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3:50 a.m. May 7, 2021 - By Tomi Kilgore
DraftKings stock turns up after loss quadruples to miss expectations, but revenue triples to beat forecastsShares of DraftKings Inc. rose 1.4% in premarket trading Friday, reversing an earlier loss, after the sports betting company reported a first-quarter loss that more than quadrupled and was wider than expected, but revenue that nearly tripled to beat forecasts and raised its full-year outlook. The net loss, which was not provided in the earnings press release, increased to $346.3 million from $82.1 million in the year-ago period. The FactSet consensus for net losses was $200.1 million. Revenue rose 252.6% to $312.3 million, well above above the FactSet consensus of $236.2 million. (The company did not immediately respond to a request for comment on why it did not provide net-loss information on the public release.) Cost of revenue grew 167.6 million to $183.2 million while sales and marketing increased 299.3% to $228.7 million. Monthly unique payers (MUP) increased 114%, with an average of 1.5 million MUPs engaged each month, while average revenue per MUP increased 48% to $61, helping by increased engagement with iGaming and mobile sports betting offerings. The stock has tumbled 18.8% over the past three months through Thursday, while the S&P 500 has gained 8.1%.
2:12 a.m. April 29, 2021 - By Tomi Kilgore
Overstock stock shoots higher after swinging to a big profit beat, revenue nearly doublesShares of Overstock.com Inc. surged 8.6% in premarket trading Thursday, after the online retailer reported first-quarter profit and revenue that were well above expectations, as active users nearly doubled. The company swung to net income of $16.1 million, or 33 cents a share, from a loss of $16.3 million, or 40 cents a share, in the year-ago period. Excluding discontinued operations, earnings per share came to 56 cents. The FactSet EPS consensus was 4 cents. Revenue soared 94% to $659.9 million, above the FactSet consensus of $582.4 million. Active customers rose 92% to 9.9 million, while orders delivered 66% to 3.6 million and average order value grew 17% to $183. The stock has lost 8.8% over the past three months through Wednesday, while the Amplify Online Retail ETF has gained 3.7% and the S&P 500 has advanced 12.6%.
2:34 a.m. April 26, 2021 - By Tomi Kilgore
Etsy stock falls after KeyBanc analyst backs away from long-time bullish stanceShares of Etsy Inc. fell 1.9% in premarket trading Monday, after KeyBanc analyst Edward Yruma backed away from his long-time bullish call on the online crafts marketplace, citing valuation and a lower near-term likelihood of positive earnings revisions. Yruma downgraded Etsy to sector weight, after being at overweight since October 2017. He said after outperforming the broader market by a wide margin since his upgrade, valuation looks "fair" and current consensus analyst expectations look "reasonable." "We believe that Etsy remains one of the best long-term growth opportunities in our coverage," Yruma wrote in a note to clients. "However, we move to Sector Weight given what we view as a fair valuation and lower likelihood of near-term earnings beats." The stock has soared 224.2% over the past 12 months through Friday, while the Nasdaq Composite has climbed 62.3% and the S&P 500 has advanced 47.4%.
10:42 a.m. April 21, 2021 - By Tomi Kilgore
Netflix stock drops below the 200-DMA again, but that might not be such a bearish signal yetShares of Netflix Inc. sank 7.2% in afternoon trading Wednesday, putting them on track to close below the 200-day moving average (DMA), in the wake of the streaming video company's . Many on Wall Street see the 200-DMA as a dividing line between longer-term uptrends and downtrends, but closing below the line hasn't always marked a bearish turn. While the stock is headed for the third close below the 200-DMA in six weeks, it is still up 3.4% over that time. The stock's last foray below the 200-DMA was in March 2020, as the stock closed below the line in four times in a five-day stretch, but that marked the post-COVID-19-crisis low. The two times before that the stock dropped below the 200-DMA, in October 2018 and July 2019, led to significant declines. Once difference between the decline that was limited and those that were extended is that with the limited one, the 50-DMA stayed above the 200-DMA, while the 50-DMA crosses below the 200-DMA soon after the stock price did for the extended declines. Currently, the 50-DMA extends to $534.15, according to FactSet, well above the 200-DMA at $514.19. Netflix shares have lost 5.7% year to date, while the S&P 500 has gained 10.9%.
1:59 p.m. April 20, 2021 - By Andrew Keshner
Floyd family attorney Ben Crump says Derek Chauvin’s murder conviction is ‘painfully earned justice’ — here’s what gave him hope months earlier A jury found the former Minneapolis officer guilty on all three counts TuesdayA jury found the former Minneapolis officer guilty on all three counts Tuesday.
