During Market hours yesterday — Tuesday (17.11.2020):
U.S. stocks fell on Tuesday as the market’s recent rally cooled off amid a sharp decline in drug store shares and disappointing economic data.
- The Dow (Symbol: DIA) went down 0.6%. The S&P 500 (Symbol: SPY) closed 0.5% lowerand the Nasdaq (Symbol: QQQ) sank 0.3%.
- Tesla (Symbol: TSLA) Tesla shares rallied nearly 9% after S&P said it would add the electric car maker’s stock to the S&P 500 index, effective Dec. 21. This “speaks to the sustained profit trajectory that Tesla is now finally getting into this elusive club after much noise on the Street,” said Wedbush analyst Dan Ives.
- Walgreens (Symbol: WBA), CVS (Symbol: CVS), Rite Aid (Symbol: RAD) Drug store stocks tumbled on Tuesday after Amazon announced its new pharmacy venture that allows for online ordering and delivery of prescription drugs. Shares of Rite Aid sank more than 16%, while Walgreens fell 9.6% and CVS Health lost 8.6%.
- Charles Schwab (Symbol: SCHW) Shares of the e-broker rose more than 4% after Citigroup upgraded the stock to buy from neutral. The Wall Street firm said the stock could get a boost as earnings normalize. Citi also hiked its 12-month price target on Schwab to $54 per share from $44 per share.
- Kohl’s (Symbol: KSS) The retail stock jumped 11.6% after the company reported a surprise adjusted profit for the last quarter. Kohl’s reported adjusted earnings of 1 cent per share and $3.78 billion in revenue. Analysts surveyed by Refinitiv were expecting a loss of 43 cents per share and $3.86 billion in revenue. The company said it had positive sales growth in athleisure, lounge and sleepwear categories despite net sales falling 13% year over year.
- DraftKings (Symbol: DKNG) Shares of DraftKings jumped 9% after Loop initiated coverage on the fantasy sports betting company with a buy rating. Loop said DraftKings would emerge as the “undisputed share leader” and the “biggest beneficiary” of the online gaming industry.
- Moderna (Symbol: MRNA) Shares of Moderna lost 5% on Tuesday after BMO Capital Markets downgraded the biotech company to market perform from outperform. The Wall Street firm said it now sees “limited upside” as shares have priced in the vaccine news.
- Square (Symbol: SQ) Shares of the payments company rose more than 4.8%, on pace for its best day since November 11. Square got a boost from positive commentary from Mizuho Securities analysts.
During Premarket hours today – Wednesday (18.11.2020):
- Target (Symbol: TGT) Target reported quarterly earnings of $2.79 per share for the third quarter, well above the consensus estimate of $1.60 a share. The retailer’s revenue beat estimates as well, and a comparable-store sales increase of 20.7% beat the consensus estimate of 11.2%.
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