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Business

Nasdaq climbs, Dow gains more than 100 points as Wall Street rally continues

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Stocks rose Monday, following the S&P 500′s third straight weekly gain, as investors shifted focus to a key inflation report this week.

The Dow Jones Industrial Average gained 181 points or 0.6%. The S&P 500 and Nasdaq Composite advanced 0.5% and 0.8%, respectively. The gains came despite Nvidia announcing weak revenue for the second quarter, putting pressure on semiconductor stocks.

Monday’s moves follow a weekly rise for the S&P 500 and the Nasdaq Composite as a surprisingly strong monthly jobs report eased some recession fears. The resilient labor market also signaled that the economy could withstand more rate hikes from the Federal Reserve.

“The stock market rally since the June 16 low looks to have legs in our view based on economic data and earnings results reported through last Friday,” Oppenheimer chief investment strategist John Stoltzfus said in a note to clients.

Some clean energy related shares gained after the Senate passed a $430 billion climate bill, the Inflation Reduction Act, which is expected to be passed by the House later this week. The Invesco Solar ETF was higher by 4% in early trading.

A new reading for the consumer price index, slated for release Wednesday, will give investors more clarification about the central bank’s next move at its policy meeting in September. Traders are now pricing in a higher likelihood of a 0.75 percentage point hike next month, which would be the third straight increase of that magnitude.

Headline CPI, which includes energy and food, is expected to dip to 8.7% in July, from a 40-year high of 9.1% in June, according to Dow Jones estimates.

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Business

Spirit Airlines, Didi Global and more

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Take a look at some of the biggest movers in the premarket:

Spirit Airlines (SAVE) – Spirit jumped 6.1% in the premarket after JetBlue (JBLU) sweetened its bid for Spirit. JetBlue will increase its breakup fee for the deal to $350 million and pay part of that as a dividend if the deal is consummated, increasing the value to $31.50 per share. JetBlue shares were unchanged.

Didi Global (DIDI) – Didi shares skyrocketed in the premarket after The Wall Street Journal reported that China regulators have concluded a year-long probe and it is set to lift an order banning the company from adding new users.

Keurig Dr Pepper (KDP) – The beverage maker’s stock will be added to the S&P 500 index prior to the opening of trading on June 21, along with ON Semiconductor (ON) and real estate investment trust VICI Properties (VICI). Keurig rallied 7.9% in premarket action, with ON Semiconductor surging 7.2% and VICI jumping 8.4%.

Eli Lilly (LLY) – The drugmaker’s stock rose 1.2% in premarket trading, after announcing successful results in studies involving diabetes drugs Trulicity and Jardiance.

Under Armour (UAA) – Under Armour stock is among those being replaced in the S&P 500 on June 21. Under Armour will move to the S&P MidCap 400, along with laser maker IPG Photonics (IPGP). Under Armour lost 1.2% in the premarket.

Revlon (REV) – Revlon is in talks with lenders on pushing back debt payment deadlines as the cosmetics maker tries to avoid a bankruptcy filing, according to people familiar with the matter who spoke to The Wall Street Journal. The talks involve extending the maturity date on about $1.7 billion in debt that comes due as early as 2024. Revlon added 1.6% in premarket trading.

Starbucks (SBUX) – Starbucks is considering only external candidates to be its next CEO, according to interim Chief Executive Officer Howard Schultz. He told The Wall Street Journal that the company needs to add new talent to its executive ranks. Starbucks was up 1.8% in the premarket.

Apple (AAPL) – Apple shares are on watch as the company’s annual Worldwide Developers Conference begins. Apple stock has lost 16.9% so far this year amid concerns about a slowdown in demand. Apple gained 1.4% in premarket trading.

Solar companies – Shares of solar equipment providers rose in premarket trading, following a Reuters report saying the White House would declare a 24-month exemption from solar panel tariffs as well as other moves to spur U.S. solar panel production. SolarEdge Technologies (SEDG) added 4.3%, Sunrun (RUN) jumped 11.1%, First Solar (FSLR) gained 2.3%, JinkoSolar (JKS) rallied 5.9% and SunPower (SPWR) rallied 7.2%.

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Business

I like Tesla over Sunrun

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Monday.com Ltd: “They’re losing too much money. So I’ve got to say no to Monday.”

Sunrun Inc: “I would rather own Tesla … than own Sunrun, which is losing a lot of money.”

Gores Guggenheim Inc: “There was a time, a time where I would’ve said this one could be good. … I can’t do that.”

Tilray Brands Inc: “I think that Tilray is actually a company that’s going to make a lot of money as we go national with cannabis.”

