During Market hours Yesterday — (Wednesday – 31.08.2022)
- The Dow (Symbol: DIA) went down -0.75%. The S&P 500 (Symbol: SPY) lost -0.76% and the Nasdaq (Symbol: QQQ) lost -0.58%.
- Bed Bath & Beyond (Symbol: BBBY)— Shares of the beleaguered retailer tumbled -21.3% after it outlined a strategic plan that only confirmed investor fears that the company will struggle to turn around its business. Bed Bath also filed to sell an undisclosed amount of stock in the future.
- Express (Symbol: AXP) — Express shares plunged -20.8% after the company reported quarterly revenue of $464.4 million, compared to StreetAccount estimates of $479.6 million. The apparel retailer, which also cut its full-year guidance, cited challenging macroeconomic conditions.
- Rocket Lab USA (Symbol: RKLB) — Shares surged +7.2% after Cowen upgraded the company to outperform from market perform, saying that the shares have more than 50% upside. According to Cowen, Rocket Lab is the leader in the space launch market.
- Snap (Symbol: SNAP) — The social media company saw its shares rise +8.7% after it announced a restructuring plan that includes a 20% cut in its staff and a new chief operating officer. The changes come after Snap reported disappointing second-quarter earnings and said it would not provide guidance for its current quarter.
- PayPal Holdings (Symbol: PYPL) — PayPal shares advanced +1.8% after Bank of America upgraded the stock to a buy from neutral and hiked its price target on the payments firm. The bank said it expects activist Elliott Management to push for more cost-cutting at PayPal, which could boost earnings going forward.
- Seagate Technology Holdings (Symbol: STX) — Shares of the data storage company slid -3.5% after Seagate cut its revenue guidance for the current quarter. The company said it expects revenue for the quarter ending Sept. 30 to be in a range of $2.0 billion to $2.2 billion, down from a range of $2.35 billion to $2.65 billion. The company cited weaker economic trends in parts of Asia.
- PVH (Symbol: PVH) — The stock declined -10.5% after the owner of Tommy Hilfiger and Calvin Klein apparel brands cut its full-year outlook. At the same time, PVH said it’s reducing its global office workforce by 10%.
- HP Inc. (Symbol: HPQ)— Shares of the PC maker dropped -7.7% after the company reported a revenue miss amid a slowdown in spending on electronics. HP’s quarterly earnings matched analysts’ estimates, according to Refinitiv.
During Premarket hours today (Thursday – 01.09.2022)
- Campbell Soup (Symbol: CPB) – Campbell Soup lost -2.4% in the premarket after its quarterly profit and sales matched Wall Street estimates. Campbell issued an upbeat forecast, saying it expects continued elevated demand for its soup and other food products.
- Ciena (Symbol: CIEN) – Ciena tumbled -11.6% in premarket trading after the networking equipment maker missed estimates on the top and bottom lines for its latest quarter. Ciena is still seeing strong customer demand but its sales continue to be impacted by component shortages.
- Lands’ End (Symbol: LE) – The apparel retailer’s stock slid -8.3% in premarket action in spite of a narrower-than-expected quarterly loss and sales that beat consensus. Lands’ End cut its full-year outlook as global supply chain challenges elevate expenses.
- Okta (Symbol: OKTA) – Okta skidded -18.1% in the premarket despite better-than-expected quarterly results and an improved outlook. The identity management software company said it was running into unexpected integration issues following its acquisition of rival Auth0 last year.
- MongoDB (Symbol: MDB) – MongoDB shares slumped -16.8% in premarket trading after the cloud computing company predicted a wider-than-expected loss for the second half of the year. MongoDB reported a smaller loss in its most recent quarter than analysts anticipated, and revenue beat forecasts as well.
- Nvidia (Symbol: NVDA) – Nvidia slid -4.3% in the premarket after the graphics chip maker warned it expects a sales hit of as much as $400 million from new U.S. licensing requirements. Those rules will impose restrictions on shipments of its most advanced chips to China. Advanced Micro Devices (AMD) said some of its chips would be impacted by those new requirements, and its stock fell 2.6% in off-hours trading.
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