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Company Overview: nVent Electric plc (NVT) and its subsidiaries are involved in the design, production, marketing, installation, and maintenance of electrical connection and protection solutions. The...

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HomeMarket AnalysisAfter-market : Nike, Roots Falls: Accolade Rise/ Stocks June 29

After-market : Nike, Roots Falls: Accolade Rise/ Stocks June 29

After-market active stocks

Gainers

  • Accolade Inc (NASDAQ:ACCD) 17% higher; Q1 EPS ($0.52), $0.10 better than analyst estimate ($0.62). Revenue for the quarter was $93.2 million versus the consensus estimate of $90.27M. Accolade expects Q2 2024 revenue of $93-95M, compared to $93M consensus. Accolade expects FY2024 revenue of $410-414M, versus the consensus of $410M.
  • Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH) 9% higher after its Board of Directors began exploring strategic alternatives. The Board will evaluate many company options, including a sale, merger, or other strategic transaction.

Losers

  • Root Inc (NASDAQ:ROOT) 18% lower; says it has received no actionable or shareholder-friendly proposal.
  • Nike (NYSE:NKE) 4% down; Q4 EPS $0.66, $0.02 below analyst estimate of $0.68. Revenue for the quarter was $12.8 billion versus the consensus estimate of $12.58B.

MARKET MOVERS 


JPM
JPMorgan Chase & Co

143.43
3.492% 
WBA
Walgreens Boots Alliance Inc



28.37
2.442% 

GS
Goldman Sachs Group Inc
323.09
3.006%

INTC
Intel Corp

32.91
1.966%

V
Visa Inc

234.32
2.79%

KO
Coca-Cola Co

60.02
0.826%

HON
Honeywell International Inc

206.47
1.961%
CRM
Salesforce Inc
210.43
0.82%

IBM
International Business Machines Corp

134.06
1.746%
WMT
Walmart Inc
154.28
0.676%

MIDDAY MOVERS

GAINERS

  • Overstock Inc (NASDAQ:OSTK) shares rose 17%; After completing the $21.5 million acquisition of Bed Bath & Beyond’s intellectual property and brand assets, Overstock Inc (NASDAQ:OSTK) shares increased by 17%.
  • JPMorgan Chase & Co (NYSE:JPM)shares are up 3%; After the 23 biggest banks passed the most recent stress tests conducted by the Federal Reserve, JPMorgan Chase & Co. (NYSE:JPM)shares are up 3%. Many of the banks are expected to announce dividend and buyback plans, according to analysts and investors. The stock prices of Wells Fargo & Company (NYSE:WFC) and Bank of America Corp (NYSE:BAC) both increased.

LOSERS

  • Virgin Galactic Holdings Inc (NYSE:SPCE) shares are down 10%; After the space tourism business conducted its first commercial space trip, carrying three Italian Air Force on a 90-minute voyage, shares of Virgin Galactic Holdings Inc (NYSE:SPCE) are down 10%.
  • Shares of BlackBerry Ltd. (NYSE:BB) increased 7.7%; after the developer of security software revealed a surprise profit for the quarter with better-than-expected revenue.
  • Micron Technology Inc (NASDAQ:MU) shares fell 4.4%; Shares of Micron Technology Inc (NASDAQ:MU) dropped 4.4% after the producer of memory chips disclosed a recent quarter loss that was less than anticipated and stated it expects margins to continue to improve.

PRE-MARKET MOVERS

Gainers

  • The share price of Micron (NASDAQ:MU) increased 2.9% following the chipmaker’s good third-quarter earnings, which were aided by demand for its memory chips from the quickly expanding artificial intelligence industry.
  • JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), and Bank of America (NYSE:BAC) all rose between 1% and 2%;  As a result of the 23 biggest lenders passing the Fed’s most recent stress tests, JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), and Bank of America (NYSE:BAC) all saw gains of 1% to 2%.
  • Amazon (NASDAQ:AMZN) stock rose 0.4%; Despite a Bloomberg story claiming that the U.S. antitrust authority intends to bring a lawsuit against the retail giant’s primary online marketplace in the next weeks, Amazon’s (NASDAQ:AMZN) shares increased by 0.4%.
  • Apple (NASDAQ:AAPL) stock rose 0.3%; The share price of iPhone manufacturer Apple (NASDAQ:AAPL) increased 0.3%, extending its ascent after hitting a new high the previous day and moving the company closer to a $3 trillion market valuation.

Losers

  • Lordstown Motors (NASDAQ:RIDE) stock fell 5.7%; Days after declaring bankruptcy, Lordstown Motors (NASDAQ:RIDE) reported receiving a delisting notice from the Nasdaq, causing its stock to drop 5.7%.
  • Walt Disney (NYSE:DIS) stock fell 0.6%; KeyBanc downgraded Walt Disney (NYSE:DIS) from “overweight” to “sector weight,” citing “meaningful uncertainty” around the firm due to its political challenges in Florida. As a result, the stock of the entertainment giant dropped 0.6%.
  • Pfizer (NYSE:PFE) stock fell 0.6%; After Credit Suisse reduced its rating on the pharmaceutical behemoth from “outperform” to “neutral,” claiming that it is entering a time of uncertainty with few pipeline catalysts, Pfizer’s (NYSE:PFE) stock slumped 0.6%.

Upgrades by Experts

Piper Sandler upgraded Micron after the Q3 success

Following the company’s yesterday disclosed better-than-expected Q3 earnings, Piper Sandler upgraded Micron Technology (NASDAQ:MU) to Neutral from Underweight and increased its price objective to $70.00 from $45.00.

Gains for FREYR Battery on an upgrade from Morgan Stanley

Shares of FREYR Battery (NYSE:FREY) increased by about 8% pre-market today after Morgan Stanley raised its rating for the firm from Equalweight to Overweight with a price target of $13.00, citing an improved risk/reward due to previous share price underperformance and more execution transparency.

Beazer Homes (NYSE:BZH) was upgraded by Wedbush to Outperform from Neutral, and the firm increased its price objective from $20.00 to $32.00.

NNN REIT (NYSE:NNN) was raised by Janney from Neutral to Buy with a $47.00 price objective.

Downgrades by Experts

At KeyBanc, Walt Disney was demoted.

Walt Disney (NYSE:DIS) was downgraded by KeyBanc from Overweight to Sector Weight, adding that the company prefers to wait for additional catalysts in the midst of “meaningful uncertainty.” The statement said, “Buying the dip has been a losing trade.”

Downgraded to Neutral at PfizerPfizer (NYSE:PFE) was downgraded by Credit Suisse from Outperform to Neutral, and the firm lowered its price objective from $47.00 to $40.00.

Delek Logistics Partners (NYSE:DKL) was downgraded by Citi from Neutral to Sell with a $47.00 price objective.

Today’s pre-market decline of more than 3% was caused by JPMorgan downgrading Inter (NASDAQ:INTR) from Overweight to Neutral.

Earnings Calendar

THURSDAY JUNE 29

Takashimaya (8233),Nike (NKE), Paychex (PAYX), McCormick&Co (MKC)

FRIDAY JUNE 30

Constellation Brands A (STZ)

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