During Market hours yesterday — (Tuesday – 20.09.2022)
- The Dow (Symbol: DIA) went down -1.01%. The S&P 500 (Symbol: SPY) lost -1.15%. and the Nasdaq (Symbol: QQQ) fell -0.80%.
- Change Healthcare (Symbol: CHNG) – Shares of Change Healthcare jumped +6.4% after a federal judge said that UnitedHealth cannot take over the company. UnitedHealth slipped Tuesday on the news.
- Ford (Symbol: F) — The auto giant’s stock dropped -12.3% after the company told investors that its third-quarter costs were $1 billion more than expected due to inflation and supply chain issues. Ford’s operations were also impacted by a dock worker strike in the UK that began Tuesday.
- PayPal (Symbol: PYPL) – The payments stock dropped -3.6% after Susquehanna downgraded PayPal to neutral from positive. Susquehanna said the growth of PayPal’s Braintree unit is likely to hurt overall margins.
- Apogee Enterprises (Symbol: APOG) – The building materials maker rallied +5.3% after earnings topped analyst estimates and it raised its financial forecasts.
- Nike (Symbol: NKE) – Shares of the athletic apparel retailer fell -4.5% after Barclays downgraded the stock to equal weight from overweight. The firm pointed out that Nike’s continued volatility in China and demand erosion in North America and elsewhere could weigh on shares.
- MicroStrategy (Symbol: MSTR) – Shares of software company MicroStrategy fell -4.7% after the company announced that it made its smallest purchase of Bitcoin in two years. The company bought 301 bitcoin for roughly $6 million, according to a Tuesday filing.
- General Motors (Symbol: GM) – Shares of GM slipped -5.6% after the company announced it plans to sell up to 175,000 electric vehicles to car rental company Hertz through 2027.
During Premarket hours today — (Wednesday – 21.09.2022)
- Stitch Fix (Symbol: SFIX) – Stitch Fix slid -5.9% in premarket trading after reporting a wider-than-expected quarterly loss and issuing a weak forecast. The online clothing styling company expects sales to fall over the short term as the number of active customers declines. Canaccord Genuity downgraded the stock to “hold” from “buy”, noting a tough macroeconomic environment complicates the company’s efforts to effect a turnaround.
- Beyond Meat (Symbol: BYND) – Beyond Meat suspended Chief Operating Officer Doug Ramsey after he was involved in a physical altercation over the weekend which resulted in third-degree battery and terroristic threatening charges. The maker of plant-based meat alternatives said Jonathan Nelson, senior vice president of manufacturing operations, will take over Ramsey’s duties on an interim basis. Beyond Meat fell -1.1% in premarket trading on top of a 6% slide Tuesday, its sixth consecutive down day.
- Defense stocks – Shares of defense contractors are rising in the premarket after Russian President Vladimir Putin mobilized more troops to Ukraine in what’s seen as a major escalation of the Ukraine war. Among stocks on the move: Lockheed Martin (Symbol: LMT), up +2%, Northrop Grumman (Symbol: NOC), up +1.3%, Raytheon Technologies (Symbol: RTX), up +1.2%, and L3Harris Technologies (Symbol: LHX), up +1.5%.
- Coty (Symbol: COTY) – Coty jumped +3.9% in the premarket after the cosmetics maker announced its strategy to double skincare product sales by fiscal 2025. The news comes ahead of the company’s event for investors this morning.
- Aurora Cannabis (Symbol: ACB) – Aurora Cannabis reported a breakeven quarter, on an adjusted basis, surprising analysts who predicted a quarterly loss. The Canada-based cannabis producer saw overall revenue come in slightly below expectations but registered a 35.4% increase in international medical cannabis revenue compared with a year earlier. Aurora Cannabis lost -2.1% in premarket action.
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