Market Movers/ Stocks in News ,may 16

market movers

Premarket active stocks

Aftermarket active stocks

Expert’s pick and cuts

Stocks in news

MARKET MOVERS 

Berkshire Hathaway current positions

Increase stake in

Apple( AAPL):-  20,424,207 shares to 915,560,382 Shares  

Capital One Financial Corp.(COF) take new stake of  9922000 shares

Bank of America Corp(BAC):- increase stake 22,751,400 to 1,032,852,006 shares

Cut satke in

General Motors Co(GM):- cut satke 20% or 40.0 mln shares

Eliminate stake in:-RH ( RH),Bank of New York Mellon Corp (BK), Taiwan Semiconductor Mfg(TSM),US Bancorp (USB)

Overall raised stake current positions of

 Apple (aapl), Occidental Petroleum Corporation (OXY),HP Inc  (HPQ) ,Paramount Global( PARA), Citigroup Inc (C), AND Mlk Foods Public Company Ltd (MKL)

After-market-active stocks 16th may 

Gainers

• Western Alliance Bancorporation (NYSE:WAL) is up +7%; WAL’s deposit balances had steadied by March 20 and were back on track for growth. As of May 12, QTD deposit growth had surpassed $2 billion, up from $47.6 billion as of March 31. As of May 12, insured deposit strength was greater than 79%, up from 68% on March 31.
• Keysight Technologies (NYSE:KEYS) is up +7% after reporting Q2 earnings per share of $2.12, $0.17 more than the average expectation of $1.95. Revenue for the quarter was $1.39 billion, compared to the average expectation of $1.38 billion. Keysight Technologies expects Q3 sales of $1.34-$1.39 billion, compared to the consensus of $1.38 billion, and EPS of $2.00-$2.06, compared to the expectation of $1.96 billion.
• PacWest Bancorp (NASDAQ:PACW) is up 5% as a result of the WAL update.
• ServiceNow (NYSE:NOW) is up 1% after its Board of Directors approved the company’s first-ever share repurchase program. The new program allows for the acquisition of up to $1.5 billion in common stock.

Losers

• The Container Store Group (NYSE:TCS) -14%announced Q4 earnings per share of $0.18, $0.02 more than the market expectation of $0.16. Revenue for the quarter was $259.7 million, compared to the average expectation of $265.72 million.
• Evgo Inc (NASDAQ:EVGO) -13%has announced the start of an underwritten public offering of $125,000,000 shares of Class A common stock.
• Vivid Seats Inc (NASDAQ:SEAT)-10% stated that Hoya Topco, LLC (the selling shareholder) plans to issue 16,000,000 shares of the Companys Class A common stock (Class A common stock) in a secondary underwritten public offering.
• Doximity Inc (NYSE:DOCS) is down -6% after reporting Q4 earnings per share of $0.20, $0.03 more than the average expectation of $0.17. Revenue for the quarter was $111 million, compared to the average expectation of $110.09 million. Doximity, Inc. expects sales of $106.5-107.5 million in Q1 2024, compared to the consensus of $112 million. Doximity, Inc. expects FY2024 sales of $500-506 million, compared to the consensus of $507 million.
• Maxeon Solar Technologies Ltd (NASDAQ:MAXN)-4% has announced the start of an underwritten public offering of 6,800,000 ordinary shares. Maxeon is issuing 5,100,000 ordinary shares, while TotalEnergies SE ADR (NYSE:TTE), which presently owns approximately 24.2% of Maxeon’s outstanding ordinary shares, is offering 1,700,000 ordinary shares.
• Everest Re Group, Ltd. (NYSE:RE) -3% LOWER; stated today that an underwritten public offering of 3,000,000 common shares had begun. The underwriters will have the opportunity to acquire an additional 450,000 common shares from the Company.
•  Gates Industrial Corporation plc (NYSE:GTES)-3% stated today that some selling shareholders linked with Blackstone (NYSE:BX) Inc. have begun a secondary offering of 22,500,000 of Gates’ ordinary shares. The Selling Stockholders propose to grant the underwriters a 30-day option to acquire up to 3,375,000 additional ordinary shares in conjunction with the offering.
• Intapp Inc (NASDAQ:INTA) is down -3% after announcing plans to offer and sell 2,000,000 shares of common stock in an underwritten public offering.

Pre-market active stocks

Gainers

• Blue Apron (NYSE:APRN) shares increased 19.6% after the meal-kit company announced a long-term operations and logistics partnership with FreshRealm, a prominent producer of fresh meals.
• The shares of Capital One Financial (NYSE:COF) increased 6.5% after Warren Buffett’s Berkshire Hathaway said it had began investing in the consumer lender. Similarly, HP (NYSE:HPQ) gained 1.7%, while US Bancorp (NYSE:USB) lost 1.1%.
• Western Alliance (NYSE:WAL) stock increased 3% after Bank of America reissued a ‘buy’ recommendation, citing the regional lender’s distinction from the other three failing banks.
• Baidu (NASDAQ:BIDU) shares jumped 1.4% after the Chinese search engine giant exceeded first-quarter revenue projections as businesses increased their spending on advertising as the country’s economy recovered.
• Tesla (NASDAQ:TSLA) shares climbed 0.3% ahead of the electric vehicle maker’s annual shareholder meeting later in the day, with CEO Elon Musk under pressure to address investor worries about a lack of a clear succession, decreasing demand, and delays in the introduction of several new models.

