Nvadia, Apple gains, HP loose/ Stocks 30

Market movers

After Market Movers

Midday movers

Premarket active stocks

Expert’s pick and cuts

Major Stock Deals

Major buybacks and dividend stocks

insider Trading

MARKET MOVERS 

INTC Intel Corp	29.99 3.414%	MRK Merck & Co Inc	109.17 1.711%
CRM Salesforce Inc	218.87 1.592%	PG Procter & Gamble Co	143.18 1.527%
AAPL Apple Inc	177.3 1.066%	V Visa Inc	221.64 1.498%
AMGN Amgen Inc	218.53 0.738%	NKE Nike Inc	106.52 0.921%
CSCO Cisco Systems Inc	50.17 0.622%	MMM 3M Co	96.06 0.908%

 

After Hour movers

• LL Flooring Holdings Inc (NYSE:LL) is up 16%; after receiving an unsolicited, non-binding offer to buy all of the company’s outstanding shares for $5.76 per share in cash from Cabinets To Go, LLC (Cabinets To Go), a division of F9 Brands, Inc. Thomas D. Sullivan, the founder of LL, owns F9 Brands.
• Box Inc. (NYSE:BOX) +3% posted a top- and bottom-line Q1 beat and upped FY forecasts, moving the stock up by 3%.

Losers

• Ambarella (NASDAQ:AMBA) is down 11%; although Q1 earnings were slightly better, Q2 sales estimate was less optimistic than expected by Wall Street.
• Horizon Technology Finance (NASDAQ:HRZN) 7% LOWER; 3.25 million shares of common stock are being offered by Horizon Technology Finance (NASDAQ:HRZN), which is down 7%.
• Sportsmans (NASDAQ:SPWH) (SPWH) is down 6%; the company posted top- and bottom-line misses for Q1 and provided mediocre Q2 forecast.
• Hewlett Packard Enterprise Company (NYSE:HPE) dropped 5%; Q2 results were better on the bottom line than the top line. Q3 earnings
• Hewlett Packard Enterprise Company (NYSE:HPE) dropped 5%; Q2 results were better on the bottom line than the top line. Also below consensus was the revenue forecast for Q3.
• HP Inc. (NYSE:HPQ) is down 2%; its Q2 results were better on the bottom line but worse on the top line.

Midday Movers

Gainers

• Iovance Biotherapeutics Inc (NASDAQ:IOVA) shares rose 13% ; Following the Food and Drug Administration’s approval of its licensing application for an advanced skin cancer therapy, Iovance Biotherapeutics Inc. (NASDAQ:IOVA) stock increased by 13%.
• SoFi Technologies Inc. (NASDAQ:SOFI) stock rose 8.5%; The price of SoFi Technologies Inc. (NASDAQ:SOFI) stock increased by 8.5% after it was agreed that student loan repayments would resume following the pandemic-era hiatus.
• NVIDIA Corporation (NASDAQ:NVDA) shares rose 3.5%; In order to keep up with rising demand, NVIDIA Corporation (NASDAQ:NVDA) unveiled a new lineup of artificial intelligence products, including a supercomputer, which saw shares rise 3.5% and reach a $1 trillion market value. Another AI company that saw a rise in shares is C3 Ai Inc (NYSE:AI), whose shares increased by 24%.
• Tesla Inc (NASDAQ:TSLA) shares rose 3.1% ; After CEO Elon Musk travelled to China, where he is scheduled to see Tesla Inc.’s Shanghai facility, the company’s shares increased by 3.1%.

Losers

• Exxon Mobil Corp (NYSE:XOM) shares fell 1.5% After oil plunged 4% on Tuesday, shares of Exxon Mobil Corp (NYSE:XOM) decreased by 1.5%. Other oil-related stocks also decreased, including Marathon Oil Corporation (NYSE:MRO), down 2.7%, and Chevron Corp (NYSE:CVX), down 1.1%.

