During Market hours yesterday (Tuesday – 22.11.2022)

  • The Dow (Symbol: DIA) went up +1.16%. The S&P 500 (Symbol: SPY) gained +1.35%. and the Nasdaq (Symbol: QQQ) jumped +1.44%.
  • Abercrombie & Fitch (Symbol: ANF) – Shares of the retail stock jumped +21.4% after the apparel retailer beat Wall Street’s revenue forecasts for the third quarter and posted unexpected quarterly profit. The company said demand rose for clothing as consumers returned to work and had increasing social obligations.
  • Zoom Video (Symbol: ZM) — Shares of the video-conferencing company fell -3.9% after the firm issued weaker-than-expected revenue guidance for its full fiscal year. Zoom’s quarterly earnings topped estimates, while revenue met expectations.
  • Best Buy (Symbol: BBY) – Best Buy’s stock surged +12.8% after the consumer electronics retailer beat Wall Street’s estimates and maintained its outlook for the holiday period. Demand remains below its pandemic heights, but Best Buy indicated its faring well even as inflation weighs on consumers’ pockets.
  • Dollar Tree (Symbol: DLTR) – The discount retailer saw shares slide -7.8% after the company projected full-year earnings in the lower half of its prior guidance range. The stock slipped even after the company beat top and bottom line estimates for its latest quarter and better-than-expected comparable store sales.
  • Dick’s Sporting Goods (Symbol: DKS) – Shares of the sporting goods retailer jumped +10.1% after the company reported better-than-expected quarterly profit and revenue and an increase in comparable store sales. Dick’s raised its full-year financial forecast as well.
  • Dell (Symbol: DELL) – The technology maker added +6.8% following its report that showed it beat estimates for the third-quarter but had a weaker than expected current quarter revenue forecast. The company said consumers would be pinched by the slowing economy and inflation.
  • Coinbase (Symbol: COIN) – Shares of the cryptocurrency exchange rose +5.2% with the broader markets. Bitcoin turned positive after briefly touching a two-year low. Coinbase’s stock price tends to trade in tandem with the bitcoin price, partly because of its heavy reliance on trading revenue. The crypto market is also shrugging off fears about the potential damage to come in the wake of the FTX collapse. Several crypto equities were higher midday Tuesday.
  • Nvidia (Symbol: NVDA) and Advanced Micro Devices (Symbol: AMD) – The tech companies added +4.7% and +3.9%, respectively, after BMO reiterated both stocks as outperformers and said they could see “outsized” share gains.

During Premarket hours today (Wednesday – 23.11.2022)

  • Deere (Symbol: DE) – The heavy equipment maker reported better-than-expected profit and revenue for its latest quarter and issued an upbeat outlook. Deere said it benefited from positive farm fundamentals and increased infrastructure investment. Its stock jumped +4.2% in premarket trading.
  • HP Inc. (Symbol: HPQ) – HP rose +3.1% in the premarket after announcing it will cut up to 10% of its 61,000-person workforce over the next three years due to an extended slump in personal computer demand. The computer maker also reported better-than-expected profit and revenue for its latest quarter.
  • Manchester United (Symbol: MANU) – Manchester United rallied another +9.5% in the premarket, following yesterday’s 14.7% jump, after the soccer club said it was considering strategic alternatives including a possible sale.
  • Autodesk (Symbol: ADSK) – Autodesk matched top and bottom line estimates in its latest quarterly report, but the maker of design software issued weaker-than-expected guidance for the current quarter. Autodesk noted a challenging economic environment and said customers were more reluctant to sign longer-term contracts. The stock tumbled -9.8% in premarket trading.
  • Guess (Symbol: GES) – Guess lost -6.1% in the premarket after reporting weaker-than-expected quarterly earnings and a reduced outlook. The apparel company pointed to a challenging retail environment and the impact of a stronger U.S. dollar, although it said it is well-positioned for the holiday season.
  • Credit Suisse (Symbol: CS) – The Swiss bank’s stock fell -4.4% in premarket action after it warned of a $1.6 billion quarterly loss as customers pull their money from Credit Suisse on concerns about its financial health. Credit Suisse shareholders approved a $4.2 billion capital raise intended to shore up the company’s finances.
  • Tesla (Symbol: TSLA) – Tesla added +2.7% in the premarket after Citi upgraded the stock to neutral from sell, citing valuation. Tesla has lost about 50% of its value this year.

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