During Market hours Yesterday (Wednesday – 30.03.2022)

Below some of the most representative highlights:

  • The Dow (Symbol: DIA) went down 0.24%. The S&P 500 (Symbol: SPY) lost 0.62% and the Nasdaq (Symbol: QQQ) dropped 1.10%.
  • Robinhood (Symbol: HOOD) — Shares of the stock-trading app fell about 8.5% after Morgan Stanley initiated coverage of the company with an equal-weight rating. The Wall Street firm said Robinhood could be the younger population’s Charles Schwab as it has a firm grip over millennials and Generation Z. However, Robinhood will need to expand its product offerings if it wants to retain its appeal, the analyst said.
  • Lululemon (Symbol: LULU) — Shares rose more than 9.6% after the company announced a $1 billion stock buyback program. The athletic apparel company posted per-share earnings that were better than expected, but the company fell short of Wall Street’s revenue estimates. Lululemon also issued first-quarter and full-year guidance higher than the Refinitiv consensus expectations.
  • BioNTech (Symbol: BNTX) — BioNTech’s stock rose 1.3% after the drugmaker reported better-than-expected revenue and earnings for the quarter and reiterated previous vaccine revenue guidance for the year.
  • Five Below (Symbol: FIVE) — Shares of the discount retailer fell 6.5% following its lackluster earnings report. Five Below reported same-store sales of 3.4%, below estimates of 3.6%. Earnings came in one cent higher than forecasts but revenue missed estimates, according to Refinitiv.
  • RH (Symbol: RH) — The home-furnishings retailer’s shares declined by more than 13% after the company reported a revenue miss for its most recent quarter. RH brought in $902.7 million, compared with estimates of $931.8 million. It also announced a three-for-one stock split that will take place in the spring.
  • Rivian (Symbol: RIVN) — Shares of the automaker fell 3.4% after popping 2% in midday trading. On Wednesday, RBC analysts reiterated its outperform rating after expressing confidence that Rivian’s production ramp is improving. The company’s stock price cratered nearly 47% year to date.
  • Procter & Gamble (Symbol: PG) — Shares of Procter & Gamble inched nearly 1% lower after JPMorgan downgraded the company to neutral from overweight amid inflationary pressures. The bank attributed rising costs and FX headwinds as the reason for the downgrade.

During Premarket hours today (Thursday – 31.03.2022)

  • Walgreens (Symbol: WBA) — The drug store operator reported an adjusted quarterly profit of $1.59 per share, 19 cents above estimates, with revenue also topping Wall Street forecasts. Comparable pharmacy sales rose 7.3%, helped by demand for Covid vaccines. Walgreens shares initially rose in the premarket but lost their gains and dipped negative.
  • Baidu (Symbol: BIDU) — Baidu lost 2.2% in premarket trading after the SEC added the search engine company to its list of U.S.-traded China stocks that could be delisted if they don’t allow American regulators to review three years’ worth of financial audits. Online entertainment company iQYI (IQ) was also added to that list, with its shares sliding 6.6%.
  • Novavax (Symbol: NVAX) — The drug maker’s shares gained 1.3% in premarket trading after it asked EU regulators to clear its Covid-19 vaccine for use in teenagers.
  • Advanced Micro Devices (Symbol: AMD) — Advanced Micro Devices was downgraded to “equal weight” from “overweight” at Barclays, which points to cyclical risk in several different end markets for the semiconductor maker. AMD fell 2.2% in premarket action.
  • HP Inc. (Symbol: HPQ), Dell Technologies (Symbol: DELL) — Morgan Stanley downgraded both computer equipment makers, predicting companies will shift spending away from hardware due to macroeconomic uncertainty. HP was cut to “underweight” from “equal-weight” while Dell was cut to “equal-weight” from “overweight.” HP fell 4.5% in premarket trading, while Dell lost 2.6%.

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