Please see below Market News for yesterday (Wednesday – 30.12.2020) and today Premarket (Thursday – 31.12.2020):
During Market hours yesterday — Wednesday (30.12.2020):
Stocks rose slightly on Wednesday amid renewed vaccine optimism while traders looked for clues on additional fiscal stimulus.
- The Dow (Symbol: DIA) went up 0.2%. The S&P 500 (Symbol: SPY) rose 0.1%. The Nasdaq (Symbol: QQQ) maintained its level showing no difference by the end of the day.
- AMC Entertainment (Symbol: AMC) — Shares of the beleaguered movie-theater chain fell more than 5% after the company said it may sell up to 50 million of its Class A stock as part of a “shelf offering.”
- Levi Strauss (Symbol: LEVI) – The denim retailer gained more than 3% after Guggenheim raised its price target on the company to $24, up from a prior target of $20. The new forecast is 21% above where the stock closed on Tuesday. “We are encouraged by the company’s offensive strategy, strong brand, experienced management team, and healthy financial position … which we believe will allow LEVI to emerge from COVID-19 disruption in a stronger competitive position,” the firm said in a note to clients.
- Tesla (Symbol: TSLA) – Shares of the electric vehicle company advanced more than 4% as the stock continues to bounce back from recent selling pressures. Last week the stock dropped 4.8% after the company was added to the S&P 500. So far this week, Tesla has gained about 2.4%.
- 2U Inc (Symbol: TWOU) – The education software company’s stock price jumped 3% after Needham named it a top pick for 2021. The Wall Street firm said 2U has been a delayed beneficiary from the shift to online education. The stock has gained 76% this year.
- Dynatrace (Symbol: DT) – Shares gained more than 4% after BTIG initiated coverage on the software company with a buy rating. BTIG said it sees growth in the application performance management market in 2021 as more companies invest in digital transformation. The firm’s $56 price target suggests a 30% rally in the next 12 months.
- Emergent BioSolutions (Symbol: EBS) — Shares of the life sciences company rose 2.8% after Emergent and Mount Sinai Health Systems announced the initiation of a new clinical program looking at a potential preventative treatment for Covid-19. The research program is being funded by the Department of Defense.
During Premarket hours today – Thursday (31.12.2020):
- Tribune Publishing (Symbol: TPCO) – Alden Global Capital offered to buy the portion of Tribune that it doesn’t already own for $14.25 per share, compared to Wednesday’s close of $12.79. Alden is already Tribune’s largest shareholder with a 32% stake. Tribune shares were up nearly 9% around 7:45 a.m. ET to trade at $13.92.
- Celsius Holdings (Symbol: CELH) – The fitness drink company’s shares surged almost 13% in premarket trading on news that the stock will join the S&P SmallCap 600 on January 7. Cosmetics retailer e.l.f. Beauty will also join the SmallCap 600 on the same day.
- Red Lion Hotels (Symbol: RLH) – Sonesta International Hotels offered to take Red Lion private for $3.50 per share, or $90 million. That compares to Red Lion’s Wednesday close of $2.70 per share. Red Lion shares gained 27% as of 7:50 a.m. ET to trade at $3.45.
- Baidu (Symbol: BIDU) – The China-based search engine company is seeing its stock rise once again in premarket trading, following three straight days of gains capped by a 12.6% gain during Wednesday trading. Baidu had been among the China-based stocks that fell last Thursday on news of an antitrust crackdown on large companies by the Chinese government. The shares were up more than 3% at around 7:50 a.m. ET.
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