NortonLifeLock Inc: “We sold our whole position at a very big profit for the Charitable Trust. Why did we do that? Quite simply, because they promised several times to close the deal [for Avast]. And they didn’t close the deal. And so, we closed the deal with them.”

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Business

Moderna, Royal Caribbean, Cerner and others

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Check out the companies making headlines before the bell:

Moderna (MRNA) – Moderna shares jumped 7.2% in the premarket after the drugmaker said a booster dose of its Covid-19 vaccine increased protection against the omicron variant 37-fold. Amid the spread of omicron, other vaccine makers are also seeing gains with Pfizer (PFE) up 1.4%, BioNTech (BNTX) adding 3.1% and Novavax (NVAX) surging 10.3%.

Cruise line operators – The surge in omicron cases is weighing on cruise stocks, with more pressure after a Royal Caribbean (RCL) ship docked in Miami with 48 cases of Covid. Royal Caribbean dropped 2.9% in premarket trading, with Carnival (CCL) down 2.9% and Norwegian Cruise Line (NCLH) falling 3.6%.

Airline stocks – Omicron concerns are also weighing on the airline stocks, with United Airlines (UAL) falling 2.9%, American Airlines (AAL) sliding 2.8%, Delta Air Lines (DAL) falling 2.8%, Southwest (LUV) down 2.3% and JetBlue (JBLU) losing 2.2%.

Biogen (BIIB) – Biogen rallied 3.6% in the premarket after announcing it would cut the price of its Alzheimer’s drug Adulhelm by 50% in order to improve access to the treatment.

Cerner (CERN) – The medical records technology provider will announce a deal today to be acquired by Oracle (ORCL) in an all-cash transaction “in the mid-$90s” per share, according to CNBC’s David Faber. Cerner shares jumped 13% Friday after the Wall Street Journal reported the two sides were close to an agreement. Cerner was up another 1.7% in premarket trading.

Canopy Growth (CGC) – The cannabis producer slid 3.4% in premarket action after Piper Sandler downgraded the stock to “underweight” from “neutral”, citing sales trends that are under pressure across Canopy’s businesses.

Sunrun (RUN) – The solar company’s stock tumbled 9.4% in the premarket following a KeyBanc downgrade to “sector weight” from “overweight.” That follows proposals in California that would reduce “net metering” benefits for solar power customers and reduce incentives to buy such systems.

AT&T (T) – Barclays upgraded AT&T to “overweight” from “neutral,” based on a better broadband outlook for telecom companies than for cable providers. AT&T was up 1.6% in the premarket.

Verso (VRS) – The Ohio-based maker of specialty, graphic and packaging paper will be acquired by Swedish paper producer BillerudKorsnäs in a deal worth $27 per share in cash. Verso surged 32.2% in premarket trading.

Axon Enterprise (AXON) – The maker of stun guns and body cameras saw its stock jump 7.3% in the premarket, following a number of stock purchases by company insiders.

Novo Nordisk (NVO) – The Denmark-based drugmaker saw its shares slide 4.2% in premarket trading after saying supply issues in the U.S. market would leave it unable to meet demand for its weight-loss drug Wegovy.

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Business

Chipotle, Netflix, Verizon & more

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Customers wait outside of a Chipotle restaurant as they wait to enter in order to place an order as Florida continues with its Phase 1 of reopening the state during the Coronavirus (COVID-19) pandemic on May 19, 2020, in Aventura, FL.

Icon Sportswire | Getty Images

Check out the companies making headlines in midday trading.

Chipotle Mexican Grill — Shares of the fast-food chain surged 11% after beating on the top and bottom lines of its quarterly results. Chipotle reported earnings of $7.46 on revenue of $1.89 billion. Analysts expected earnings of $6.52 on revenue of $1.88 billion, according to Refinitiv. Revenue surpassed pre-pandemic levels as dine-in customers returned to its restaurants.

Netflix — The streaming platform’s share price slipped more than 3% after Netflix reported disappointing earnings and third-quarter subscriber guidance. Netflix earned $2.97 per share, below estimates of $3.16 per share, according to Refinitiv. The company said it expects 3.5 million net subscribers in the third quarter, nearly 2 million below analysts’ estimates.

Verizon Communications — Shares of Verizon gained 1.3% after the company reported better-than-expected second-quarter earnings. The telecommunications company earned an adjusted $1.37 per share on revenues of $33.76 billion in the second quarter. Analysts were expecting $1.30 adjusted earnings per share on revenues of $32.74 billion, according to Refinitiv.

