During Market hours Yesterday — (Wednesday – 12.01.2022):
- The Dow (Symbol: DIA) went up 0.11%. The S&P 500 (Symbol: SPY) gained 0.27% and the Nasdaq (Symbol: QQQ) rose 0.40%.
- Biogen (Symbol: BIIB) — Shares of Biogen fell 6.7% after Medicare said it would only cover the company’s controversial Alzheimer’s drug for patients who are willing to enroll in qualifying clinical trials. The company also got a downgrade from Piper Sandler to neutral from overweight.
- DoorDash (Symbol: DASH) — Shares of the food delivery company fell 2% even after Evercore raised its rating on the stock to outperform from in line. The firm cited DoorDash’s strong growth fundamentals and reasonably impressive profitability. Also on Wednesday, Meta Platforms named DoorDash CEO Tony Xu to its board of directors.
- Quest Diagnostics (Symbol: DGX) — Shares of Quest Diagnostics fell 6.8% even after the company reported preliminary fourth-quarter adjusted earnings of $3.33 per share. That beat a FactSet estimate of $3.07 per share. However, the company also reported that Covid testing volumes in the fourth quarter declined compared with the prior year.
- Crocs (Symbol: CROX) — Shares of the shoe company ticked 6.8% higher in midday trading after Piper Sandler named the stock a top 2022 pick. The Wall Street firm said it sees “impressive consumer growth” for Crocs for years to come.
- Take-Two Interactive (Symbol: TTWO) — Shares of the online gaming company added 5.1% after BMO Capital Markets lifted its rating on the stock to outperform. The basis for the firm’s bullish bet is Take-Two’s pending deal to acquire of Zynga, worth $12.7 billion. BMO said will “help smooth earnings variability while offering compelling synergy opportunities.”
- PayPal (Symbol: PYPL) — The digital payments stock fell 2.2% after Jefferies downgraded PayPal to a hold rating from buy and cut its price target. “We are incrementally more cautious on the fundamental backdrop in 2022 and believe multiple expansion potential is limited until investors can restore confidence in PYPL achieving its medium-term targets,” the firm said.
During Premarket hours today (Thursday – 13.01.2022):
U.S. weekly jobless claims total 230,000, vs 200,000 estimate
- Moderna (Symbol: MRNA) — Moderna expects to report data by March from its Covid-19 vaccine trials involving children aged 2 to 5 years old. If the data is supportive, the company will file for approval to vaccinate that age group. Moderna fell 1.1% in premarket action.
- Virgin Orbit (Symbol: VORB) — Later today, Virgin is scheduled to launch its first commercial satellite since going public. Its stock added 2.1% in the premarket after falling 5.8% in Wednesday trading.
- Taiwan Semiconductor (Symbol: TSM) — Taiwan Semiconductor reported record quarterly profit, with the chipmaker beating analyst forecasts while also issuing an upbeat outlook amid surging demand for semiconductors. The stock rallied 3.8% in the premarket.
- SolarEdge Technologies (Symbol: SEDG), Enphase Energy (Symbol: ENPH) — SolarEdge gained 2.3% in premarket trading while Enphase rallied 3.2% after both alternative energy companies were upgraded to “buy” from “neutral” at Guggenheim. The firm said the potential negatives it highlighted last year – such as high valuations and optimistic forecasts – had largely dissipated.
- Sunrun (Symbol: RUN) — The solar equipment company added 2.1% in the premarket after being named a top 2022 stock pick at Morgan Stanley, which said Sunrun is among companies with strong barriers to entry and little growth priced in.
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