7:39 a.m. April 15, 2021 - By Tomi Kilgore
Esports rockets more than 4-fold in volatile, public debutShares of Esports Technologies Inc. blasted out of the gate Thursday, and kept rising in volatile trading, as the Las Vegas-based online gambling company's stock opened at more than triple the initial public offering price. The stock's first trade was $21.00 at 10:09 a.m. Eastern for 126,245 shares, while the upsized IPO priced overnight at $6.00 a share. The stock has extended gains since its opening, to trade 328.2% above its IPO price at $25.69, enough to pace all Nasdaq gainers. The stock has already been halted for volatility seven times since it opened. The pricing was at the top of the expected range of between $5.00 and $6.00 a share, which was recently raised from between $4.50 and $5.00 a share, and valued the company at $79.9 million. The company sold 2.4 million shares in the IPO, up from previous expectations of 2.0 million shares, to raise $14.4 million. Boustead Securities was the sole underwriter of the IPO. The company had recorded a net loss of $573,225 on revenue of $195,778 the fiscal year ended Sept. 30, 2020, after net income of $24,103 on revenue of $140,982 in the year-ago period. The company went public at a time that the Renaissance IPO ETF has slipped 4.0% over the past three months while the S&P 500 has gained 10.7%.
11:12 a.m. April 12, 2021 - By Tomi Kilgore
Alibaba's stock rallies toward biggest gain in nearly 4 years as antitrust fine removes overhangShares of Alibaba Group Holding Ltd. shot up 9.1% in afternoon trading Monday, putting them on track for the biggest one-day gain in four years, as investors expressed relief following . The China-based ecommerce giant's Chief Executive Daniel Yong Zhang said in a conference call after the fine, "we don't expect material negative impact" following changes to comply with the regulator's orders. The company said it will not appeal the decision. "Positively, Alibaba does not expect further investigations on this matter, and we believe the removal of this overhang could be a positive for the shares," Raymond James analyst Aaron Kessler wrote in a note to clients. Kessler trimmed his stock price target to $330 from $350, to reflect increased investments in grocery and local deals categories as China-based ecommerce giant looks to expand in lower-tier cities, but reiterated his strong buy rating. Truist's Youssef Squali reiterated his buy rating and $330 stock price target, saying the long-term prospects of Alibaba remain "highly attractive." The stock, which is headed for the biggest one-day gain since it rose 13.3% on June 8, 2017, has advanced 8.0% over the past three months, while the iShares MSCI China ETF has slipped 3.9% and the S&P 500 has gained 8.4%.
5:16 a.m. April 12, 2021 - By Emily Bary
Uber says it saw its highest gross bookings on record in MarchUber Technologies Inc. [s:uber] said Monday morning that its mobility business had its best month in a year in March, while overall gross bookings reached their highest monthly level in the company's history. Uber's mobility business exceeded a $30 billion annualized gross bookings run rate during March, the company's highest monthly total since March 2020. Average daily gross bookings were up 9% on a month-over-month basis within the core mobility business, the company added. Uber's delivery business notched an all-time record for monthly performance by crossing a $52 billion annualized gross bookings run rate, up more than 150% from a year earlier. "As vaccination rates increase in the United States, we are observing that consumer demand for Mobility is recovering faster than driver availability, and consumer demand for Delivery continues to exceed courier availability," Uber said in a filing. The company also disclosed that a historical-claims settlement process with U.K. drivers, who will now be treated as workers, is expected to lead to a "significant accrual" that's likely to reduce reported first-quarter revenue and take rates. These effects will be excluded from Uber's adjusted earnings before interest, taxes, depreciation and amortization (Ebitda). Uber shares are up 3% in premarket trading Monday. The shares have gained 5.7% over the past three months as the S&P 500 has risen 8.6%.
5:50 a.m. April 6, 2021 - By Tomi Kilgore
Opera stock surges after upbeat first-quarter revenue outlookShares of Opera Ltd. surged 3.0% in morning trading Tuesday, after the Norway-based web browsers company said it expects first-quarter revenue to exceed previously provided guidance. In late February, when the company reported fourth-quarter results, Opera had said it expects revenue of $47 million to $48 million, which would represent 18% growth at the midpoint of that range. "The first quarter demonstrates our continued strong execution, with our core business performance exceeding our expectations thanks to combined search and advertising revenue growth rates in excess of 30% year-over-year," said Chief Financial Officer Frode Jacobsen. Opera also said Tuesday it expects first-quarter adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) to be above previous guidance, which the company said in February that it expected to be "around breakeven." The company is projected to report first-quarter results on or around May 26. The stock has rallied 15.8% year to date, while the S&P 500 has gained 8.5%.