Pre-market active stocks

Gainers

• Coherent (NYSE:COHR) stock rose 9.3%; Following the manufacturer of industrial and fibre laser equipment’s announcement that it anticipates incurring $150 million to $200 million in charges in connection with its restructuring plan, Coherent (NYSE:COHR) stock increased by 9.3%.
• Coinbase (NASDAQ:COIN) stock rose 4%; The share price of Coinbase (NASDAQ:COIN) increased by 4% after Atlantic Equities raised the cryptocurrency exchange from “neutral” to “overweight,” noting that its first-quarter results supported the management’s goal of bringing the company back to sustainable profitability.
• Nvidia’s (NASDAQ:NVDA) shares increased 3.8%, putting the chipmaker on track to become the first company to have a market valuation of $1 trillion after shocking investors last week with an outstanding revenue projection driven by demand for AI.
• Ford (NYSE:F) stock rose 3.3%; Following last week’s investor event, Jefferies changed its rating on the auto giant from ‘hold’ to ‘buy,’ claiming that its shares had more than 30% potential upside. As a result, Ford’s (NYSE:F) stock increased by 3.3%.
• Boston Beer’s (NYSE:SAM) shares increased 1.4% as a result of Roth/MKM changing its recommendation for the beverage company to “buy” from “neutral,” pointing up potential growth possibilities at Seltzer and Truly.
• HP (NYSE:HPQ) stock rose 0.7%; Investors eager to learn the magnitude of a post-pandemic decline in PC demand drove HP’s (NYSE:HPQ) shares up 0.7% ahead of the personal computer and printer manufacturer’s second quarter earnings, which are scheduled to be released after the close.
• Stratasys (NASDAQ:SSYS) stock rose 0.6% ; The share price of rival Nano Dimension (NASDAQ:NNDM), which was down 1.6%, increased 0.6% after Stratasys (NASDAQ:SSYS), a manufacturer of 3D printers and 3D manufacturing systems, rejected its most recent offer. Stratasys and Desktop Metal have a definitive agreement in place to merge in an all-stock deal, which was signed earlier this month.

Losers

•  Big Lots (NYSE:BIG) stock fell 3%, After the furniture retailer disclosed weaker-than-expected first quarter earnings and suspended its dividend, shares of Big Lots (NYSE:BIG) plummeted 3%, continuing Friday’s decline.

Upgrades by Experts

• Ford (NYSE:F) shares increased by about 3% pre-market today after Jefferies upgraded the firm to Buy from Hold and increased its price objective to $16.00 from $13.00.

• Shares of Coinbase (NASDAQ:COIN) increased by more than 4% pre-market today after Atlantic Equities raised its rating for the business from Neutral to Overweight with a $70.00 price objective.

• Constellation Brands (NYSE:STZ) was upgraded by Roth/MKM to Buy from Neutral and had its price target increased from $216.00 to $270.00. They said that they anticipate Modelo Especial and Corona share gains to accelerate as the weather warms.

• Equitrans Midstream (NYSE:ETRN) shares increased more than 12% pre-market today after RBC Capital lifted its price objective for the firm from $7.00 to $10.00 and upgraded it to Outperform from Sector Perform.

• Boston Beer (NYSE:SAM) was upgraded by Roth/MKM from Neutral to Buy and its price target was increased from $274.00 to $386.00. Roth/MKM said that Seltzer and Truly have room to grow.

• RingCentral increases by 18% due to an upgrade and potential merger discussions with Sylebra Capital With a $42.00 price objective, Needham raised RingCentral from Hold to Buy in response to judicious cost cuts and stabilized growth.

• Dollar GeneralUpgraded ahead of earnings: Prior to the upcoming Q1/24 earnings announcement on May 1, OTR Global upgraded Dollar General (NYSE:DG) from Mixed to Positive.Street projections put the EPS at $2.39 and the revenues at $9.47 billion.

• After Jefferies changed its rating from Hold to Buy and increased its price target for UWM (NYSE:UWMC) shares from $5.50 to $7.00 on Friday, the stock soared more than 5%.

• Following the release of the company’s reported Q4 earnings, 

Oppenheimer upgraded Hamilton Lane (NASDAQ:HLNE) to Outperform from Perform with a price objective of $87.00. EPS came in at $0.96, exceeding the consensus estimate of $0.79, but revenue of $112.79 million fell short of the estimate of $116.12 million.

Downgrades by Experts

Equity Residential (NYSE:EQR) was downgraded by Raymond James from Market Perform to Underperform.

Vertex (NASDAQ:VERX) was downgraded by BofA Securities from Neutral to Underperform with a $22.00 price objective.

MAJOR DEALS

PDC Energy will be purchased by Chevron for $6.3 billion.

The purchase of all of the outstanding shares of PDC Energy (NASDAQ:PDCE) by Chevron (NYSE:CVX) in an all-stock deal valued at $6.3 billion (or $72 per share) was announced last Monday.

AIG’s treaty reinsurance division was purchased by RenaissanceRe for around $3 billion.

