket action.
  • KB Home (Symbol: KBH) – KB Home beat estimates by 10 cents a share, with quarterly profit of $1.02 per share. The home builder’s revenue missed analysts’ projections despite a 23% rise in net orders and a 4% increase in deliveries. KB Home shares dropped 1.9% in premarket trading.
  • Nike (Symbol: NKE) – Nike is the target of criticism on Chinese social media for a statement in which the athletic footwear and apparel maker said it was “concerned” about reports of forced labor in Xinjiang. Nike also said it does not source products from the region. The shares fell 4.5% in premarket trading.
  • H.B. Fuller (Symbol: FUL) – H.B. Fuller reported quarterly profit of 66 cents per share, 19 cents a share above estimates. Revenue also topped Wall Street forecasts. The maker of adhesives, sealants and other industrial products saw particular strength in health and hygiene-related products, although it saw weakness in construction adhesives. Fuller shares surged 6.2% in premarket action.
  • Royal Philips (Symbol: PHG) – The health technology company struck a deal to sell its Domestic Appliances unit to investment firm Hillhouse Capital for about $4.4 billion. The transaction includes the right for Hillhouse to use the Philips brand name for 15 years, with the possibility of renewal. Philips shares added 1.6% in the premarket.

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