8:03 a.m. March 31, 2021 - By Michael Ashbaugh
Charting a stealth breakout attempt, S&P 500 tags fractional record high Focus: 10-year yield asserts higher plateau, FedEx extends earnings-fueled breakout, TNX, FDX, X, APD, VCELU.S. stocks are higher early Wednesday, rising as a largely-bullish first quarter concludes. Against this backdrop, the S&P 500 has tagged a fractional record high early Wednesday amid a stealth late-March breakout attempt that remains underway.
2:11 a.m. March 24, 2021 - By Tomi Kilgore
ACV Auctions IPO prices above the expected range, valuing company at nearly $4 billionACV Auctions Inc. announced the pricing of its initial public offering, which was above the expected range, as the New York-based provider of a digital marketplace for wholesale vehicle transactions raised $413.75 million. The IPO priced late Tuesday at $25, above the expected range of between $20 and $22 a share, which was recently raised from an original expectation of between $18 and $20 a share. The pricing valued the company at about $3.85 billion. The stock is expected to begin trading on the Nasdaq on Wednesday under the ticker symbol "ACVA." Goldman Sachs, J.P. Morgan and Citigroup are the lead book-running managers. The company recorded a net loss of $41.0 million on revenue of $208.4 million in 2020, after a loss of $77.2 million on revenue of $106.8 million in 2019. The company is going public at a time of tempered investor demand for IPOs, as the Renaissance IPO ETF has lost 2.1% year to date while the S&P 500 has gained 4.1%.
10:14 a.m. March 19, 2021 - By Tomi Kilgore
Zhihu sets IPO terms, as the Hong Kong-based online community looks to raise up to $633 millionZhihu Inc. has set terms of its initial public offering in the U.S., as the Hong Kong-based Q&A-inspired online content community looks to raise up to $632.5 million. The company is offering 55 million American depositary shares, representing 27.5 million ordinary shares, in the IPO, which is expected to price between $9.50 and $11.50 a share. With 279.5 million ordinary shares expected to be outstanding after the IPO, the company could be valued at up to about $6.4 billion. The stock is expected to list on the NYSE under the ticker symbol "ZH." Credit Suisse, Goldman Sachs and J.P. Morgan are the lead underwriters. The company had 76 million monthly average users in the fourth quarter and 676 million average monthly interactions. The company recorded a net loss of RMB517.6 million ($79.3 million) on revneue of RMB1.35 billion ($207.2 million) in 2020, after a loss of RMB1.00 billion on revenue of RMB670.5 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has slipped 1.1% year to date, while the iShares MSCI China ETF has gained 4.8% and the S&P 500 has tacked on 4.4%.
3:03 a.m. March 17, 2021 - By Tomi Kilgore
Pinduoduo revenue more than doubles to beat expectations, makes push into groceries, but stock fallsShares of Pinduoduo Inc. fell 3.7% in premarket trading Wednesday, even after the China-based mobile marketplace reported a fourth-quarter loss that narrowed more than expected, as revenue more than doubled to beat forecasts. The net loss narrowed to RMB1.38 billion ($210.9 mln), or RMB1.13 per American depositary share, from RMB1.75 billion, or RMB1.52 a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss was RMB0.15, beating the FactSet loss consensus of RMB0.29. Revenue jumped 146% to RMB26.55 billion ($4.07 billion), well above the FactSet consensus of RMB19.19 billion, with increase primarily a result of growth in online marketing services and a contribution from merchandise sales. Average active monthly users rose 50% to 719.9 million, while active buyers increased 35% to 788.4 million and annual spending per active buyer grew 23% to RMB2,115.2 ($324.2). The company had started with agricultural products, to become the largest agriculture platform in China, "and we hope that Pinduoduo can one day become the largest grocer in the world," said Chief Executive Lei Chen. The stock has gained 7.3% over the past three months through Tuesday, while the iShares MSCI China ETF has tacked on 5.6% and the S&P 500 has advanced 6.5%.
4:47 a.m. March 15, 2021 - By Tomi Kilgore
Olo IPO's expecting pricing has increased, lifting expected market value to more than $3 billionOlo Inc. disclosed Monday that the expected pricing of its initial public offering has increased to a range of between $20 and $22 a share from between $16 and $18 a share. With the New York-based provider of an e-commerce platform for multi-location restaurants still offering 18 million shares in the IPO, the company could now raise up to $396 million, and be valued at up to $3.12 billion. The company's stock is expected to list on the NYSE under the ticker symbol "OLO." Goldman Sachs, J.P. Morgan and RBC Capital Markets are the lead underwriters. Olo recorded net income of $3.1 million on revenue of $98.4 million in 2020, after a net loss of $8.3 million on revenue of $50.7 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has edged up 0.5% over the past three months while the S&P 500 has gained 6.7%.
