Aug 25, 2022 | Market Updates
During Market hours Yesterday — (Wednesday – 24.08.2022)
- The Dow (Symbol: DIA) went up +0.23%. The S&P 500 (Symbol: SPY) earned +0.32% and the Nasdaq (Symbol: QQQ) gained +0.29%.
- Bed Bath & Beyond (Symbol: BBBY) — Shares of Bed Bath & Beyond surged +18% on a Wall Street Journal report that the retailer had secured new financing that would help boost its liquidity.
- Peloton (Symbol: PTON) — Shares jumped +20.36% after news that Peloton struck a deal to sell some of its fitness equipment and accessories on Amazon’s U.S. e-commerce site. The move is an attempt to broaden Peloton’s consumer base after revenue growth slowed from pandemic highs. The stock is down more than 60% year-to-date.
- Nordstrom (Symbol: JWN) — Nordstrom tumbled -19.96% after cutting its financial forecast for the rest of the year, citing too much inventory and slipping demand. The company reported results Tuesday that beat on earnings and sales in the quarter.
- JD.com (Symbol: JD) — Shares of the Chinese retail giant rose +3.92% on Wednesday. Chinese tech stocks were rising in general, with the KraneShares CSI China Internet ETF climbing just shy of 2%. According to FactSet, JD.com was also upgraded to buy at Everbright Securities.
- Warner Brothers Discovery (Symbol: WBD) — Shares of Warner Brothers Discovery gained +5.71% after the company announced that it would cut more content from HBO Max.
- Pinduoduo (Symbol: PDD) — Shares of the Chinese online retailer jumped +5.35% following reports earlier this week that it would enter the U.S. market. It’s the retailer’s first international expansion.
- SoFi Technologies (Symbol: SOFI) — Shares of the online personal finance company jumped +4.54% after the Biden administration provided clarity on student loan forgiveness. The president announced that he will forgive $10,000 in federal student debt for most borrowers and payments will be resumed in January 2023.
During Premarket hours today (Thursday – 25.08.2022)
- Peloton (Symbol: PTON) – Peloton tumbled -14.5% in premarket trading after reporting a larger than expected loss and revenue that fell well short of Street forecasts. Peloton also said its connected fitness business would remain challenging into 2023.
- Abercrombie & Fitch (Symbol: ANF) – Abercrombie shares took a -14.16% hit in the premarket after the apparel retailer reported an unexpected quarterly loss and lower than expected revenue numbers. It also cut its full year sales forecast, citing the impact of inflation.
- Salesforce (Symbol: CRM) – Salesforce slid -7.95% in premarket trading after the business software giant cut its full year guidance, as economic uncertainty slows the pace of customer deals. Salesforce posted better than expected sales and profit for its most recent quarter.
- Nvidia (Symbol: NVDA) – Nvidia fell -3.12% in the premarket after missing estimates on the top and bottom lines with its quarterly results. The graphics chipmaker also issued a tepid forecast, as its gaming business continues to deal with weakening demand.
- Autodesk (Symbol: ADSK) – The design software maker’s stock surged +8.81% in premarket action after it gave an upbeat financial forecast and called demand “robust.” It also reported better than expected results for its latest quarter.
- Snowflake (Symbol: SNOW) – Snowflake shares soared +19.63% off-hours trading after the data software company reported better than expected quarterly revenue. CEO Frank Slootman said the company’s consumption-based model – which lets customers adjust how much they use Snowflake’s services after signing a contract – is proving to be an advantage.
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