AIG’s (NYSE:AIG) treaty reinsurance business, which consists of Validus Reinsurance Ltd. and its consolidated subsidiaries, AlphaCat Managers Ltd. and its managed funds, as well as all renewal rights to Talbot’s Assumed Reinsurance Treaty Unit, will be acquired by RenaissanceRe (NYSE:RNR), according to a statement made last Monday.

On news of Choice Hotels’ acquisition, Wyndham Hotels & Resorts shares rise 5%.

Tuesday saw a more than 5% increase in Wyndham Hotels & Resorts (NYSE:WH) shares after the Wall Street Journal reported that Choice Hotels (NYSE:CHH) is interested in purchasing the business. One of the biggest discount hotels in the US will be created if the purchase is approved.

Greenhill increases by 116% after Mizuho purchase

Following Mizuho Financial’s (NYSE:MFG) announcement that it will buy Greenhill (NYSE:GHL) in an all-cash deal for $15 per share, the stock of Greenhill (NYSE:GHL) increased by more than 116% on Monday.

Dividends & Buybacks

Big Lots fails Q1 results and suspends its dividend.

Big Lots (NYSE:BIG) posted a Q1 shortfall on Friday and suspended its dividend, which caused shares to drop more than 13%.

Tegna raises dividend by 20% and announces $300 million ASR.

After terminating its merger with Standard General, Tegna (NYSE:TGNA) announced a $300 million Accelerated Share Repurchase (ASR) program with JPMorgan (NYSE:JPM) and a roughly 20% dividend increase.

MetLife declares a risk transfer deal of $19.2 billion and ups its share repurchases by $1 billion.

On Thursday, MetLife (NYSE:MET) shares increased by about 5% following the company’s announcement that it had reached a deal with Global Atlantic Financial Group to reinsure roughly $19.2 billion of statutory reserves for fixed annuities, variable universal life, universal life with secondary guarantees, and retail universal life in the United States.

Donaldson (NYSE:DCI) increased its quarterly dividend by 8.7% to $0.25 per share, or $1 annually, for a 1.6% annual yield. The ex-dividend date for the dividend is June 6, 2023, and it will be paid on June 23, 2023 to stockholders of record on June 7, 2023.
IDEX (NYSE:IEX) increased its quarterly dividend by 6.7%, bringing it to $0.64 per share, or $2.56 on a yearlyized basis, for a 1.3% annual return. The ex-dividend date for the dividend is June 8, 2023, and it will be paid on June 23, 2023 to stockholders of record on June 9, 2023.

Insider trading and movements by hedge funds

• CEO of Illumina survives the vote but the board chair is ousted. Thursday saw a roughly 9% decline in Illumina (NASDAQ:ILMN) shares as activist investor Carl Icahn effectively removed John Thompson as board chairman of Illumina with the backing of shareholders. Icahn’s attempt to remove Francis deSouza as CEO from the board was unsuccessful, however; deSouza won the vote.

• The CFO of General Motors buys stock for $1 million. Paul Jacobson, the CFO of General Motors (NYSE:GM), purchased 31,000 shares for $32.60, totaling almost $1 million.
• Directors of Ginkgo Bioworks buy stock worth almost $1 million. Two directors of Ginkgo Bioworks (NYSE:DNA) made substantial insider purchases. Shyam Sankar and Harry Sloan each bought 400,000 shares at $1.28 for a combined $960,000 in purchases.
• Two Ginkgo Bioworks directors purchased shares worth about $1 million. Two directors of Ginkgo Bioworks (NYSE:DNA) made substantial insider purchases. Shyam Sankar and Harry Sloan each bought 400,000 shares at $1.28 for a combined $960,000 in purchases.
• A director of EVgo purchases $25 million worth of stock. David Nanus, a director of EVgo (NASDAQ:EVGO), purchased 5,882,352 shares for $4.25, amounting to nearly $25 million. After the filing, shares rose 3% on Wednesday after hours but fell almost to breakeven the next normal session.

Earnings Calendar

Tuesday, May 30, 2023

HP Inc (HPQ), Hewlett Packard (HPE), Catalent Inc (CTLT), Signature Bank (SBNY)

Wednesday, May 31, 2023

Salesforce Inc (CRM), Crowdstrike Holdings (CRWD), National Bank of Canada (NA), NetApp (NTAP), CAE Inc. (CAE), Advance Auto Parts (AAP), PVH (PVH)