Coca-Cola — Shares of the beverage maker rose about 1.3% in midday trading after the company reported second-quarter earnings of 68 cents per share, beating forecasts by 12 cents per share, according to Refinitiv. Its revenue topped pre-pandemic levels, and Coca-Cola also raised its full-year forecast.

United Airlines — The airline stock climbed 3.9% after the carrier reported higher-than-expected second-quarter revenue, thanks to a resurgence in air travel. United’s revenue beat forecasts by quadrupling compared to a year earlier amid a surge in bookings. The airline expects the trend to continue despite the fast-spreading delta variant. United reported a loss of $3.91, in line with expectations per Refinitiv.

Harley-Davidson — Harley-Davidson shares sunk more than 7% after mixed second-quarter earnings results. The motorcycle maker’s quarterly earnings of $1.33 per share came in 16 cents above Wall Street estimates, according to Refinitiv. However, the company’s second-quarter revenue fell short of analysts’ projections.

Sunnova and Sunrun — Shares of Sunnova and Sunrun added 4% and 5.2%, respectively, after JPMorgan named the two solar companies as top picks. “We highlight Overweight-rated Sunnova (NOVA) and Sunrun (RUN) as top picks for 2H21 owing to elevated inventory levels, which should position both companies relatively better to meet expected demand near-term,” the bank said in a note.

Halliburton — The energy stock jumped more than 5% on Wednesday after Goldman Sachs upgraded Halliburton to buy from neutral. Goldman also said that it expected Halliburton to hike its dividend as early as next year.

RealReal — Shares of the online consignment retailer rose more than 5% after Bank of America upgraded the stock to buy from neutral. The firm said in a note that RealReal was hit harder by the pandemic than other e-commerce stocks and could now be in line for an expansion in its valuation multiple.

— CNBC’s Maggie Fitzgerald, Jesse Pound, Tanaya Macheel and Yun Li contributed reporting

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Business

Beyond Meat, Nokia, Li Auto & more

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Take a look at some of the biggest movers in the premarket:

Beyond Meat (BYND) – Beyond Meat announced the opening of a new manufacturing facility in China, its first outside the United States. The plant-based food company said the new factory would significantly increase its ability to deliver products in the region. Beyond Meat rose 2.8% in premarket action.

Nokia (NOK) – Nokia settled a long-standing patent dispute with computer maker Lenovo, striking a new cross-licensing agreement. The case involved Lenovo’s use of multiple video compression technologies. Terms of the agreement weren’t disclosed, but the Finland-based telecom equipment maker said it will receive a payment from Lenovo. Nokia rose 1.3% in premarket trading.

Li Auto (LI) – Li Auto announced a new $750 million debt offering, which the China-based electric vehicle maker said would be used to fund research and development. The stock fell 3.7% in premarket action.

Niu Technologies (NIU) – Niu unveiled its first electric kick-scooter, with the China-based company planning to make the two-wheeled transportation device available in North America, China and Europe this summer.

SunRun (RUN) – The solar equipment company’s stock added 2.3% in the premarket after RBC initiated coverage with an “outperform” rating, noting SunRun’s position as the leading player in the rapidly growing rooftop solar market.

Pfizer (PFE) – Pfizer’s rheumatoid arthritis drug Xeljanz is under scrutiny by Canadian health officials, after a study showed an increased risk of heart-related issues and cancer among patients. Global sales of Xeljanz in 2020 totaled $2.44 billion.

Genworth Financial (GNW) – Genworth terminated its deal to be acquired by China-based China Oceanwide Holdings, a $2.7 billion transaction first announced in 2016. The insurance company said its board had determined that the deal could not be completed in a reasonable time frame, following delays from regulatory hurdles and the pandemic. Genworth fell 1.7% in premarket trading.

Qiagen (QGEN) – The genetic testing company unveiled new technology that shortens turnaround time for researchers identifying new variants of the virus that causes Covid-19. The stock gained 1.5% in the premarket.

CyberArk Software (CYBR) – The cybersecurity software company gained 1.1% in the premarket after Baird upgraded the stock to “outperform” from “neutral,” based on what it sees as robust demand for so-called PAM (privileged access management) technology.

ViacomCBS (VIAC) – The media company’s stock was upgraded to “outperform” from “peer perform” at Wolfe Research, which said the stock is now at an attractive valuation point following the recent volatility which saw it nearly double and then give back those gains. ViacomCBS rose 1.9% in the premarket.

Royal Dutch Shell (RDS.A) – Royal Dutch Shell expects to take a $200 million hit to first-quarter earnings from the extreme winter weather in Texas earlier this year. The energy producer is scheduled to report its first-quarter results on April 29.

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