Jul 8, 2022 | Blog

During Market hours Yesterday — (Thursday – 07.07.2022):

• The Dow (Symbol: DIA) went up 1.14%. The S&P 500 (Symbol: SPY) rose 1.5%.and the Nasdaq (Symbol: QQQ) gained 2.14%.

• GameStop (Symbol: GME) — Shares of the video game retailer jumped more than 8% after the company said a 4-for-1 stock split was approved by its board. A stock split theoretically makes the stock more affordable for investors, but it doesn’t change the fundamentals of the company.

• Virgin Galactic Holdings (Symbol: SPCE) — The space tourism company climbed 13% after it announced a partnership with Boeing subsidiary Aurora Flight Sciences to build additional aircraft “motherships” to support its coming spacecraft fleet. Shares of Boeing rose 3.5%.

• Bed Bath & Beyond (Symbol: BBBY) — Shares of the home goods retailer jumped 27% following the disclosure of several insider purchases, including interim CEO Sue Gove’s purchase of 50,000 shares. Board members Harriet Edelman and Jeff Kirwan each bought 10,000 shares.

• Chip stocks — Samsung gave chipmakers’ shares a boost after the company offered “better than feared” revenue guidance for the second quarter. On Semiconductor (Symbol: ON) jumped more than 8%. Marvell (Symbol: MRVL) rose 6%, while Advanced Micro Devices (Symbol: AMD) and Qualcomm (Symbol: QCOM) gained more than 4%.

• Helen of Troy (Symbol: HELE) — Shares dropped more than 9% after the consumer products company lowered its sales and EPS outlooks for fiscal year 2023, despite reporting an earnings beat for its most recent quarter.

• SoFi (Symbol: SOFI) — Shares of the fintech stock rose more than 2% after Mizuho reiterated the stock as a buy and said it can withstand a recession better than its peers.

During Premarket hours today – (Friday – 08.07.2022):

• Levi Strauss (Symbol: LEVI) – Levi Strauss rallied 3.9% in the premarket after reporting better-than-expected sales and profit for its latest quarter, helped by higher prices and strong demand for its denim offerings. Levi Strauss also raised its quarterly dividend by 20%.

• GameStop (Symbol: GME) – GameStop fell 5.6% in premarket trading after the video game retailer fired Chief Financial Officer Mike Recupero and told employees in an internal memo that it is cutting staff, as it tries to turn its business around.

• Twitter (Symbol: TWTR) – Twitter shares lost 4% in premarket action, following a Washington Post report that Elon Musk’s deal to buy Twitter may be in jeopardy. People familiar with the matter told the paper that Musk’s team doesn’t think Twitter’s figures on spam accounts aren’t reliable, although officials defended their numbers in a call with reporters.

• Upstart Holdings (Symbol: UPST) – The lender’s stock plunged 16.3% in premarket trading after it said it would not meet already-reduced financial targets for its second quarter. Upstart points to a constrained lending marketplace as well as moves during the quarter to convert loans into cash.

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