10:53 a.m. March 12, 2021 - By Tomi Kilgore
Tuya sets IPO terms, to be valued at up to $11 billionChina-based Tuya Inc. has set terms of its initial public offering, in which the China-based company, which says its mission is to build an internet-of-thing (IoT) developer ecosystem and enable everything to be "smart," could be valued at up to $11.2 billion. Tuya is offering 43.59 million American depositary shares in the IPO, which is expected to price between $17 and $20 a share, to raise up to $871.8 million. Each ADS represents one Class A ordinary shares. The company expects to have 417.36 million ordinary shares outstanding after the IPO, and 142.4 million Class B shares. The stock is expected to list on the NYSE under the ticker symbol "TUYA." The lead underwriters are Morgan Stanley, BofA Securities and CICC. Tuya recorded a net loss of $66.9 million on revenue of $179.9 million in 2020, after a loss of $73.9 million on revenue of $105.8 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has slipped 0.6% over the past three months, while the iShares MSCI China ETF has gained 6.0% and the S&P 500 has advanced 7.5%.
1:02 p.m. March 10, 2021 - By Claudia Assis
Sumo Logic stock falls 7% after Q4 results, deal to buy Italy's DF LabsShares of Sumo Logic Inc. fell more than 7% in the extended session Wednesday after the data analytics company reported fiscal fourth-quarter results that were better than Wall Street expected and a deal to buy an Italian company. Sumo Logic said it lost $20.6 million, or 20 cents a share, in the quarter, compared with a loss of $34.5 million, or $1.95 a share, in the year-ago quarter. Adjusted for one-time items, the company lost $6.7 million, or 7 cents a share. Revenue rose 22% to $54.2 million, the company said. Analysts surveyed by FactSet had expected the company to report an adjusted loss of 12 cents a share on sales of $52.1 million. Sumo Logic also announced it plans to buy Italy's DF Labs S.p.A., a "leader in security orchestration, automation and response (SOAR) technology." The deal is expected to close in the second quarter of fiscal 2022. Sumo Logic guided for first-quarter revenue between $53.2 million and $54.2 million, which would represent 13% to 15% growth year over year, it said. It guided for an adjusted loss per share of $12 cents. For the full fiscal year 2022, Sumo Logic expects revenue between $231 million and $235 million, and non-GAAP net loss per share between 50 cents and 48 cents. The stock ended the regular trading day down 4.6%.
2:44 a.m. March 10, 2021 - By Ciara Linnane
GameStop, AMC jump in premarket trade after GameStop tops $17 billion in market cap; AMC earnings on tapShares of GameStop Corp. jumped 11% in premarket trade Wednesday, a day after the and pushing its market cap back above $17 billion. After plunging about 90% from its highs of the meme-stock-buying frenzy in January, GameStop stock has skyrocketed more than 108% in the past five trading sessions, including Tuesday's 27% gain. Shares closed Tuesday's regular session at $246.90, off from a record close of $347.51 on Jan. 27. The premarket gains imply a market cap of $19 billion. Other meme stocks, that were caught up in January's trade, were also higher premarket. AMC Entertainment Holdings Inc. was up 6% ahead of quarterly earnings scheduled for release after the market close. BlackBerry Ltd. was up 2.3%, Naked Brand Group Ltd. was up 1% and Koss Corp. was up 4.6%. Futures for the Dow Jones Industrial Average were indicating a slightly higher open, while futures for the S&P 500 were indicating a lower open.
3:23 a.m. March 3, 2021 - By Tomi Kilgore
Roku stock rallies after KeyBanc turns bullish, sets $518 price targetShares of Roku Inc. rallied 2.8% in premarket trading Wednesday, after KeyBanc Capital analyst Justin Patterson said its time to buy, saying the streaming platform for TV is redefining video monetization. Patterson raised his rating to overweight from sector weight, and established a stock price target at $518, which is 32.9% above Tuesday's closing price of $389.67. The upgrade comes on of Nielsen Holdings PLC's Advanced Video Advertising business. "Previously, Roku was capturing over 3.5 hours/day of digital viewership (although not all of it was monetizable)," Patterson wrote in a note to clients. "With the acquisition of Nielsen's advertising assets, Roku can now monetize the other 2.5-3 hours/day on linear TV." He said that benefits both average revenue per user (ARPU) and the company's positioning with programmers. Roku's stock has rallied 34.8% over the past three months, and soared 258.8% over the past 12 months. The S&P 500 has gained 28.9% over the past year.