Losers

• Vodafone (NASDAQ:VOD) ADRs slumped 5.5% after the U.K.-based telecommunications giant revealed intentions to reduce 11,000 positions over the next three years, citing what new CEO Margherita Della Valle called the business’s “unsustainable growth.”
• Home Depot (NYSE:HD) shares slumped 2.4% after the largest U.S. home improvement retailer reported a loss in the current quarter and weaker year-end expectations as rising inflation discourages customers from spending on their homes.
• Wells Fargo (NYSE:WFC) stock declined 0.4% after the banking behemoth agreed to pay $1 billion to resolve a shareholder fraud case.

Upgrades by Experts

Loop Capital raised Meta Platforms (NASDAQ:META) to Buy from Hold, with a $320.00 Street high price objective.

Charles Schwab (NYSE:SCHW), Raymond James upgraded the business to Outperform from Market Perform and set a target price of $63 for the stock.

Baird upgraded Albemarle (NYSE:ALB) from Neutral to Outperform and increased its price objective to $288.00 from $222.00.

BMO Capital upped its price objective on Gilead Sciences (NASDAQ:GILD) to $100.00 from $90 and upgraded it to Outperform from Market Perform.

Downgrades by Experts

Loop Capital downgraded Alphabet (NASDAQ:GOOGL) to Hold from Buy, with a $125.00 price target.

On the basis of fundamental value, Wolfe Research downgraded First Solar (NASDAQ:FSLR) to Peerperform from Outperform.

Wedbush downgraded SoFi Technologies (NASDAQ:SOFI) from Neutral to Underperform and reduced its price objective to $2.50 from $5.00.

Wolfe Research downgraded Mid-America Apartment Communities (NYSE:MAA) has been downgraded to Underperform from Peerperform, with a price objective of $137.00 based on predicted growth slowdown.

Stocks In News

• Doximity Inc (NYSE:DOCS) is down 6% after reporting Q4 earnings per share of $0.20, $0.03 more than the average expectation of $0.17. Revenue for the quarter was $111 million, compared to the average expectation of $110.09 million. Doximity, Inc. expects sales of $106.5-107.5 million in Q1 2024, compared to the consensus of $112 million. Doximity, Inc. expects FY2024 sales of $500-506 million, compared to the consensus of $507 million.
• The Container Store Group (NYSE:TCS) announced Q4 earnings per share of $0.18, $0.02 more than the market expectation of $0.16. Revenue for the quarter was $259.7 million, compared to the average expectation of $265.72 million. The Container Store Group expects Q1 2024 earnings per share of ($0.16)-($0.10), compared to the average of $0.12.
• Western Alliance (NYSE:WAL); reported QTD deposit growth of more over $2 billion as of May 12, up from $47.6 billion as of March 31.
• According to the data, insured deposit strength exceeded 79% on May 12, up from 68% on March 31. Furthermore, asset sales in the second quarter increased CET1 to 9.7% and TCE/TA to 6.7% as of April 30.
• Keysight Technologies (NYSE:KEYS); the company’s published Q2 earnings, with EPS of $2.12 above the average forecast of $1.95. Revenue rose 3% year on year to $1.39 billion, above the average forecast of $1.38 billion
• Skillz (SKLZ):- Andrew Paradise, CEO of Skillz (SKLZ), revealed the acquisition of 1.5 million shares from 05/12/23 to 05/15/23 at values ranging from $0.52 to $0.55 late Monday.
• Home Depot (HD) Q1 EPS $3.82 vs. est. $3.80; Q1 revs $37.26B vs. est. $38.31B; Q1 comp sales decreased (-4.5%), and comparable sales in the U.S. decreased (-4.6%); cuts FY23 EPS view to down 7%-13% from down mid-single digits percent and lowers FY23 revenue view to down 2%-5% from flat, consensus $156.34B; sees FY23 comparable sales down 2%-5%.
• On Holding (ONON) Q1 EPS and sales exceeded expectations, raising the projection for FY23 and maintaining the forecast for 2023 gross profit margin of 58.5%.
•  Newell Brands (NWL) Carl Icahn reduces his holding in Newell Brands (NWL) by 9.3% to 29.99 million shares, according to a 13F filing.
•  Southwest Gas (SWX):- Carl Icahn increases his position in Southwest Gas (SWX) by 59.1% to $10.52 million, according to a 13F filing.
• ara Therapeutics (CARA) Q1 EPS loss (-$0.49) vs. expected loss (-$0.52); Q1 revenue $6.17M vs. expected $4.98M; claimed it has adequate cash and securities to sustain its current operating plan until 2H’24.
•  Kodiak Sciences (KOD) Q1 EPS loss (-$1.35) vs. expected loss (-$1.33); $421.2M in cash, cash equivalents, and marketable securities at the end of the quarter.
•  Baidu (BIDU) Q1 EPS $2.34 vs. est. $1.79; Q1 revs rose 9.6% y/y to $4.54B vs. est. $4.31B; beat due to gains in online marketing and other sales; said Tuesday that its quarterly GAAP net profit was 5.825 billion yuan ($837.8 million), compared with a loss of CNY885 million a year earlier.
•  Sea Limited (SE) Q1 EPS $0.16 vs. est. $0.39; Q1 revs rose 4.9% y/y to $2.9B vs. est. $3.06B.
•  Vodafone’s (VOD) new boss to cut 11,000 jobs as cash flow to fall – Reuters.

Earnings Calendar

Wednesday, May 17, 2023

Cisco (CSCO),TJX (TJX), Target (TGT), Synopsys (SNPS), and Take-Two (TTWO)