During Market hours on Yesterday (Monday – 23.01.2023):
- The Dow (Symbol: DIA) went up +0.75%. The S&P 500 (Symbol: SPY) earned +1.20%. and the Nasdaq (Symbol: QQQ) jumped +2.22%.
- Apple (Symbol: AAPL) — Apple shares rose +2.35%, as China’s reopening gave hope to investors that it would give the tech and electronics business a lift. Morgan Stanley called the stock a top pick, saying the reopening has “important implications” for demand as well as supply.
- Meta (Symbol: META) — Shares of Meta climbed +2.8% after Citi reiterated its buy rating on the social media company, saying that while there’s limited macro visibility, they believe the market is stabilizing.
- Spotify (Symbol: SPOT) — Spotify gained +2.07% after the company sent an internal memo to staff on Monday announcing plans to lay off 6% of its global workforce, or about 600 employees. Spotify CEO Daniel Ek admitted the streaming giant was “too ambitious in investing ahead of our revenue growth.”
- Salesforce (Symbol: CRM) — Salesforce shares advanced +3.05% following news that activist investor Elliot Management has reportedly made a multibillion-dollar investment in the company. The announcement comes a few weeks after Salesforce announced it would cut 10% of its staff and close some offices.
- Western Digital (Symbol: WDC) — Shares jumped +8.66% after Bloomberg reported that merger talks between Western Digital and Kioxia are advancing. Western Digital would spin off its flash business and merge it with Kioxia in a separately traded company, the report said.
During Premarket hours today (Tuesday – 24.01.2023):
- Bed Bath & Beyond (Symbol: BBBY) — The meme stock gained +5.78%, building on its dramatic start to the year, even as the retailer warns of a potential bankruptcy. Year to date, Bed Bath & Beyond shares are up 17.1%.
- Lyft (Symbol: LYFT) — The ride-sharing stock gained +3.4% following an upgrade from KeyBanc, which Lyft should feel positive impacts from cost-saving measures including layoffs and a stabilization in demand.
- Johnson & Johnson (Symbol: JNJ) — Shares of the drug maker ticked higher by less than -1% premarket after the company reported mixed quarterly financial results. Johnson & Johnson beat profit estimates by 10 cents per share, excluding items, according to Refinitiv. It also missed revenue estimates. Its full-year outlook for earnings was slightly higher than estimates while its revenue forecast was about in line with estimates.
- Lockheed Martin (Symbol: LMT) — Lockheed Martin shares gained +1.5% after the company posted latest quarterly results. The defense company’s revenue came in at $18.99 billion, topping a Refinitiv forecast of $18.27 billion. Lockheed’s earnings per share also topped expectations.
- AMD (Symbol: AMD) — The chip stock fell more than -2% in premarket after Bernstein downgraded the chipmaker to market perform from outperform. The Wall Street firm said the downgrade is due to the sliding computer and new parts demand in the inflationary environment.
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