8:09 a.m. March 1, 2021 - By Michael Ashbaugh
Charting successful technical tests: S&P 500, Nasdaq knife from major support Focus: Gold’s technical breakdown, Starbucks tags record highs, GLD, SBUX, MXL, OII, GRPNU.S. stocks are firmly higher early Monday, rising after a strong batch of economic data and amid stabilizing Treasury yields. Against this backdrop, the S&P 500 and Nasdaq Composite have knifed from major support amid an unusually strong March start.
5:12 a.m. March 1, 2021 - By Tomi Kilgore
Boingo Wireless stock set to soar after Digital Colony buyout deal for a 23% premiumBoingo Wireless Inc. announced Monday an agreement to be acquired by Digital Colony Management in a deal valued at $854 million, including debt. The stock was up 18.3% in premarket trading prior to a trading halt for new, which extends to 9:50 a.m. Eastern. Under terms of the deal, Boingo shareholders will receive $14 in cash for each Boingo share they own, representing a 22.8% premium to Friday's stock closing price of $11.40. The buyout price implies a market capitalization for Boingo of about $623.4 million. Separately, Boingo reported a 2020 net loss that widened to $17.1 million, or 38 cents a share, from $10.3 million, or 23 cents a share, a year ago. Revenue fell 10% to $237.4 million. The FactSet consensus for net per-share losses was 38 cents and for revenue was $236.9 million. The stock has tumbled 19.7% over the past three months through Friday, while the S&P 500 has gained 4.1%.
12:15 p.m. Feb. 25, 2021 - By Emily Bary
Etsy revenue more than doubles, crushes consensus estimateShares of Etsy Inc. were up more than 3% in after-hours trading Thursday after the online crafts marketplace easily topped expectations with its holiday-quarter results and issued an upbeat forecast. The company reported fourth-quarter net income of $149 million, or $1.08 cents a share, up from $31 million, or 25 cents a share, in the year-earlier quarter. Analysts surveyed by FactSet were expecting 59 cents in earnings per share. Etsy posted revenue of $617 million, up from $270 million a year earlier and more than $100 million ahead of the FactSet consensus, which called for $516 million. Etsy saw gross merchandise sales of $3.61 billion for the quarter, more than double the $1.66 billion that the company posted a year earlier. Analysts tracked by FactSet were modeling $3.08 billion. "Product enhancements and disciplined marketing investments worked together to increase buyer lifetime value, enabling us to increase spend in marketing while maintaining high return on investment," Chief Financial Officer Rachel Glaser said in Etsy's earnings release. The company expects $513 million to $536 million in first-quarter revenue, while analysts were expecting $383 million. Etsy shares have gained nearly 300% over the past 12 months as the S&P 500 has risen 22%.
4:32 a.m. Feb. 19, 2021 - By Tomi Kilgore
DraftKings stock rallies after Oppenheimer boosts price target ahead of earningsShares of DraftKings Inc. rallied 2.9% in premarket trading Friday, after Oppenheimer analyst Jed Kelly boosted his price target by 23%, citing optimism ahead of the sports betting company's fourth-quarter results. Kelly reiterated his outperform rating, while lifting his price target to $80, which implies a 37.3% gain off of Thursday's closing price of $58.28, from $65. DraftKings is expected to report results on Feb. 26, with analysts expecting, on average, a quarterly per-share loss of 43 cents and revenue of $232.7 million. Kelly said he expects the company to raise its 2021 revenue guidance it reports results, as an analysis of state data implies "solid upside" to revenue expectations. He said he believes investors are underappreciating iGaming momentum, saying if current marketshare trends hold, he believes DraftKings can potentially generate more than $1 billion of 2021 revenue in the states where it is currently live. The current FactSet consensus for 2021 revenue is $867.4 million. The stock has more than tripled (up 224.3%) over the past 12 months, while the S&P 500 has gained 15.6%.
8:00 a.m. Feb. 18, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback, S&P 500 tags first support Focus: Airlines tag 11-month highs, JETS, SPOT, TXN, CVX, ZNGAU.S. stocks are lower early Thursday, pressured after disappointing weekly jobs data and a soft batch of quarterly earnings reports. Against this backdrop, the S&P 500 has extended a downturn from recent record highs, pulling in to tag first support (3,885).
