During Market hours Yesterday — (Tuesday – 07.09.2021):
- The Dow (Symbol: DIA) sunk 0.76%. The S&P 500 (Symbol: SPY) slid 0.36% and the Nasdaq (Symbol: QQQ) gained 0.14%.
- Spotify (Symbol: SPOT)— The streaming company saw shares rise 2.28% after KeyBanc upgraded Spotify to overweight from sector weight. The firm said in a note to clients that the company was still showing faster growth than potential competitors.
- Terminix (Symbol: TMX)— Terminix added 0.66% after Bank of America double upgraded the stock to buy from underperform. Bank of America said the pest control stock’s weakness this year creates a “solid buying opportunity,” while it sees a “positive risk-reward” today.
- Boeing (Symbol: BA)— Shares of the aircraft maker slipped 1.8%, dragging on the Dow, after Ryanair ended talks over a purchase of 737 MAX 10 jets. The deal would have been worth tens of billions of dollars, Reuters reported.
- Match Group (Symbol: MTCH)— The online dating company’s stock jumped 7.5% after announcement that Match will be added to the S&P 500 benchmark. As of Sept. 20, Match Group will replace Perrigo Company in the large-cap equity index.
- Netflix (Symbol: NFLX)— Shares of the streaming service gained 2.7% after Atlantic Equities hiked its price target on it to $780 from $690, the highest among major Wall Street analysts and 32% above where the stock closed on Friday. Atlantic raised its subscriber projections for 2024 and said it expects Netflix to have 311 million subscribers in 2025, compared with 209 million at the end of the second quarter.
- Coinbase (Symbol: COIN)— The crypto services company’s stock dropped about 4.2% as the price of bitcoin plummeted about 10% on the day it became legal tender in El Salvador – though the rollout didn’t go smoothly, with the country disconnecting its government-run bitcoin wallet early in the morning for software enhancements.
- State Street (Symbol: STT)— The financial firm saw shares fall 3.7% after announcing its plans to acquire Brown Brothers Harriman’s Investor Services business for $3.5 billion in cash, including its custody, accounting, fund administration, global markets and technology services. The deal is expected to close at the end of the year.
- PPG Industries (Symbol: PPG)— Shares of the paint maker dropped 3.4% after the company warned of supply chain disruptions and higher input costs that could weigh on sales this quarter. The company said it expects third-quarter sales to be $275 million, lower than the company’s forecast at the start of the quarter by about $225 million.
- Johnson & Johnson (Symbol: JNJ), Merck (Symbol: MRK), Amgen (Symbol: DIA)— Large-cap pharmaceutical stocks fell after Morgan Stanley downgraded them, saying they have limited upside. The firm changed its ratings on Johnson & Johnson, Merck and Amgen to equal weight from overweight. The stocks fell about 1.5%, 1.6% and 2.2%, respectively.
During Premarket hours today – (Wednesday – 08.09.2021):
- Coinbase (Symbol: COIN)— Shares of Coinbase fell 3.2% in early morning trading after the cryptocurrency exchange revealed it received a notice of possible enforcement action from the Securities and Exchange Commission. The notice is related to Coinbase’s interest-earning product called Coinbase Lend, the company said in a blog post.
- Tesla (Symbol: TSLA)— Tesla shares moved 0.7% higher in the premarket after Chinese car sales numbers showed the electric vehicle maker’s sales jumping in August from the month prior. Local sales of vehicles made in China jumped to 12,885 cars in August versus 8,621 cars in July, according to the China Passenger Car Association.
- Citrix (Symbol: CTXS)— Citrix shares jumped 5.2% in early morning trading after The Wall Street Journal reported activist hedge fund Elliott Management has a more than $1 billion stake in the software company. The fund wants Citrix to work to boost its valuation, according to the report.
- PayPal (Symbol: PYPL)— PayPal shares added 1% in premarket trading after the digital payments platform said it would acquire Japanese buy-now-pay-later company Paidy in a deal worth $2.7 billion. The move comes after Square announced in August it would buy Australian BNPL firm Afterpay, and after Amazon announced a partnership with BNPL company Affirm.
- Nio (Symbol: NIO)— Shares of Nio dropped nearly 3% in early morning trading after the Chinese electric vehicle company announced a $2 billion stock offering. The company said it would use the proceeds to “further strengthen its balance sheet, as well as for general corporate purposes.
- Coupa Software (Symbol: COUP)— Shares of Coupa Software added 5% after better-than-expected quarterly financial results. Coupa reported earnings of 26 cents per share on revenue of 179.2 million. Wall Street expected a loss of 6 cents per share on revenue of $163 million, according to Refinitiv.
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