During Market hours on Yesterday (Monday – 05.12.2022):

  • The Dow (Symbol: DIA) went down -1.37%. The S&P 500 (Symbol: SPY) lost -1.80%. and the Nasdaq (Symbol: QQQ) fell -1.68%.
  • Tesla (Symbol: TSLA) – The electric vehicle giant slid -6.4% after Bloomberg first reported Tesla planned to cut output of its Model Y by more than 20% in its Shanghai plant this month. China-based electric vehicle maker Xpeng (Symbol: XPEV) fell -1% in response.
  • VF Corporation (Symbol: VFC) – The company behind brands such as The North Face and Timberland dropped -11.2% after it lowered expectations for revenue and earnings in the second half of the year and announced its CEO was retiring.
  • United Airlines (Symbol: UAL), Delta Airlines (Symbol: DAL) – United gained +2.6% following a Morgan Stanley upgrade to overweight from equal weight on the notion that 2023 could be a “goldilocks” year for the airline. Delta added +0.2% after being named a top pick by the firm.

During Premarket hours today (Tuesday – 06.12.2022):

  • Herbalife Nutrition (Symbol: HLF) – Herbalife tumbled -12.23% in premarket trading after the nutrition and health products company announced a $250 million convertible note offering. Herbalife plans to use the proceeds to repurchase existing debt and for general corporate purposes.
  • GitLab (Symbol: GTLB) – GitLab shares surged +18.7% in the premarket following better-than-expected quarterly results for the maker of development operations software, with a smaller loss than analysts had anticipated and sales that exceeded consensus estimates. GitLab also issued an upbeat outlook.
  • JPMorgan Chase (Symbol: JPM) – The bank’s stock rose +1.5% in the premarket after Morgan Stanley double-upgraded it to “overweight” from “underweight,” pointing to a variety of factors including growing market share for the company’s Consumer & Community Bank and improved operating leverage.
  • Royal Caribbean (Symbol: RCL) – Royal Caribbean lost -2.1% in premarket action after a double-downgrade to “underweight” from “overweight” at J.P. Morgan Securities. The analyst report is generally upbeat on the outlook for cruise stocks but notes that Royal Caribbean is particularly vulnerable to a less favorable market for raising capital given the timing of its future financial commitments.
  • Axon Enterprise (Symbol: AXON) – Axon fell -2.7% in premarket action after the Taser maker announced a $500 million convertible notes offering.

*Any information contained in this article, including any information contained in external third party links, if any, is solely for informational purposes and does not contain, or should not be construed as containing, investment advice or an investment recommendation, or, an offer of or solicitation for any transactions in financial instruments. Past performance does not guarantee or predict future performance. Colmex Pro Ltd does not take into account your personal investment objectives or financial situation and makes no representation, and assumes no liability to the accuracy or completeness of the information provided, nor for any loss arising from any investment based on presented information.

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