1:06 p.m. Feb. 17, 2021 - By Claudia Assis
Baidu ADRs 3% higher after Q4 revenue risesBaidu Inc. American depositary receipts rose more than 2% in the extended session Wednesday after the China-based internet company reported adjusted profits above Wall Street expectations and sales that met forecasts. Baidu said it earned $794 million, or $2.31 a share, in the fourth quarter, compared with $2.61 a share a year ago. Adjusted for one-time items, Baidu earned $3.08 a share. Revenues rose 5% to $4.64 billion. Analysts polled by FactSet had expected Baidu to report adjusted earnings of $2.79 a share on sales of $4.67 billion. "Baidu ended 2020 on a solid note with our business benefiting from improving macroeconomic environment and the digitalization of industrial Internet," co-founder and Chief Executive Robin Li said in a statement. "Our focus on innovation through technology is paying off with Baidu Core non-marketing revenue growing 52% year over year in the fourth quarter," he said. Baidu guided for first-quarter 2021 sales between $4 billion and $4.4 billion, which would represent a growth rate between 15% and 26% year-on-year.
3:17 a.m. Feb. 17, 2021 - By Tomi Kilgore
Shopify's stock pulls back from a record even as profit, revenue rise above expectationsShares of Shopify Inc. fell 0.7% in premarket trading Wednesday, to , after the ecommerce platform company reported fourth-quarter profit and revenue that rose sharply to beat expectations, but said it expects more "normalized" growth in 2021. Net income jumped to $133.4 million, or 99 cents a share, from $4.1 million, or 1 cent a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to $1.58 from 43 cents, above the FactSet consensus of $1.26. Revenue grew 93.6% to $977.7 million, topping the FactSet consensus of $913.1 million. Subscription revenue rose 52.6% to $279.4 million, above the FactSet consensus $265.0 million, and merchant solutions revenue climbed 116.9% to $698.3 million to beat expectations of $648.6 million. "Our outlook coming into 2021 assumes that as countries roll out vaccines in 2021 and populations are able to move about more freely, the overall economic environment will likely improve, some consumer spending will likely rotate back to offline retail and services, and the ongoing shift to ecommerce, which accelerated in 2020, will likely resume a more normalized pace of growth," the company said. The FactSet consensus for 2021 revenue of $3.82 billion implies 30.5% growth. The stock has run up 61.3% over the past three months through Tuesday, while the S&P 500 has gained 9.0%.
2:23 a.m. Feb. 16, 2021 - By Tomi Kilgore
Shopify's stock rallies into record territory after Susquehanna analyst boosts price target by 37%Shares of Shopify Inc. climbed 0.9% in premarket trading Tuesday, putting them on track to open in record territory, after Susquehanna analyst John Coffey raised his price target by 37% ahead of the ecommerce platform company's fourth-quarter report, citing optimism over the payments business. Coffey boosted his price target to $1,300 from $950, while keeping his rating at neutral. His new target is still 11% below Friday's closing price of $1,455.49. "Our thesis on [Shopify] is it is quickly becoming a payments company that does software -- versus its earlier existence as a software company that did payments," Coffey wrote in a note to clients. "We believe , which allows Shop Pay ([Shopify's] consumer-facing, PayPal-like wallet) to be used on the checkout pages of Facebook and Instagram, furthers this narrative." Shopify is scheduled to report earnings before Wednesday's open. The stock, which is headed for an open above the Feb. 11 record close of $1,463.31, has fun up 58.3% over the past three months through Friday, while the S&P 500 has advanced 8.5%.
8:03 a.m. Feb. 11, 2021 - By Michael Ashbaugh
Charting a bullish holding pattern: U.S. benchmarks sustain February breakout Focus: Oil & Gas Exploration ETF sustains breakout, Nvidia reaches uncharted territory, XOP, NVDA, VEEV, SAIL, HPU.S. stocks are mixed early Thursday, vacillating after the latest batch of generally solid quarterly earnings reports. Against this backdrop, each big three U.S. benchmark has asserted a week-to-date holding pattern, of sorts, consolidating an early-week break to record territory.
8:18 a.m. Feb. 10, 2021 - By Michael Ashbaugh
Bull trend pauses: S&P 500, Nasdaq digest breaks to uncharted territory Focus: Industrial sector’s breakout attempt, Zoom Video and McDonald’s signal trend shifts, XLI, XM, MCD, SWKS, HOLXU.S. stocks are mixed early Wednesday, treading water after a generally strong batch of quarterly earnings reports and ahead of scheduled remarks by the Federal Reserve Chairman. Against this backdrop, each big three U.S. benchmark is digesting its latest break to record territory amid thus far muted mid-week selling pressure.
7:08 a.m. Feb. 8, 2021 - By Jacob Passy
Jeff Bezos built Amazon into a monolith — but did it hurt American workers? Research has found that Amazon warehouses don’t boost local employment where they open Research has found that Amazon warehouses don’t boost local employment where they openResearch has found that Amazon warehouses don’t boost local employment where they open.
4:05 p.m. Feb. 4, 2021 - By MarketWatch
News Corp says second fiscal quarter was most profitable since company reorganization 7 years agoNews Corp said late Thursday that its second fiscal quarter was the most profitable quarter since , even as quarterly revenue declined by 3% from the year-ago quarter. CEO Robert Thomson said the Dow Jones unit, which includes MarketWatch, Barron's and the Wall Street Journal, had its most profitable quarter since it was acquired by the pre-reorganization News Corp. in 2007. While the unit's advertising revenue contracted by 4%, primarily attributable to a 29% decline in print advertising sales, digital advertising on Dow Jones properties grew 29%, with circulation and subscription revenue increasing by 8%. Overall, , second-quarter revenue dipped to $2.41 billion from $2.48 billion in the year-earlier quarter. Net income rose to $261 million from $103 million in the second quarter of fiscal 2020. Adjusted earnings per share of 34 cents, up from a year-earlier 18 cents, outpaced the consensus analyst estimate of 9 cents a share, . New York Times Co. similarly that subscription revenue for its most recently completed quarter had offset advertising weakness.
8:08 a.m. Feb. 4, 2021 - By Michael Ashbaugh
Charting bullish follow-through: S&P 500, Nasdaq challenge record closes Focus: Crude oil extends February breakout, Alphabet’s earnings-fueled spike, USO, GOOGL, APPN, GOGO, FANGU.S. stocks are higher early Wednesday, rising as the major benchmarks build on a strong February start. In the process, the S&P 500 and Nasdaq Composite have challenged their respective record closes — S&P 3,855 and Nasdaq 13,636 — as they vie to register their latest records. Both benchmarks have extended a bullish reversal from relatively well-defined support.
8:06 a.m. Feb. 3, 2021 - By Michael Ashbaugh
Charting a bullish reversal, S&P 500 nails the breakdown point Focus: Retail sector asserts cooling-off phase, Homebuilders hold the breakout point, XRT, XHB, CYBR, KMX, SWIR, WIXU.S. stocks are mixed early Wednesday, treading water after a solid batch of quarterly earnings reports and economic data. Against this backdrop, the S&P 500 has extended its rally from major support, rising to challenge its breakdown point (3,830).
4:05 a.m. Feb. 3, 2021 - By Tomi Kilgore
Amazon gets first $5,000+ stock price target, and Alphabet gets first $3,000 targetAnalyst Shyam Patil at Susquehanna is now Wall Street's most bullish on Amazon.com Inc.'s stock, after he raised his price target to $5,200 from $4,000, while reiterating his positive rating, in the wake of the e-commerce giant's . Patil is also the most bullish on Google-parent Alphabet Inc. , after he boosted his target by 50% to $3,000 from $2,000. For Amazon, Patil's new target is 30.6% above the average target of the 48 analysts surveyed by FactSet of $3,982.03, and implies a 53.8% gain off Tuesday's closing price of $3,380.00. "Ultimately, we see [Amazon] as a long-term secular grower whose leadership in its three key markets -- e-commerce, cloud and advertising -- should emerge even stronger coming out of the pandemic," Patil wrote in a note to clients. For Alphabet, Patil's new target is 33.5% above the average target of the 43 analysts surveyed by FactSet of $2,247.44. He said a big acceleration in search and YouTube for Alphabet drove a , and expects a recovery in travel "should be a tailwind," as it represented 10% of search pre-COVID-19. Shares of Amazon rose 1.6% in premarket trading and Alphabet's stock climbed 7.4%, while futures for the S&P 500 edged up 0.3%.
8:17 a.m. Feb. 2, 2021 - By Tomi Kilgore
UPS addresses 'elephant in the room,' as Amazon accounted for more than $11 billion in 2020 revenueUnited Parcel Service Inc. surged 3.7% in morning trading, enough to pace the Dow Jones Transportation Average's gainers, after the package delivery giant reported earlier . In the post-earnings conference call with analysts, Chief Executive Carol Tomé said, "So let's just address the elephant in the room, which is our largest customer." Out of 19 million customers, Tomé said Amazon.com Inc. was the largest, with the ecommerce giant's share of total revenue rising to 13.3% in 2020 from 11.6% in 2019. With UPS reported total 2020 revenue of $84.63 billion, that indicates Amazon accounted for $11.26 billion in 2020 revenue, up from $8.59 billion a year ago. UPS shares have gained 1.6% over the past three months, while Amazon's stock has advanced 13.9%, the Dow transports have tacked on 10.8% and the Dow Jones Industrial Average has climbed 13.4%.
4:54 a.m. Feb. 1, 2021 - By Tomi Kilgore
FuboTV's stock soars after Wedbush analyst boosts price target by 25%Shares of fuboTV Inc. shot up 12.4% in premarket trading Monday, after Wedbush analyst Michael Pachter boosted his price target by 25%, citing optimism over the streaming TV service's near-term prospects following a number of positive announcements in January. Pachter reiterated his outperform rating on the stock, while raising his price target to $50 from $40, after the company's in early January, the mid-January announcement on and last week's through a convertible debt offering. Pachter also believes fuboTV is "well positioned with its 'lead with sports' strategy and competitive pricing to compete for a favorable share" of a streaming TV market, which he believes currently stands at 30 million and will grow by 3 million a year for the next 10 years. FuboTV's stock has rocketed 213.2% over the past three months through Friday, while the S&P 500 has gained 13.6%.
8:11 a.m. Jan. 29, 2021 - By Michael Ashbaugh
Charting a corrective bounce: S&P 500 stalls at the breakdown point Focus: Semiconductor sector tests key trendline, Microsoft sustains earnings-fueled breakout, SMH, MSFT, COF, APTV, NTAPU.S. stocks are firmly lower early Friday, pressured to conclude previously constructive January price action. Against this backdrop, each big three benchmark has pulled in to this week’s second test of notable support. The response to each area, and Friday’s monthly close, will likely add color.
8:00 a.m. Jan. 27, 2021 - By Michael Ashbaugh
Charting an intraday downdraft, S&P 500 retests near-term support (3,764) Nasdaq maintains gap support, Small- and mid-cap benchmarks retest near-term floorsU.S. stocks are firmly on the defensive early Wednesday, pressured after a mixed batch of quarterly earnings reports, and ahead of the Federal Reserve’s latest policy directive, due out this afternoon. Against this backdrop, the S&P 500 has ventured under its breakout point (3,826), pulling in to an initially successful retest of familiar near-term support (3,764).
6:20 a.m. Jan. 26, 2021 - By Tomi Kilgore
Netflix credit on path toward investment grade rating, after S&P upgrade and positive outlookShares of Netflix Inc. [s:nflx] rose 1.6% in morning trading Tuesday, after S&P Global Ratings upgraded the streaming video service's credit rating to just one notch below investment grade status, and said there was potential for another upgrade. S&P raised its Netflix ratings to BB+, which is the highest speculative-grade, or "junk" rating, from BB, citing the company's "significantly improved" free operating cash flow (FOCF) trajectory, "and the likelihood that the company will generate sustained positive FOCF beginning as soon as 2021. The rating has a "positive outlook," which S&P said reflects the potential the rating could be raised if the rating agency can be convinced that Netflix will remain disciplined on its cash content spending. S&P's upgrade comes about a week after Netflix reported . "While we expect Netflix to aggressively spend on content production in 2021, the company should not get back to pre-2020 spending trajectory in 2021," S&P said. Netflix's stock has climbed 15.8% over the past three months, while the S&P 500 has gained 13.4%.
8:14 a.m. Jan. 25, 2021 - By Michael Ashbaugh
Charting mixed follow-through: Nasdaq extends to latest record high Focus: Transports hold the breakout point, Netflix digests earnings-fueled spike, IYT, NFLX, IP, AKAM, CMIU.S. stocks are mixed early Monday, vacillating ahead of this week’s full slate of quarterly earnings reports. Against this backdrop, the Nasdaq Composite has extended its prevailing statistically unusual breakout — tagging another record high — while the S&P 500 has pulled in to a shaky intraday retest of its breakout point (3,826).
8:25 a.m. Jan. 22, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback: S&P 500 retests the breakout point Focus: Solar sector sustains 2021 breakout, Apple tags record close amid stealth breakout attempt, TAN, AAPL, MGA, DE, MDCU.S. stocks are lower early Friday — though off the session’s worst levels — pressured amid virus concerns, and a not well-received batch of influential earnings reports. Against this backdrop, the S&P 500 and Nasdaq Composite continue to digest respectable mid-week rallies to record territory, against an otherwise bullish bigger-picture backdrop.
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